The Irrevocable LC at Sight is a fundamental trade finance instrument used in international commercial transactions under Saudi Arabian jurisdiction. This document type is particularly crucial when parties seek secure payment methods in cross-border trade, providing assurance to sellers of receiving payment and to buyers of receiving goods as specified. The irrevocable nature means it cannot be amended or cancelled without agreement from all parties involved. Governed by Saudi Arabian banking laws and Sharia principles, while also adhering to international banking practices (UCP 600), it includes detailed specifications about the transaction, required documents, and payment terms. The 'at sight' feature ensures immediate payment upon presentation of compliant documents, making it particularly attractive for exporters requiring prompt payment security.
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1. Letter of Credit Number and Date: Unique LC identification number and issuance date
2. Issuing Bank Details: Complete name and address of the issuing bank
3. Beneficiary Details: Full name and address of the beneficiary (seller/exporter)
4. Applicant Details: Full name and address of the applicant (buyer/importer)
5. Amount and Currency: LC value and currency specified in both figures and words
6. Expiry Date and Place: Validity period and location where the LC expires
7. Available With/By: Nominated bank details and method of availability (at sight)
8. Partial Shipments/Transhipment: Whether partial shipments or transhipment are allowed or prohibited
9. Port of Loading/Discharge: Specified ports for loading and final destination
10. Latest Shipment Date: Final date by which shipment must be made
11. Goods Description: Detailed description of merchandise, including quantity and unit price
12. Required Documents: List of documents required for presentation
13. Additional Conditions: Specific terms and conditions applying to the LC
14. Bank Charges: Allocation of banking charges between parties
15. Presentation Period: Time period for document presentation after shipment
1. Advising Bank Details: Details of the advising bank when LC is advised through a specific bank
2. Confirmation Instructions: Used when confirmation is requested from another bank
3. Reimbursing Bank Details: Include when a specific reimbursing bank is designated
4. Transfer Conditions: Include when the LC is transferable
5. Special Payment Conditions: Any special conditions relating to payment timing or method
6. Insurance Requirements: Specific insurance requirements beyond standard coverage
7. Pre-Shipment Inspection: When specific inspection requirements are needed before shipment
8. Islamic Finance Compliance Statement: Specific statement confirming Sharia compliance where required
1. Commercial Invoice Template: Prescribed format for commercial invoice presentation
2. Packing List Requirements: Detailed requirements for packing list preparation
3. Transport Document Requirements: Specific requirements for bills of lading or other transport documents
4. Certificate of Origin Requirements: Format and requirements for certificate of origin
5. Insurance Document Requirements: Specific requirements for insurance documentation
6. Bank SWIFT Details: Complete banking communication details for all involved banks
7. Document Presentation Checklist: Checklist for beneficiary's use in document preparation
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Agriculture and Food
Oil and Gas
Construction and Infrastructure
Textile and Apparel
Automotive
Electronics and Technology
Pharmaceuticals
Mining and Minerals
Retail
Chemical Industry
Heavy Equipment
Relevant Teams
Trade Finance
International Banking
Corporate Banking
Risk Management
Legal
Compliance
Treasury
Operations
Credit Administration
Document Checking
International Sales
Procurement
Supply Chain
Finance
Islamic Banking
Relevant Roles
Trade Finance Manager
International Business Development Manager
Export Manager
Import Manager
Documentary Credit Specialist
Compliance Officer
Treasury Manager
Financial Controller
Banking Relationship Manager
Trade Operations Officer
Risk Manager
Credit Analyst
Supply Chain Manager
Chief Financial Officer
International Sales Manager
Procurement Manager
Banking Operations Manager
Legal Counsel
Sharia Compliance Officer
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