The LC in Shipping document is essential for international trade transactions where parties seek secure payment methods while dealing with cross-border shipments. This instrument, governed by Swiss law, is particularly relevant when trading parties require a bank's guarantee for payment against shipping documents. The document incorporates critical elements such as payment terms, shipping requirements, and document specifications, all structured within Switzerland's sophisticated banking and commercial legal framework. Letters of Credit in shipping are commonly used when parties lack established trading relationships or when the transaction value or risk level necessitates bank intermediation. The document adheres to both Swiss banking regulations and international standards like UCP 600, making it a reliable tool for international trade finance.
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1. LC Number and Reference: Unique identification number and reference details of the Letter of Credit
2. Date of Issuance: The date when the Letter of Credit is issued
3. Applicant Details: Complete name and address of the party requesting the LC (typically the buyer)
4. Beneficiary Details: Complete name and address of the party in whose favor the LC is issued (typically the seller)
5. Issuing Bank Details: Name and address of the bank issuing the LC
6. Amount and Currency: The credit amount and currency, including any tolerance if applicable
7. Type and Form of Credit: Specification of whether the credit is irrevocable and any form restrictions
8. Expiry Date and Place: The date and location where the credit expires
9. Shipment Terms: Latest shipment date, partial shipments, transhipment provisions
10. Required Documents: Detailed list of all required shipping and commercial documents
11. Payment Terms: Conditions and timing of payment, sight or deferred payment
12. Presentation Period: Time period within which documents must be presented
1. Advising Bank Details: Include when a second bank is involved in advising the LC to the beneficiary
2. Confirming Bank Details: Include when a bank adds its confirmation to the LC
3. Transfer Conditions: Include when the LC is transferable to another beneficiary
4. Back-to-Back Provisions: Include when the LC supports a back-to-back credit arrangement
5. Red Clause Provisions: Include when advance payment facilities are provided
6. Green Clause Provisions: Include when warehouse storage provisions are required
7. Revolving Credit Terms: Include for automatically renewable credits
8. Special Instructions: Include when specific handling or processing instructions are needed
1. Schedule A - Document Requirements: Detailed specifications for each required document including format and content requirements
2. Schedule B - Goods Description: Detailed description of the goods, including specifications, quantity, and packaging requirements
3. Schedule C - Standard Banking Forms: Standard forms required by the issuing bank for document presentation
4. Appendix 1 - Shipping Terms: Specific Incoterms and shipping requirements
5. Appendix 2 - Bank Contact Details: Complete contact information for all banks involved in the transaction
6. Appendix 3 - Fee Schedule: Breakdown of all banking charges and fees applicable to the LC
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
International Trade
Maritime Transport
Logistics & Supply Chain
Import/Export
Manufacturing
Commodities Trading
Retail
Agriculture
Energy & Resources
Relevant Teams
Trade Finance
International Banking
Global Trade Operations
Documentary Credits
Risk Management
Treasury Operations
Supply Chain Operations
Logistics Operations
Legal & Compliance
Credit Administration
Relevant Roles
Trade Finance Manager
International Trade Specialist
Documentary Credits Officer
Shipping Manager
Import/Export Coordinator
Trade Operations Manager
Credit Risk Officer
Banking Relationship Manager
Supply Chain Manager
Logistics Coordinator
Treasury Manager
Trade Compliance Officer
Financial Controller
Documentary Collections Specialist
International Business Development Manager
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