The Outstanding Letter of Credit is a fundamental instrument in international trade finance, particularly within the Indonesian banking and regulatory framework. It represents an irrevocable commitment from a bank to pay a seller/beneficiary a specified amount against the presentation of stipulated documents. This document type is essential when parties seek secure payment methods in cross-border transactions, especially when dealing with unfamiliar trading partners or operating in challenging markets. The Outstanding Letter of Credit must comply with Indonesian banking regulations, including Bank Indonesia directives and foreign exchange laws, while also adhering to international standards such as UCP 600. It contains detailed specifications about the transaction, including payment terms, document requirements, and shipping conditions, providing security and clarity for all parties involved in the international trade transaction.
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1. Issuing Bank Details: Complete name and address of the issuing bank
2. L/C Number and Date: Unique reference number and issuance date of the Letter of Credit
3. Beneficiary Details: Full name and address of the beneficiary (seller/exporter)
4. Applicant Details: Full name and address of the applicant (buyer/importer)
5. Credit Amount and Currency: Specification of the L/C amount and currency of payment
6. Form of Credit: Whether the L/C is irrevocable, confirmed, or transferable
7. Expiry Date and Place: Validity period and location where the L/C expires
8. Required Documents: Detailed list of documents required for presentation
9. Shipment Terms: Details of shipment including latest shipment date and partial shipments
10. Payment Terms: Specification of when and how payment will be made
11. Governing Law: Reference to Indonesian law and UCP 600 as governing frameworks
1. Confirmation Instructions: Used when confirmation by another bank is requested
2. Transfer Conditions: Include when the L/C is transferable to detail transfer terms
3. Special Conditions: Any additional terms specific to the transaction
4. Back-to-Back Provisions: Include when the L/C is part of a back-to-back arrangement
5. Red Clause Provisions: Used when advance payment provisions are included
6. Revolving Credit Terms: Include when the L/C is revolving rather than single-use
1. Document Requirements Schedule: Detailed breakdown of required documents and their specifications
2. Goods Description Schedule: Detailed description of goods or services covered by the L/C
3. Fee Schedule: Breakdown of all applicable banking charges and fees
4. Amendment History: Record of any amendments made to the original L/C
5. Bank Instructions Appendix: Specific instructions for corresponding and negotiating banks
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Logistics and Supply Chain
Commodity Trading
Retail
Agriculture
Mining and Resources
Textile and Garments
Electronics and Technology
Chemical and Pharmaceuticals
Relevant Teams
Finance
International Trade
Treasury
Legal
Compliance
Risk Management
Operations
Procurement
Supply Chain
Commercial
Relevant Roles
Trade Finance Manager
International Trade Specialist
Import/Export Manager
Chief Financial Officer
Treasury Manager
Documentary Credits Specialist
Trade Operations Officer
Compliance Officer
Risk Manager
Banking Relationship Manager
Supply Chain Manager
Procurement Manager
Finance Director
Commercial Director
Legal Counsel
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