The Documentary Letter of Credit (LC) is a fundamental instrument in international trade finance, particularly crucial when parties are operating across different jurisdictions and legal systems. Under United States law, specifically UCC Article 5, and international banking practices (UCP 600), this document provides a secure payment mechanism that protects both buyers and sellers in international transactions. It is typically used when parties don't have established trading relationships, when local regulations require LCs for import/export, or when the transaction value or risk level necessitates bank involvement. The document contains detailed specifications for required documentation, payment terms, and conditions that must be met for payment to be released. It represents an irrevocable commitment by the issuing bank to pay the beneficiary upon presentation of compliant documents, making it a preferred method of payment in international trade.
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1. LC Number and Date: Unique identification number of the LC and date of issuance
2. Parties: Clear identification of all parties: Issuing Bank, Beneficiary, Applicant, and Advising Bank (if applicable)
3. Amount and Currency: The credit amount and currency of payment
4. Form of Credit: Specification that this is an irrevocable documentary credit
5. Available With/By: Specifies where and how the credit is available (payment, acceptance, negotiation)
6. Expiry Date and Place: Clear statement of expiration date and location
7. Required Documents: Detailed list of all required documents for presentation
8. Shipment Terms: Latest shipment date and shipment details
9. Description of Goods/Services: Clear description of the underlying goods or services
10. Presentation Period: Time period within which documents must be presented
11. Partial Shipments/Transhipment: Whether partial shipments or transhipment are allowed or prohibited
12. Governing Law: Specification of applicable law and rules (typically UCP 600)
1. Transfer Conditions: Include when the LC is transferable, specifying conditions for transfer
2. Red Clause: Include when advance payment to the beneficiary is permitted
3. Green Clause: Include when storage of goods is involved with advance payment
4. Revolving Conditions: Include for revolving LCs, specifying reinstatement terms
5. Back-to-Back Provisions: Include when the LC is part of a back-to-back arrangement
6. Deferred Payment Terms: Include when payment is to be made at a future date after document presentation
7. Confirmation Instructions: Include when confirmation is requested or authorized
8. Special Conditions: Any additional terms specific to the transaction
1. Document Checklist: Detailed checklist of required documents with specific requirements for each
2. Commercial Invoice Requirements: Specific requirements for the format and content of commercial invoices
3. Transport Document Requirements: Detailed requirements for bills of lading or other transport documents
4. Insurance Document Requirements: Specific requirements for insurance certificates or policies
5. Bank Contact Details: Complete contact information for all banks involved in the transaction
6. Fee Schedule: Breakdown of all applicable banking charges and fees
7. Amendment Form: Standard form for requesting amendments to the LC
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Commodities Trading
Retail
Wholesale
Shipping and Logistics
Agriculture
Energy
Mining
Textiles
Construction
Heavy Industry
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Global Transaction Banking
Treasury Operations
Trade Operations
Compliance
Risk Management
International Business
Supply Chain Finance
Credit Administration
Legal
Trade Sales
Documentary Collections
Relevant Roles
Trade Finance Manager
International Banking Officer
Documentary Credits Specialist
Import/Export Manager
Treasury Manager
Trade Operations Officer
Compliance Officer
Credit Risk Manager
International Trade Specialist
Documentary Collections Officer
Letter of Credit Analyst
Trade Finance Sales Officer
Global Transaction Banking Manager
Supply Chain Finance Manager
International Business Development Manager
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