The Freely Negotiable Letter of Credit is a crucial trade finance instrument used in international commerce under Singapore jurisdiction. It combines the security of a bank guarantee with the flexibility of free negotiation at any banking institution. This document type is particularly valuable when parties require both payment security and transaction flexibility. The instrument must comply with UCP 600 rules and Singapore banking regulations, providing a structured framework for international trade payments while maintaining negotiability. It typically includes detailed specifications of required documents, payment terms, and conditions, while allowing the beneficiary maximum flexibility in choosing where to negotiate the credit.
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1. Letter Reference: Unique reference number and date of the Letter of Credit
2. Issuing Bank Details: Full name, address, and contact details of the issuing bank
3. Beneficiary Details: Complete identification and contact information of the party receiving payment
4. Applicant Details: Complete identification and contact information of the party requesting the LC
5. Credit Amount: Specified amount and currency of the Letter of Credit
6. Availability and Expiry: Terms of availability, expiry date, and place for presentation
7. Documentary Requirements: Detailed list of required documents for payment claim
8. Payment Terms: Specific conditions and timing of payment
9. Governing Rules: Reference to UCP 600 and other applicable rules
1. Transferability Clause: Optional clause allowing transfer of LC rights to another beneficiary
2. Red Clause Provisions: Optional provisions for advance payment arrangements
3. Back-to-Back Provisions: Optional terms for LC issued against another LC
4. Revolving Credit Terms: Optional terms for automatically renewing credit amount
5. Confirmation Instructions: Optional instructions regarding confirmation by another bank
1. Schedule A - Commercial Invoice Requirements: Detailed specifications for acceptable commercial invoice format
2. Schedule B - Transport Document Requirements: Specific requirements for bills of lading or other transport documents
3. Schedule C - Insurance Document Requirements: Detailed requirements for insurance certificates or policies
4. Schedule D - Bank Authorization Forms: Standard forms required for bank processing
5. Schedule E - Additional Documentary Requirements: Any other specific document requirements or certifications
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