An Application Letter For LC is a crucial document used in international trade finance within the UAE banking system. This document is required when a buyer (importer) needs to establish a Letter of Credit as a payment method for international trade transactions. The application must conform to UAE Federal Law No. 18 of 1993, UAE Central Bank regulations, and international UCP 600 rules. It contains essential details such as the applicant's and beneficiary's information, transaction terms, shipping requirements, and document specifications. The Application Letter For LC serves as the primary document that initiates the LC issuance process, forming a contractual arrangement between the applicant and the issuing bank. It's particularly relevant in the UAE's trading environment, where Letters of Credit are commonly used to facilitate secure international trade transactions.
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1. Applicant Details: Full legal name, address, and contact information of the entity requesting the LC
2. Beneficiary Details: Complete information about the party in whose favor the LC is being issued
3. LC Type and Form: Specification of LC type (e.g., Sight, Usance, Revolving) and whether it's transferable or not
4. Currency and Amount: The currency and amount for which the LC should be issued, both in figures and words
5. Expiry Date and Place: The validity period of the LC and the place where it expires
6. Shipment Details: Information about ports of loading/discharge, latest shipment date, and partial shipments
7. Document Requirements: List of required documents for LC negotiation (e.g., commercial invoice, transport documents)
8. Payment Terms: Specification of when and how payment should be made
9. Bank Charges: Instructions regarding who bears various bank charges
1. Insurance Instructions: Required when the LC terms include insurance requirements or CIF shipments
2. Special Conditions: Any additional terms or conditions specific to the transaction
3. Back-to-Back LC Details: Required when the LC is being issued against another LC
4. Red Clause Instructions: Needed when advance payment provisions are required
5. Transfer Instructions: Required when the LC needs to be transferable
6. Confirmation Instructions: When confirmation from another bank is required
1. Commercial Invoice: Pro-forma invoice or final commercial invoice from the supplier
2. Purchase Order: Copy of the underlying purchase order or contract
3. Import License: If required for the specific goods being imported
4. Company Trade License: Copy of applicant's valid trade license
5. Specimen Signatures: Authorized signatures for the applying company
6. Bank Account Details: Details of the account to be charged for the LC issuance and related fees
Relevant legal definitions
Clauses
Relevant Industries
International Trade
Banking and Financial Services
Manufacturing
Retail
Oil and Gas
Construction
Automotive
Electronics
Textiles
Agriculture
Pharmaceuticals
Energy
Mining
Logistics and Transportation
Relevant Teams
Finance Operations
International Trade
Treasury
Procurement
Supply Chain
Credit Risk
Compliance
Trade Finance
Banking Relations
Financial Control
Documentary Credits
Relevant Roles
Trade Finance Manager
Import/Export Manager
Financial Controller
Treasury Manager
Procurement Manager
Supply Chain Manager
Finance Director
Chief Financial Officer
Trade Operations Officer
Banking Relationship Manager
Compliance Officer
Credit Risk Manager
International Business Manager
Documentary Credits Specialist
Finance Operations Manager
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