The LC in Shipping document is essential for international trade transactions conducted under Saudi Arabian jurisdiction. It serves as a fundamental tool for managing payment risk and ensuring compliance with both local and international shipping regulations. This document type is particularly crucial when dealing with cross-border transactions where parties seek financial security and regulatory compliance. The LC in Shipping includes detailed specifications for payment conditions, shipping requirements, and documentary compliance, all aligned with Saudi Arabian commercial law, SAMA regulations, and international UCP 600 standards. It's commonly used when businesses need to establish secure payment mechanisms for international shipping transactions, especially in cases involving significant transaction values or new trading relationships.
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1. Letter of Credit Number and Date: Unique identification number and issuance date of the LC
2. Applicant Details: Complete information about the buyer/importer requesting the LC
3. Beneficiary Details: Complete information about the seller/exporter receiving the LC
4. Issuing Bank Details: Information about the bank issuing the LC
5. Amount and Currency: The credit amount and currency specification
6. Expiry Date and Place: When and where the LC expires
7. Shipment Terms: Details of shipment including latest shipment date, partial shipments, transhipment conditions
8. Port Details: Ports of loading and discharge
9. Description of Goods: Detailed description of the merchandise being traded
10. Required Documents: List of all documents required for presentation
11. Payment Terms: Specific conditions and timing of payment
12. Presentation Period: Timeframe within which documents must be presented
1. Advising Bank Details: Information about the intermediary bank, used when there's a bank in beneficiary's country acting as an advisor
2. Confirming Bank Details: Details of the bank adding confirmation to the LC, included when additional security is required
3. Special Instructions: Any additional requirements or conditions specific to the transaction
4. Insurance Requirements: Specific insurance conditions, included when insurance is required under the LC
5. Transfer Conditions: Terms for transferring the LC, included when the LC is transferable
6. Back-to-Back Provisions: Included when the LC is part of a back-to-back arrangement
1. Schedule A - Document Requirements: Detailed checklist of required documents and their specifications
2. Schedule B - Goods Specification: Detailed technical specifications of the goods
3. Schedule C - Shipping Schedule: Detailed timeline for shipment and delivery
4. Appendix 1 - Standard Banking Forms: Templates for various banking forms to be used
5. Appendix 2 - Incoterms Definition: Explanation of relevant Incoterms used in the LC
6. Appendix 3 - UCP 600 References: Relevant articles from UCP 600 applicable to this LC
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
International Trade
Shipping & Maritime
Logistics
Import/Export
Manufacturing
Retail
Commodities Trading
Oil & Gas
Agriculture
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Global Transaction Services
Shipping Operations
Compliance
Treasury
Trade Operations
Legal
Risk Management
Relevant Roles
Trade Finance Manager
International Trade Specialist
Documentary Credit Officer
Shipping Manager
Import/Export Coordinator
Compliance Officer
Treasury Manager
Trade Operations Manager
Letter of Credit Specialist
Banking Relationship Manager
Supply Chain Manager
Logistics Coordinator
Commercial Banking Officer
Trade Documentation Specialist
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