A Letter of Credit in Logistics is a crucial trade finance instrument used in Singapore's vibrant international trade sector. It provides security and payment assurance in cross-border logistics transactions where direct payment terms might be risky or impractical. The document incorporates specific requirements for logistics documentation, shipping terms, and delivery conditions, all governed by Singapore law and international banking practices. It's particularly valuable in Singapore's role as a global logistics hub, where complex supply chain transactions require secure payment mechanisms.
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1. LC Number and Date: Unique identification number and issuance date of the Letter of Credit
2. Applicant Details: Complete information about the buyer/importer including name, address, and contact information
3. Beneficiary Details: Complete information about the seller/exporter including name, address, and contact information
4. Issuing Bank Details: Information about the bank issuing the LC including name, branch, SWIFT code
5. Amount and Currency: Value of the LC and specified currency, including both figures and words
6. Expiry Date: Validity period of the LC and place of expiry
7. Shipment Terms: Details of shipment including latest shipment date, port of loading/discharge, and Incoterms
8. Required Documents: Comprehensive list of documents required for LC execution and payment
1. Advising Bank Details: Details of intermediary bank when involved in the transaction
2. Transhipment Conditions: Specific terms and conditions when goods require multiple modes of transport
3. Partial Shipment Terms: Conditions and terms when partial shipments are allowed or prohibited
4. Transfer Restrictions: Terms regarding whether the LC is transferable and associated conditions
5. Special Conditions: Any additional terms or conditions specific to this LC transaction
1. Commercial Invoice: Detailed invoice showing description of goods, quantity, unit price, and total value
2. Bill of Lading: Transport document showing ownership of goods and shipping details
3. Insurance Certificate: Document proving insurance coverage for the shipment
4. Packing List: Detailed list of items packed, including quantities and weights
5. Certificate of Origin: Document certifying the country of origin of the goods
6. Inspection Certificate: Third-party verification of goods quality and quantity, if required
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