The Letter of Credit Amendment is a crucial document in international trade finance, specifically used when modifications to an existing Letter of Credit are required. Operating under Saudi Arabian jurisdiction and SAMA oversight, this document is essential when parties need to alter terms such as validity periods, amounts, or shipping conditions of an original Letter of Credit. The amendment must comply with Saudi banking regulations, Sharia law principles, and international standards like UCP 600. It's typically utilized when business circumstances change after the original Letter of Credit issuance, requiring formal modification to maintain the trade finance arrangement's validity and effectiveness. The document provides a secure way to modify trade finance terms while maintaining the legal and regulatory compliance required in Saudi Arabia.
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1. Letter of Credit Reference Details: Original LC number, date of issuance, and issuing bank details
2. Applicant and Beneficiary Information: Complete names and addresses of both the applicant and beneficiary
3. Amendment Number: Sequential number of the amendment
4. Clear Statement of Amendment: Explicit statement that this is an amendment to the original LC
5. Amendment Details: Specific changes being made to the original LC, clearly stating both the original text and new text
6. Confirmation of Other Terms: Statement that all other terms and conditions remain unchanged
7. Authentication Details: Bank authentication codes and references as required by SAMA regulations
1. Expiry Date Extension: Include when the amendment involves changing the expiry date of the LC
2. Amount Modification: Include when the amendment involves changing the LC amount
3. Shipment Terms Changes: Include when modifying any shipment-related terms
4. Document Requirement Changes: Include when changing the required documentation
5. Confirmation Instructions: Include when there are changes to confirmation instructions or confirming bank
6. Partial Shipment/Transhipment Changes: Include when modifying shipping flexibility terms
1. Original Letter of Credit Copy: Copy of the original LC being amended
2. Amendment Fee Schedule: Details of any fees associated with the amendment
3. Supporting Documents: Any relevant supporting documents justifying or explaining the amendment
4. Bank Authorization Forms: Required SAMA forms and authorizations for the amendment
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Banking & Financial Services
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Finance
International Banking
Trade Finance
Treasury
Compliance
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Documentary Credits
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Trade Finance Manager
International Banking Officer
Credit Manager
Treasury Manager
Finance Director
Compliance Officer
Banking Operations Manager
Import/Export Manager
Documentary Credits Specialist
Trade Operations Officer
Risk Management Officer
Islamic Banking Specialist
Chief Financial Officer
Senior Bank Officer
International Trade Specialist
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