The Letter of Credit 60 Days is a specialized financial instrument used in international trade transactions where extended payment terms are required. This document is particularly relevant when businesses need to balance cash flow considerations with trade security. Under New Zealand law, this instrument provides a formal guarantee from a bank to pay the seller after a 60-day period, contingent upon the presentation of compliant documents. The document incorporates both local legal requirements and international banking standards (UCP 600), making it suitable for cross-border transactions. It's commonly used in situations where the buyer needs additional time to process payment while providing the seller with a secure payment guarantee from a reputable financial institution. The document includes comprehensive details about the transaction, parties involved, documentation requirements, and specific conditions that must be met to trigger payment.
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1. Issuing Bank Details: Complete details of the bank issuing the Letter of Credit, including name, branch, SWIFT code, and contact information
2. LC Number and Date: Unique LC reference number and date of issuance
3. Type of Credit: Specification that this is a 60-day Letter of Credit and whether it's irrevocable (standard under UCP 600)
4. Applicant Details: Full legal name and address of the party requesting the Letter of Credit (typically the buyer)
5. Beneficiary Details: Full legal name and address of the party receiving the Letter of Credit (typically the seller)
6. Currency and Amount: The currency and maximum amount for which the Letter of Credit is valid
7. Expiry Date: The date and place of expiry for the Letter of Credit
8. Payment Terms: Specific details of the 60-day payment terms, including when the period begins
9. Required Documents: List of all documents required for presentation to trigger payment
10. Shipment Terms: Details of shipment including latest shipment date, partial shipments, and transshipment conditions
11. Goods Description: Brief but clear description of the goods or services covered by the LC
12. Governing Law: Specification that New Zealand law governs the LC and reference to UCP 600
1. Transferability Clause: Include when the LC needs to be transferable to another beneficiary
2. Red Clause: Include when advance payment to the beneficiary is required
3. Green Clause: Include when warehouse storage-related advances are needed
4. Revolving Credit Clause: Include when the LC needs to be automatically renewed for multiple shipments
5. Tolerance Clause: Include when variation in quantity or amount is acceptable
6. Insurance Instructions: Include when specific insurance requirements need to be detailed
7. Special Conditions: Include when additional terms or conditions specific to the transaction are required
1. Schedule A - Commercial Invoice Requirements: Detailed specifications for the format and content of commercial invoices
2. Schedule B - Transport Document Requirements: Specific requirements for bills of lading or other transport documents
3. Schedule C - Product Specifications: Detailed description of goods, including technical specifications if applicable
4. Appendix 1 - Required Document Formats: Sample formats for required documents
5. Appendix 2 - Bank's Standard Terms: Standard terms and conditions of the issuing bank
6. Appendix 3 - UCP 600 Reference: Relevant articles of UCP 600 applicable to this LC
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