The Straight Letter of Credit is a crucial document in international trade finance, particularly within the Indonesian legal framework. It serves as a primary method of securing payment in cross-border transactions where the issuing bank, operating under Indonesian banking regulations, commits to pay the seller upon presentation of specified documents. This type of Letter of Credit is specifically designed for transactions where payment is to be made directly to the named beneficiary, without the possibility of negotiation to third parties. The document must comply with Bank Indonesia regulations, the UCP 600 international standards, and Indonesian foreign exchange laws. It includes detailed specifications of the transaction, required documents, payment terms, and conditions that must be met for payment to be released. The Straight Letter of Credit is particularly important in Indonesia's growing international trade sector, where it provides security for both importers and exporters while ensuring compliance with local banking and foreign exchange regulations.
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1. Letter Reference Number: Unique identification number of the L/C
2. Date of Issuance: The date when the L/C is issued
3. Type of Credit: Specification that this is an irrevocable straight letter of credit
4. Issuing Bank Details: Complete name and address of the issuing bank
5. Applicant Details: Full name and address of the party requesting the L/C (buyer)
6. Beneficiary Details: Full name and address of the party in whose favor the L/C is issued (seller)
7. Currency and Amount: The currency and amount of the L/C, both in figures and words
8. Expiry Date and Place: The date and location where the L/C expires
9. Documents Required: Detailed list of all documents required for presentation
10. Goods Description: Clear description of the goods/services being traded
11. Shipment Terms: Details of shipment including latest shipment date and partial shipments
12. Payment Terms: Specification of when and how payment will be made
13. Governing Law: Statement that the L/C is subject to Indonesian law and UCP 600
1. Advising Bank: Details of the advising bank when L/C is advised through another bank
2. Confirmation Instructions: Used when confirmation from another bank is required
3. Transferability Clause: Include when the L/C needs to be transferable
4. Special Conditions: Any additional terms or conditions specific to this L/C
5. Red Clause: Include when advance payment to beneficiary is permitted
6. Insurance Instructions: Specific insurance requirements if not covered in main documents section
1. Commercial Invoice Template: Prescribed format for the commercial invoice if required
2. Packing List Requirements: Detailed specifications for packing list presentation
3. Bank Indonesia Forms: Required forms for foreign exchange transaction reporting
4. Transport Document Requirements: Specific requirements for bills of lading or other transport documents
5. Product Specifications: Detailed technical specifications of goods when required
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Agriculture
Mining
Textile
Electronics
Automotive
Chemical Industry
Commodities Trading
Retail
Energy
Infrastructure
Pharmaceuticals
Relevant Teams
Trade Finance
International Banking
Treasury
Legal
Compliance
Risk Management
Trade Operations
Financial Control
Supply Chain
International Business Development
Documentary Credits
Relevant Roles
Trade Finance Manager
International Trade Specialist
Documentary Credits Officer
Import Manager
Export Manager
Banking Relationship Manager
Treasury Manager
Financial Controller
Compliance Officer
Risk Manager
Trade Operations Manager
Letter of Credit Specialist
Chief Financial Officer
International Business Development Manager
Supply Chain Manager
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