The Usance LC 90 Days is a critical trade finance instrument used in international commerce when buyers require extended payment terms while ensuring sellers receive secure payment promises. This document type is particularly relevant in the Netherlands, where it operates within the framework of Dutch commercial law and European Union regulations. It combines the security of a bank's payment undertaking with a 90-day deferred payment period, making it ideal for transactions where working capital optimization is crucial. The document includes detailed specifications of the trade terms, document requirements, and payment conditions, all structured to comply with both Dutch financial regulations and international banking standards (UCP 600). It's commonly used in substantial cross-border transactions where the buyer seeks to balance cash flow management with the seller's need for payment security.
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1. LC Number and Date: Unique identification number of the LC and issuance date
2. Applicant Details: Full name, address, and contact information of the buyer/applicant
3. Beneficiary Details: Full name, address, and contact information of the seller/beneficiary
4. Issuing Bank Details: Name and address of the bank issuing the LC
5. Currency and Amount: LC value and currency specification
6. Availability and Expiry: How and where the credit is available, and expiry date
7. Payment Terms: 90-day usance terms and calculation method
8. Shipment Details: Latest shipment date, partial/transhipment permissions, ports of loading/discharge
9. Goods Description: Detailed description of goods being traded
10. Document Requirements: List of required documents for presentation
11. Special Conditions: Additional terms and conditions specific to this LC
1. Advising Bank Details: Include when a specific advising bank is nominated
2. Confirmation Instructions: Include when LC confirmation is requested
3. Transferability Clause: Include when the LC needs to be transferable
4. Insurance Requirements: Include when specific insurance requirements exceed standard coverage
5. Pre-shipment Inspection: Include when inspection certificate is required before shipment
6. Back-to-Back LC Provisions: Include for back-to-back LC arrangements
7. Green Clause: Include when advance payment is permitted against warehouse receipts
1. Schedule A - Document Presentation Schedule: Detailed timeline for document presentation and examination
2. Schedule B - Goods Specification: Detailed technical specifications of the goods
3. Schedule C - Price Calculation Formula: If applicable, formula for calculating final price
4. Appendix 1 - Standard Document Formats: Templates for required documents
5. Appendix 2 - Bank's Standard LC Terms: General terms and conditions of the issuing bank
6. Appendix 3 - Shipping Terms Reference: Applicable Incoterms and shipping requirements
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