Letters of Credit and Standby Letters of Credit are essential banking instruments used in international trade and financial transactions, providing payment security and risk mitigation for parties involved. These documents, when governed by Swiss law, combine the reliability of Switzerland's banking system with international standards such as UCP 600 and ISP98. They are particularly utilized when parties seek a secure payment mechanism in cross-border transactions, with the issuing bank providing an irrevocable commitment to pay upon presentation of compliant documents. The Swiss jurisdiction offers robust legal protection and regulatory oversight through FINMA, making these instruments highly reliable and internationally respected. The document serves various purposes, from securing payment in trade transactions (traditional LC) to providing performance security (Standby LC), and includes detailed terms for document presentation, payment conditions, and validity periods.
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1. Issuing Bank Details: Complete details of the bank issuing the LC/SBLC
2. Beneficiary Information: Full legal name and address of the party in whose favor the LC/SBLC is issued
3. Applicant Information: Full legal name and address of the party requesting the LC/SBLC
4. LC/SBLC Number and Type: Unique identification number and specification of whether it's an LC or SBLC
5. Amount and Currency: The maximum amount and currency of the LC/SBLC
6. Expiry Date and Place: Clear statement of when and where the LC/SBLC expires
7. Form of Presentation: Specified format and location for presenting documents
8. Required Documents: Detailed list of documents required for drawing under the LC/SBLC
9. Payment Terms: Conditions and timing of payment upon document presentation
10. Governing Law and Jurisdiction: Specification of Swiss law and relevant international rules (UCP 600/ISP98)
1. Transferability Clause: Include when the LC/SBLC needs to be transferable to another beneficiary
2. Revolving Terms: Include for revolving LCs that automatically renew under specified conditions
3. Partial Shipment/Drawings: Include when multiple partial drawings or shipments are allowed
4. Red Clause: Include when advance payment provisions are required
5. Force Majeure Provisions: Include specific force majeure terms beyond standard UCP/ISP provisions
6. Assignment of Proceeds: Include when proceeds can be assigned to a third party
7. Back-to-Back Provisions: Include for back-to-back LC arrangements
8. Confirmation Instructions: Include when confirmation by another bank is required
1. Schedule A - Document Requirements: Detailed specifications for required documents including format, content, and certification requirements
2. Schedule B - Drawing Schedule: Timeline and conditions for permitted drawings under the LC/SBLC
3. Schedule C - Fee Schedule: Breakdown of all applicable fees, charges, and commission
4. Schedule D - Special Payment Instructions: Specific instructions for payment processing and routing
5. Appendix 1 - Form of Demand: Template for making a compliant demand under the LC/SBLC
6. Appendix 2 - Specimen Signatures: Authorized signatures for the parties involved
7. Appendix 3 - SWIFT Format Requirements: Specific requirements for SWIFT message formats if applicable
8. Appendix 4 - Supporting Commercial Documents: Copies of relevant commercial agreements or contracts
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