A Confirmed Irrevocable Letter of Credit is a crucial financial instrument used in international trade transactions where additional payment security is required. This document type is particularly relevant when trading parties are in different countries or when there are concerns about the creditworthiness of the issuing bank's country. Under Indian jurisdiction, these letters of credit are governed by domestic banking laws while adhering to international UCP 600 guidelines. The confirmation by a second bank (typically in the beneficiary's country) adds an extra layer of payment security, making it especially valuable in high-value transactions or when dealing with politically or economically volatile regions. The document includes comprehensive details about payment terms, shipping requirements, document presentation conditions, and validity periods, providing clarity and security to all parties involved in the transaction.
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1. Letter Credit Number and Date: Unique identification number of the LC and date of issuance
2. Type of Credit: Clear specification that this is a Confirmed Irrevocable Letter of Credit
3. Applicant Details: Full name and address of the party requesting the Letter of Credit (typically the buyer/importer)
4. Beneficiary Details: Full name and address of the party in whose favor the LC is issued (typically the seller/exporter)
5. Issuing Bank Details: Name, address, and SWIFT code of the bank issuing the Letter of Credit
6. Confirming Bank Details: Name, address, and SWIFT code of the bank confirming the Letter of Credit
7. Amount and Currency: Credit amount in figures and words, including currency specification
8. Expiry Date and Place: Final date and location for presentation of documents
9. Available With/By: Specification of where and how the credit is available (payment, acceptance, or negotiation)
10. Partial Shipments/Transhipment: Whether partial shipments or transhipment are allowed or prohibited
11. Required Documents: Detailed list of all documents required for presentation
12. Shipment Terms: Information about shipment including latest shipment date, port of loading/discharge
13. Description of Goods/Services: Detailed description of the goods or services covered by the LC
14. Special Conditions: Any additional terms, conditions, or instructions specific to this LC
1. Transferability Clause: Include when the LC needs to be transferable to another beneficiary
2. Red Clause: Include when advance payment provision is required
3. Green Clause: Include when warehouse storage-related advance payment is needed
4. Revolving Credit Clause: Include when the LC needs to be automatically renewed for multiple shipments
5. Back-to-Back Provision: Include when the LC may be used as collateral for another LC
6. Deferred Payment Terms: Include when payment is to be made at a specified future date
7. Insurance Requirements: Include when specific insurance arrangements need to be specified
1. Schedule of Documents: Detailed checklist of required documents with specific requirements for each
2. Schedule of Goods: Detailed specification of goods including quantity, quality, and technical details
3. Schedule of Prices: Breakdown of prices if multiple items or pricing components are involved
4. Schedule of Banks: List of nominated banks and their roles if multiple banks are involved
5. INCOTERMS Appendix: Detailed explanation of applicable INCOTERMS and related obligations
6. UCP 600 Reference Guide: Relevant articles of UCP 600 applicable to this specific LC
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