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The Irrevocable Unconfirmed Letter of Credit is a fundamental trade finance instrument used in international trade transactions where the buyer's bank provides an irrevocable commitment to pay the seller upon presentation of specified documents. This document type is particularly relevant in the Philippine context, where it must comply with both local banking regulations and international standards (UCP 600). It is commonly used when exporters require payment security but are satisfied with the creditworthiness of the issuing bank without needing additional bank confirmation. The document contains detailed specifications about payment terms, required documentation, shipping requirements, and goods description, providing a secure payment mechanism for international trade while ensuring compliance with Philippine banking and trade regulations.

1. Letter of Credit Number and Date: Unique identification number and issuance date of the L/C

2. Issuing Bank Details: Complete name, address, and contact information of the issuing bank

3. Applicant Details: Full name, address, and contact information of the buyer/importer requesting the L/C

4. Beneficiary Details: Full name, address, and contact information of the seller/exporter

5. Currency and Amount: Specified currency and amount of the letter of credit in both figures and words

6. Expiry Date and Place: Clear statement of when and where the L/C expires

7. Available With/By: Specification of how the credit is available (sight, deferred payment, acceptance, or negotiation)

8. Required Documents: Detailed list of documents required for presentation

9. Shipment Terms: Latest shipment date, partial shipment/transhipment permissions, and shipment details

10. Description of Goods/Services: Detailed description of the goods or services being traded

11. Payment Terms: Specific conditions and timing of payment

12. Governing Law Statement: Clear statement that the L/C is subject to UCP 600 and Philippine law