The Domestic Letter of Credit is a crucial financial instrument in Singapore's domestic trade landscape. When businesses require a secure payment method for significant domestic transactions, they often utilize this document type. Under Singapore law, a Domestic Letter of Credit provides a bank's guarantee of payment, subject to the presentation of specified documents. It includes detailed terms regarding payment conditions, document requirements, and validity periods, all operating within Singapore's regulatory framework. This instrument is particularly valuable when parties seek additional security in their domestic trade relationships while maintaining compliance with local banking regulations and MAS guidelines.
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1. Applicant Details: Full identification and contact details of the party requesting the Letter of Credit
2. Beneficiary Details: Complete information and contact details of the party in whose favor the LC is issued
3. Credit Amount and Currency: Specified amount, currency, and tolerance limits (if any) of the Letter of Credit
4. Validity Period: Expiry date, place of expiry, and last date for presentation of documents
5. Required Documents: Comprehensive list of documents required for presentation under the LC
1. Partial Shipments Clause: Terms specifying whether partial shipments are allowed or prohibited, used when dealing with large orders or multiple deliveries
2. Transhipment Terms: Specific conditions and permissions regarding transhipment of goods, relevant for complex shipping arrangements
3. Special Conditions: Additional terms and conditions specific to the transaction or requirements of the parties
4. Transfer Rights: Terms specifying whether the LC is transferable and under what conditions
1. Schedule A - Document Requirements: Detailed specifications of required documents including format, content, and number of copies
2. Schedule B - Payment Terms: Comprehensive payment conditions, including timing, method, and any special arrangements
3. Schedule C - Goods Description: Detailed description of goods covered under the LC including specifications, quantity, and unit price
4. Schedule D - Shipping Terms: Specific shipping requirements including ports, modes of transport, and delivery terms
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