A Usance LC 90 Days is a specialized trade finance instrument used in international trade transactions where deferred payment terms are required. This document is particularly relevant in the Saudi Arabian context, where it must comply with both international banking practices and Islamic finance principles. It is commonly used when importers require extended payment terms while providing sellers with bank-backed payment security. The document includes detailed specifications of the trade transaction, payment terms, document requirements, and necessary compliance declarations. It is governed by Saudi Arabian law, specifically banking regulations issued by SAMA, and must conform to Sharia principles. The 90-day usance period provides buyers with working capital flexibility while ensuring sellers have a secure payment commitment from a bank. This type of LC is especially common in sectors involving substantial trade volumes or high-value transactions where payment period flexibility is crucial for business operations.
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1. LC Number and Date: Unique identification number of the LC and date of issuance
2. Issuing Bank Details: Complete name, address, and SWIFT code of the issuing bank
3. Applicant Details: Full name, address, and contact information of the LC applicant (buyer)
4. Beneficiary Details: Full name, address, and contact information of the LC beneficiary (seller)
5. Currency and Amount: LC amount in figures and words, and specified currency
6. Usance Terms: Specification of 90-day usance period and payment terms
7. Expiry Date and Place: Final date and location for document presentation
8. Shipment Terms: Latest shipment date, partial shipments, transhipment permissions
9. Goods Description: Detailed description of goods, quantity, unit price, and trade terms
10. Document Requirements: List of required documents for LC negotiation
11. Special Conditions: Additional terms, conditions, and Sharia compliance declarations
12. Bank Charges: Allocation of banking charges between parties
1. Advising Bank Details: Include when an advising bank is involved in the transaction
2. Confirming Bank Details: Include when LC confirmation is requested
3. Reimbursing Bank Details: Include when a separate reimbursing bank is designated
4. Transfer Conditions: Include if the LC is transferable
5. Back-to-Back Provisions: Include if back-to-back LC arrangements are permitted
6. Insurance Requirements: Include when specific insurance requirements exceed standard trade terms
7. Pre-Shipment Inspection: Include when pre-shipment inspection is required
1. Schedule A - Document Checklist: Detailed checklist of required documents with specific format requirements
2. Schedule B - Goods Specifications: Detailed technical specifications of the goods when too lengthy for main LC text
3. Schedule C - Payment Schedule: Detailed breakdown of payment terms and calculations
4. Appendix 1 - Sharia Compliance Declaration: Required declarations ensuring compliance with Islamic banking principles
5. Appendix 2 - SAMA Compliance Form: Standard form required by Saudi Arabian Monetary Authority for usance LCs
6. Appendix 3 - Draft Format: Format of the time draft to be presented under the LC
Authors
Relevant legal definitions
Clauses
Relevant Industries
International Trade
Banking and Financial Services
Manufacturing
Oil and Gas
Petrochemicals
Construction Materials
Agricultural Products
Automotive
Industrial Equipment
Consumer Goods
Textiles
Electronics
Pharmaceuticals
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Compliance
Islamic Banking
Treasury
Import/Export
Risk Management
Credit Analysis
Legal
Operations
Customer Relations
Product Management
Relevant Roles
Trade Finance Manager
International Banking Officer
Letter of Credit Specialist
Compliance Officer
Islamic Banking Officer
Treasury Manager
Import/Export Manager
Documentary Credits Supervisor
Trade Operations Manager
Risk Management Officer
Financial Controller
Banking Relationship Manager
Trade Finance Product Manager
Sharia Compliance Officer
Senior Credit Analyst
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