Documentary Letters of Credit are essential instruments in international trade finance, particularly relevant under Singapore's established position as a global trading hub. They provide a secure payment mechanism where the issuing bank commits to pay the seller upon presentation of compliant documents, reducing risk for both parties. The LC specifies the exact documents required, payment terms, and conditions that must be met. Under Singapore jurisdiction, these instruments are governed by both international standards (UCP 600) and local banking regulations, offering a robust framework for cross-border transactions. The document is particularly crucial when parties are in different countries or unfamiliar with each other's business practices.
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1. LC Number and Reference: Unique identification number of the Letter of Credit and any related reference numbers
2. Date of Issue: The date when the Letter of Credit is issued and becomes effective
3. Applicant Details: Full name, address, and contact information of the buyer/importer requesting the LC
4. Beneficiary Details: Full name, address, and contact information of the seller/exporter who will receive payment
5. Amount and Currency: Maximum amount of the credit and currency denomination, including any tolerance levels
6. Expiry Details: Date and place of expiry for the Letter of Credit
7. Required Documents: Comprehensive list of all documents required for presentation including specific requirements
8. Shipment Terms: Details of shipping arrangements including latest shipment date, partial shipments, and transshipment terms
1. Transferability Clause: Terms and conditions for transferring the LC to another beneficiary, typically used in intermediary trade transactions
2. Revolving Credit Terms: Specifications for how and when the credit reinstates, used for regular ongoing shipments
3. Red Clause Provisions: Terms for advance payment to the beneficiary before document presentation
4. Back-to-Back Arrangements: Provisions for using the LC as collateral for another LC, common in intermediary trade
1. Schedule of Goods: Detailed description of goods including specifications, quantities, and unit prices
2. Price Schedule: Detailed breakdown of prices, particularly for multiple items or shipments
3. Document Requirements Matrix: Comprehensive checklist specifying exact requirements for each required document
4. Special Instructions Schedule: Additional requirements or instructions for document preparation, shipping, or other specific conditions
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