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Application For Letter Of Credit for Indonesia

Application For Letter Of Credit Template for Indonesia

An Application for Letter of Credit under Indonesian law is a formal request document submitted by an importer to their bank to issue a Letter of Credit in favor of an exporter. The document is governed by Indonesian banking regulations, particularly Bank Indonesia Regulation No. 5/11/PBI/2003, and follows international banking practices including UCP 600. It contains detailed specifications of the trade transaction, including payment terms, shipping requirements, and document specifications. The application serves as a binding agreement between the applicant and the issuing bank, establishing the terms under which the bank will issue the Letter of Credit.

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What is a Application For Letter Of Credit?

The Application For Letter of Credit is a critical document in international trade finance under Indonesian law, used when an importer (applicant) requests their bank to issue a Letter of Credit in favor of an overseas exporter (beneficiary). This document is essential in international trade transactions where the parties seek secure payment methods and is particularly relevant in Indonesia's robust import/export market. The application must comply with Bank Indonesia regulations, particularly Regulation No. 5/11/PBI/2003, while also adhering to international banking standards such as UCP 600. It contains comprehensive details about the trade transaction, including goods specifications, shipping terms, required documents, and payment conditions. The document serves as the foundation for the bank's issuance of the Letter of Credit and establishes the contractual relationship between the applicant and the issuing bank.

What sections should be included in a Application For Letter Of Credit?

1. Applicant Information: Full legal name, address, and contact details of the applicant/importer

2. Beneficiary Information: Complete details of the beneficiary/exporter including full name, address, and banking information

3. L/C Type and Currency: Specification of the type of L/C (sight, usance, etc.) and currency of payment

4. Amount: L/C amount in figures and words, including any tolerance levels

5. Expiry Date and Place: Valid until date and location where documents must be presented

6. Shipment Details: Latest shipment date, partial shipments, transhipment permissions, port of loading/discharge

7. Goods Description: Detailed description of goods, quantity, unit price, and trade terms (Incoterms)

8. Document Requirements: List of required documents (commercial invoice, transport documents, insurance certificates, etc.)

9. Payment Terms: Specification of when and how payment is to be made (at sight, deferred payment, etc.)

10. Bank Charges: Instructions regarding the allocation of banking charges between parties

What sections are optional to include in a Application For Letter Of Credit?

1. Transfer Instructions: Required when the L/C needs to be transferable to a second beneficiary

2. Revolving Terms: Needed for revolving L/Cs, specifying the revolving conditions and periods

3. Red Clause Provisions: Required when advance payment facilities are needed under the L/C

4. Back-to-Back Provisions: Used when the L/C will serve as collateral for another L/C

5. Special Instructions: Any additional instructions or conditions specific to the transaction

6. Confirmation Instructions: Required when confirmation from another bank is requested

What schedules should be included in a Application For Letter Of Credit?

1. Schedule A - Goods Specification: Detailed technical specifications of the goods, including quality standards, packaging requirements

2. Schedule B - Document Checklist: Comprehensive list of required documents with specific format requirements

3. Schedule C - Bank's Standard Terms: Standard terms and conditions of the issuing bank for L/C applications

4. Schedule D - Fee Schedule: Detailed breakdown of all applicable bank charges and fees

5. Appendix 1 - Pro-forma Invoice: Copy of the pro-forma invoice from the supplier

6. Appendix 2 - Purchase Order/Contract: Copy of the underlying commercial contract or purchase order

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Indonesia

Publisher

Genie AI

Document Type

Letter of Credit

Cost

Free to use
Relevant legal definitions






























Clauses


























Relevant Industries

Manufacturing

International Trade

Agriculture

Mining

Textiles

Electronics

Automotive

Chemical Industry

Consumer Goods

Energy

Commodities Trading

Retail

Construction

Healthcare Equipment

Food and Beverage

Relevant Teams

Trade Finance

International Banking

Treasury

Procurement

Finance

Legal

Compliance

Risk Management

Supply Chain

Operations

International Trade

Relevant Roles

Trade Finance Manager

Import Manager

Export Manager

Procurement Manager

Financial Controller

Treasury Manager

International Trade Specialist

Letter of Credit Specialist

Trade Operations Officer

Compliance Officer

Risk Manager

Supply Chain Manager

Chief Financial Officer

Banking Relationship Manager

Documentary Credits Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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