The Export Letter of Credit (LC) is a crucial trade finance instrument used in international commerce, particularly relevant under New Zealand's robust trading environment. This document is utilized when an exporter requires payment security for international sales transactions, with the LC providing a bank's guarantee of payment subject to document compliance. The Export LC incorporates requirements from New Zealand banking and trade laws, international banking practices (UCP 600), and export regulations. It specifies critical elements including payment terms, shipping requirements, document presentation conditions, and compliance standards. This instrument is particularly valuable for New Zealand exporters engaging in international trade where direct payment terms may pose significant risks or where local regulations in importing countries require LC arrangements.
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1. LC Number and Type: Unique identification number and specification that this is an irrevocable documentary credit
2. Parties Details: Full names and addresses of the applicant (importer), beneficiary (exporter), and issuing bank
3. Currency and Amount: Specification of the credit amount and currency
4. Availability and Expiry: How and where the credit is available (payment, acceptance, negotiation) and expiry date
5. Shipment Terms: Latest shipment date, port of loading/discharge, partial shipments, transhipment provisions
6. Goods Description: Brief description of the goods, quantity, unit price, and trade terms (Incoterms)
7. Document Requirements: List of required documents (commercial invoice, transport documents, insurance, certificates etc.)
8. Special Conditions: Any additional terms and conditions specific to this LC
9. Banking Charges: Specification of which party bears which bank charges
1. Transferability Clause: Include when the LC needs to be transferable to a second beneficiary
2. Red Clause Provisions: Include when advance payment to the beneficiary is permitted
3. Back-to-Back Arrangements: Include when the LC supports a back-to-back credit structure
4. Revolving Credit Terms: Include for LCs that reinstate automatically for recurring shipments
5. Confirmation Instructions: Include when confirmation by another bank is required
6. Deferred Payment Terms: Include when payment is to be made at a specified future date
7. Standby Provisions: Include when the LC functions as a standby credit
1. Schedule 1 - Detailed Goods Specification: Complete technical specification of goods including quality parameters, standards, and packaging requirements
2. Schedule 2 - Document Checklist: Detailed checklist of all required documents with specific format requirements and number of copies
3. Schedule 3 - Special Instructions: Detailed instructions for document preparation and presentation
4. Schedule 4 - Bank Contact Details: Complete contact information for all banks involved in the transaction
5. Appendix A - Required Document Formats: Templates or samples of required documents
6. Appendix B - ICC UCP 600 Reference: Relevant UCP 600 articles applicable to this specific LC
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