The Inland Letter of Credit is a specialized financial instrument used exclusively for domestic trade within Indonesia's jurisdiction. It provides a secure payment mechanism for transactions between Indonesian parties, where the buyer's bank guarantees payment to the seller upon presentation of specified documents. This document type is particularly important when parties seek to mitigate commercial risks in significant domestic transactions. The Inland Letter of Credit must comply with Bank Indonesia regulations and includes detailed specifications about the transaction, payment terms, and documentation requirements. It's commonly used in large-scale domestic trade where parties require formal bank-mediated payment security, especially in industries involving substantial transaction values or when parties don't have established trading relationships.
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1. L/C Number and Date: Unique identification number and issuance date of the Letter of Credit
2. Issuing Bank Details: Complete name, address, and contact information of the bank issuing the L/C
3. Applicant Details: Full name, address, and contact information of the party requesting the L/C (buyer)
4. Beneficiary Details: Full name, address, and contact information of the party receiving the L/C (seller)
5. Credit Amount: Specified amount and currency of the Letter of Credit
6. Expiry Date: Date and place of expiry for the Letter of Credit
7. Payment Terms: Specification of when and how payment will be made (sight, deferred payment, acceptance, or negotiation)
8. Required Documents: List of documents that must be presented for payment claim
9. Goods Description: Detailed description of the goods or services covered by the L/C
10. Shipment Terms: Delivery terms, locations, and deadlines for the goods
11. Presentation Period: Time period within which documents must be presented after shipment
1. Partial Shipments: Include when partial shipments are allowed or prohibited
2. Transhipment: Include when specifying whether transhipment is allowed or prohibited
3. Insurance Coverage: Include when specific insurance requirements need to be specified
4. Special Conditions: Include when there are additional terms or conditions specific to the transaction
5. Transfer Provisions: Include when the L/C is transferable
6. Back-to-Back Provisions: Include when the L/C can be used as collateral for another L/C
7. Amendment Procedures: Include when specific amendment procedures need to be outlined
1. Commercial Invoice Requirements: Detailed specifications for the format and content of commercial invoices
2. Transport Document Requirements: Specifications for required transport documents
3. Product Specifications: Detailed technical specifications of the goods
4. Price Schedule: Breakdown of prices if multiple items or shipments are involved
5. Document Checklist: Comprehensive list of all required documents and their specifications
6. Bank Charges Schedule: Breakdown of all applicable banking fees and charges
7. Required Certifications: List of required quality, origin, or other certificates
Authors
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Agriculture
Mining
Construction
Wholesale Trade
Retail
Energy
Industrial Equipment
Commodities
Textiles
Automotive
Consumer Goods
Relevant Teams
Trade Finance
Treasury
Procurement
Finance
Risk Management
Commercial Banking
Operations
Legal
Compliance
Credit Administration
Relevant Roles
Trade Finance Manager
Credit Manager
Finance Director
Procurement Manager
Treasury Manager
Commercial Banking Officer
Documentary Credits Specialist
Risk Management Officer
Account Relationship Manager
Trade Operations Manager
Financial Controller
Compliance Officer
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