The Application For Letter of Credit is a crucial document used in international trade finance within the UAE jurisdiction. It is typically employed when an importer (applicant) needs to provide payment security to an overseas exporter (beneficiary) through a bank-issued Letter of Credit. The document must comply with UAE Federal Law No. 18 of 1993 and UCP 600 guidelines, reflecting the UAE's adoption of international banking standards. The application captures essential details including the transaction parties, goods description, shipping terms, payment conditions, and required documentation. It serves as the primary document that initiates the Letter of Credit issuance process, forming the basis for the bank's evaluation and subsequent LC issuance. This document is particularly important in the UAE's context given its status as a major global trading hub and its strict banking compliance requirements.
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1. Applicant Information: Full legal name, address, and contact details of the party requesting the Letter of Credit
2. Beneficiary Information: Complete details of the party in whose favor the Letter of Credit is being issued
3. Banking Details: Issuing bank details, applicant's account information, and correspondent bank details if applicable
4. Letter of Credit Details: Type of LC, currency, amount in figures and words, expiry date, and place of expiry
5. Goods/Services Description: Detailed description of the goods or services being purchased, including quantity, unit price, and total value
6. Shipment Terms: Shipping details including latest shipment date, partial shipment/transhipment permissions, and port information
7. Required Documents: List of all documents required for LC negotiation (e.g., commercial invoice, bill of lading, certificates)
8. Payment Terms: Payment conditions, sight/usance period, and negotiation terms
9. Charges Instructions: Specification of which party bears various banking charges and fees
10. Declarations: Standard declarations and undertakings by the applicant
1. Special Instructions: Additional instructions or conditions specific to the transaction
2. Insurance Requirements: Required when goods need specific insurance coverage
3. Revolving Credit Terms: Used when the LC is revolving, specifying reinstatement terms
4. Transfer Rights: Required when the LC needs to be transferable
5. Back-to-Back LC Details: Used in cases where a back-to-back LC arrangement is needed
6. Red Clause Provisions: Required for LCs with advance payment provisions
7. Green Clause Provisions: Used when storage of goods is involved with advance payment
8. Standby LC Provisions: Specific terms when the LC is being used as a standby instrument
1. Bank's Standard Terms and Conditions: The issuing bank's standard terms and conditions for LC issuance
2. Fee Schedule: Detailed breakdown of all applicable bank charges and fees
3. Required Document Formats: Templates or formats for required documents as specified by the bank
4. Specimen Signatures: Authorized signature specimens for the applicant
5. Import License: Copy of import license or permit if required for the transaction
6. Supporting Documents: Any additional documents required by the bank (e.g., pro forma invoice, purchase order)
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Retail
Commodities Trading
Oil and Gas
Construction
Automotive
Electronics
Textiles
Agriculture
Pharmaceutical
Logistics and Transportation
Relevant Teams
Finance
Treasury
International Trade
Procurement
Supply Chain
Legal
Compliance
Trade Operations
Commercial Operations
Risk Management
Banking Relations
Documentary Credits
Relevant Roles
Trade Finance Manager
Import/Export Manager
Finance Director
Treasury Manager
Procurement Manager
Supply Chain Manager
Chief Financial Officer
Financial Controller
Trade Operations Officer
Documentary Credit Specialist
International Business Manager
Banking Relationship Manager
Compliance Officer
Legal Counsel
Commercial Manager
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