The Deferred Letter of Credit (LC) is a crucial financial instrument in international trade, particularly relevant under New Zealand's robust banking and commercial law framework. This document is typically used when buyers require extended payment terms while still providing sellers with bank-backed payment security. It differs from standard LCs by incorporating a specific payment deferral period after document presentation, usually ranging from 30 to 180 days. The document is structured to comply with both New Zealand regulatory requirements and international banking practices (UCP 600), making it suitable for businesses engaged in cross-border trade who need flexible payment arrangements while maintaining transaction security. The Deferred LC includes comprehensive details about payment terms, document requirements, and bank obligations, serving as a vital tool for trade finance and risk management in international commercial transactions.
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1. Letter of Credit Number and Date: Unique identification number and issuance date of the LC
2. Parties: Details of the issuing bank, beneficiary (seller), and applicant (buyer)
3. Type and Nature of Credit: Specification that this is a deferred payment LC and its irrevocable nature
4. Amount and Currency: The credit amount and currency of payment
5. Expiry Date and Place: Validity period of the LC and location where documents must be presented
6. Deferred Payment Terms: Specific payment timeline and conditions after document presentation
7. Documentary Requirements: List of required documents for presentation (e.g., commercial invoice, transport documents, insurance)
8. Shipment Terms: Details of shipment including latest shipment date, partial shipments, and transshipment provisions
9. Presentation Period: Timeframe within which documents must be presented after shipment
10. Bank Charges: Allocation of banking fees and charges between parties
11. Governing Law and Jurisdiction: Specification of New Zealand law and jurisdiction
12. UCP 600 Incorporation: Statement incorporating UCP 600 rules
1. Transfer Provisions: Include when the LC needs to be transferable to another beneficiary
2. Back-to-Back Arrangements: Required when the LC supports a back-to-back credit structure
3. Special Conditions: Any additional terms specific to the transaction or parties' requirements
4. Confirmation Instructions: Include when a confirming bank is required to add its confirmation
5. Revolving Terms: Include for LCs that automatically renew under specified conditions
6. Force Majeure Provisions: Additional provisions for handling extraordinary circumstances
7. Amendment Procedures: Detailed procedures for LC modifications when standard amendment processes need elaboration
1. Schedule 1 - Document Presentation Checklist: Detailed checklist of required documents and their specifications
2. Schedule 2 - Payment Calculation Formula: Formula for calculating deferred payment amounts including any adjustments
3. Schedule 3 - Specimen Signatures: Authorized signatures for relevant parties
4. Schedule 4 - Standard Forms: Templates for common documents like drafts or demands
5. Appendix A - Trade Terms Definitions: Definitions of trade terms used in the LC
6. Appendix B - Communication Procedures: Procedures for notifications and communications between parties
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