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Terms and Conditions of Letter of Credit documents are essential instruments in international trade finance, providing security and payment assurance for cross-border transactions. These documents are particularly crucial when parties operate in different jurisdictions and require a trusted intermediary for payment processing. Under English and Welsh law, which is preferred in many international transactions, the Terms and Conditions of Letter of Credit specify the precise requirements for payment, including required documentation, compliance criteria, and timelines. The document typically incorporates UCP 600 rules and provides clarity on rights and obligations of all parties involved.

1. Form of Credit: Specifies whether irrevocable or revocable, standby or commercial

2. Parties: Details of applicant, beneficiary, and issuing bank

3. Credit Amount: Specified amount and currency of the letter of credit

4. Availability and Expiry: Terms of when and how credit can be drawn, and expiration date

5. Required Documents: List of documents required for presentation

6. Payment Terms: Conditions and timing of payment