The Irrevocable Letter of Credit Cost document is essential for international trade transactions conducted under South African jurisdiction. It is typically used when parties require a secure payment method with clearly defined costs and charges. The document outlines the financial obligations, including all bank charges, commission rates, and processing fees associated with the letter of credit facility. An Irrevocable Letter of Credit Cost agreement is particularly important in the South African context due to specific Exchange Control regulations and local banking requirements. The document provides certainty to all parties regarding the costs involved in the LC transaction, helping businesses budget accurately for their international trade operations while ensuring compliance with both local regulations and international banking practices such as UCP 600.
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1. Letter Reference Number and Date: Unique identification number of the LC and issuance date
2. Issuing Bank Details: Full name, address, and contact information of the issuing bank
3. Beneficiary Details: Full name, address, and contact information of the beneficiary (seller/exporter)
4. Applicant Details: Full name, address, and contact information of the applicant (buyer/importer)
5. Credit Amount and Currency: The maximum amount and currency of the letter of credit
6. Expiry Date and Place: The date and location where the credit expires
7. Available With/By: Specifies whether the credit is available by sight payment, deferred payment, acceptance, or negotiation
8. Required Documents: List of documents that must be presented for payment
9. Shipment Terms: Details of shipment including latest shipment date and partial shipments/transhipment permissions
10. Presentation Period: Time period within which documents must be presented after shipment
11. Description of Goods/Services: Detailed description of the goods or services covered by the LC
12. Governing Law and Jurisdiction: Specification of applicable law (South African) and jurisdiction
13. UCP 600 Declaration: Statement that the LC is subject to UCP 600
1. Transferability Clause: To be included if the LC is transferable to another beneficiary
2. Revolving Credit Terms: Include when the LC is revolving, specifying the revolving terms and conditions
3. Red Clause Provisions: Include when advance payment is permitted under the LC
4. Back-to-Back Provisions: Include when the LC is part of a back-to-back arrangement
5. Green Clause Provisions: Include when storage of goods is involved with advance payment facilities
6. Confirmation Instructions: Include when confirmation by another bank is required
7. Special Payment Conditions: Include when there are specific payment terms or conditions
8. Force Majeure Clause: Include when specific force majeure provisions are required beyond standard UCP provisions
1. Schedule A - Document Requirements: Detailed list and specifications of all required documents including format and content requirements
2. Schedule B - Goods Specification: Detailed technical specifications of goods or services covered by the LC
3. Schedule C - Special Payment Terms: Detailed breakdown of payment terms if involving multiple drawdowns or special conditions
4. Appendix 1 - Form of Demand: Standard format for presentation of payment demand under the LC
5. Appendix 2 - Form of Transport Documents: Prescribed formats for transport documents if specific requirements exist
6. Appendix 3 - Form of Insurance Documents: Prescribed formats for insurance documents if specific requirements exist
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