The Straight Letter of Credit serves as a fundamental instrument in international trade finance under Saudi Arabian jurisdiction, providing payment security for cross-border transactions. This document type is specifically used when parties require a direct, non-negotiable payment commitment from a bank, ensuring that the beneficiary (typically the seller) receives payment upon presenting compliant documents. The Straight Letter of Credit must comply with Saudi Arabian banking regulations, including SAMA guidelines and Islamic finance principles, while also adhering to international standards such as UCP 600. It is particularly valuable in transactions where parties seek a secure, straightforward payment mechanism without the complexity of negotiability or transferability features.
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1. Letter of Credit Number and Date: Unique identification number and issuance date of the credit
2. Issuing Bank Details: Complete name and address of the issuing bank
3. Applicant Details: Full name, address and contact information of the party requesting the letter of credit
4. Beneficiary Details: Full name, address and contact information of the party in whose favor the credit is issued
5. Currency and Amount: Specified currency and amount of the credit in both figures and words
6. Expiry Date and Place: Clear statement of expiration date and location where documents must be presented
7. Documentary Requirements: Detailed list of required documents for presentation
8. Shipment Terms: Specified latest shipment date, partial shipments, transhipment provisions
9. Payment Terms: Specification of payment terms (at sight) and method of payment
10. Banking Charges: Clear statement of which party bears which banking charges
1. Transfer Provisions: Include when the credit needs to be transferable to another beneficiary
2. Confirmation Instructions: Include when confirmation from another bank is requested
3. Special Conditions: Include when there are additional requirements or conditions specific to the transaction
4. Islamic Finance Compliance Statement: Include when explicitly required to demonstrate Shariah compliance
5. Revolving Terms: Include when the credit is intended to revolve in value or time
6. Green Clause: Include when advance payment provisions are required
1. Document Presentation Checklist: Detailed checklist of required documents and their specifications
2. Standard Banking Forms: Collection of relevant banking forms required for processing
3. UCP 600 Reference Guide: Quick reference guide to relevant UCP 600 articles
4. Commercial Invoice Requirements: Detailed specifications for acceptable commercial invoice format
5. Transport Document Requirements: Specific requirements for transport documents
6. Bank Contact Details: List of relevant contact information for all banks involved in the transaction
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Retail
Wholesale
Commodities Trading
Oil and Gas
Construction
Automotive
Agriculture
Pharmaceuticals
Electronics
Textiles
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Compliance
Risk Management
Treasury
Operations
Islamic Banking
Legal
Credit Administration
Customer Relations
Supply Chain
Finance
Relevant Roles
Trade Finance Manager
International Banking Officer
Documentary Credits Specialist
Compliance Officer
Import/Export Manager
Treasury Manager
Credit Risk Officer
Islamic Banking Specialist
Trade Operations Manager
Senior Letter of Credit Officer
International Trade Specialist
Banking Relationship Manager
Chief Financial Officer
Finance Director
Supply Chain Manager
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