The Time Letter of Credit is a crucial financial instrument in international trade finance, particularly relevant under Pakistani banking and trade laws. It is specifically designed for transactions where buyers require a deferred payment period while still providing sellers with bank-backed payment security. This document type differs from sight LCs as it includes a specified maturity period, typically 30, 60, or 90 days after bill of lading or document presentation. The Time Letter of Credit must conform to both local Pakistani banking regulations and international standards like UCP 600, making it a complex but essential tool for businesses engaged in international trade. It's particularly valuable when importers need additional time to generate funds from the sale of goods while still providing exporters with a secure payment commitment from a bank.
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1. Letter Reference Number: Unique identification number for the LC
2. Date of Issuance: The date when the LC is issued
3. Applicant Details: Complete name and address of the party requesting the LC (typically the buyer)
4. Beneficiary Details: Complete name and address of the party in whose favor the LC is issued (typically the seller)
5. Issuing Bank Details: Name and address of the bank issuing the LC
6. Credit Amount and Currency: The maximum amount and currency of the LC
7. Type and Form of Credit: Specification that this is a Time/Usance LC and whether it's irrevocable
8. Maturity Terms: Specific period after which payment will be made (e.g., 60 days from bill of lading date)
9. Available With/By: Specifies where and how the credit is available (negotiation, acceptance, deferred payment)
10. Partial Shipments/Transhipment: Whether partial shipments or transhipment is allowed or prohibited
11. Documents Required: Detailed list of all required documents for LC negotiation
12. Shipment Terms: Latest shipment date and shipment details including port of loading and discharge
13. Presentation Period: Time period within which documents must be presented after shipment
14. Description of Goods: Detailed description of the goods being traded
1. Advising Bank Details: Details of the intermediary bank, used when LC is advised through another bank
2. Confirmation Instructions: Used when confirmation is requested from another bank
3. Special Payment Conditions: Any special conditions related to payment terms or calculations
4. Reimbursement Instructions: Include when specific reimbursement arrangements between banks are needed
5. Additional Conditions: Any extra conditions specific to the transaction
6. Insurance Requirements: Specific insurance requirements beyond standard coverage
1. Schedule A - Document Checklist: Detailed checklist of all required documents with specific requirements for each
2. Schedule B - Goods Specification: Detailed technical specifications of the goods when complex products are involved
3. Schedule C - Price Calculation: When price calculations are complex or involve multiple components
4. Appendix 1 - Bank Format Requirements: Specific format requirements for drafts and other bank documents
5. Appendix 2 - Special Instructions: Any additional instructions for document preparation or presentation
Relevant legal definitions
Clauses
Relevant Industries
International Trade
Banking and Financial Services
Manufacturing
Textiles
Agriculture
Automotive
Electronics
Pharmaceuticals
Energy
Commodities Trading
Chemical Industry
Construction Materials
Relevant Teams
Finance
International Trade
Treasury
Procurement
Supply Chain
Legal
Compliance
Risk Management
Trade Operations
Documentary Credits
Relevant Roles
Trade Finance Manager
Import Manager
Export Manager
Financial Controller
Treasury Manager
Chief Financial Officer
Banking Relationship Manager
International Trade Specialist
Documentary Credits Officer
Compliance Officer
Risk Manager
Supply Chain Manager
Procurement Manager
Finance Director
International Business Development Manager
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