A Usance LC is a crucial trade finance instrument used when buyers require extended payment terms while ensuring sellers receive a secure payment commitment. This document type is particularly relevant in Austrian-governed international trade transactions where parties seek to balance cash flow management with trade security. The Usance LC specifies a future payment date, typically 30 to 180 days after document presentation or shipment, and includes detailed requirements for document presentation, compliance checks, and payment terms. It operates under Austrian law while incorporating UCP 600 rules and EU regulations, making it a robust instrument for facilitating international trade with deferred payment terms. The document is especially valuable in transactions involving capital goods, seasonal products, or when trading partners require structured financing solutions.
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1. LC Number and Date: Unique identification number and issuance date of the Letter of Credit
2. Issuing Bank Details: Complete name, address, and SWIFT code of the issuing bank
3. Applicant Details: Full name, address, and contact information of the buyer/importer
4. Beneficiary Details: Full name, address, and contact information of the seller/exporter
5. Currency and Amount: LC amount in figures and words, including currency specification
6. Usance Period: Specific deferred payment terms, typically expressed in days from bill of lading or presentation of documents
7. Available With/By: Specifies whether LC is available with any bank or specific banks and payment method
8. Required Documents: Detailed list of all required shipping and commercial documents
9. Shipment Terms: Latest shipment date, partial shipments, transhipment provisions
10. Presentation Period: Time period within which documents must be presented after shipment
11. Governing Law: Specification of Austrian law and UCP 600 as governing rules
1. Transferability Clause: Include when the LC needs to be transferable to a second beneficiary
2. Confirmation Instructions: Include when confirmation by another bank is requested
3. Special Payment Conditions: Include for specific payment arrangements or installments
4. Red Clause: Include when advance payment to beneficiary is permitted
5. Green Clause: Include when storage of goods is involved pre-shipment
6. Revolving Terms: Include for automatically renewing LC arrangements
7. Insurance Instructions: Include when specific insurance requirements exist beyond standard coverage
1. Schedule A - Commercial Invoice Requirements: Detailed specifications for commercial invoice preparation
2. Schedule B - Transport Document Requirements: Specific requirements for bills of lading or other transport documents
3. Schedule C - Goods Description: Detailed technical specifications of goods being traded
4. Schedule D - Inspection Requirements: Details of any required pre-shipment inspection or certification
5. Appendix 1 - Bank Contact Details: Complete contact information for all banks involved in the transaction
6. Appendix 2 - Document Presentation Checklist: Checklist for beneficiary to ensure complete document presentation
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Agriculture and Food
Textiles and Apparel
Industrial Equipment
Consumer Goods
Commodities Trading
Automotive
Electronics and Technology
Chemical and Pharmaceuticals
Energy and Resources
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Export Finance
Import Operations
Compliance
Credit Risk
Treasury
Trade Operations
Banking Operations
Legal and Documentation
Customer Relations
Product Management
Relevant Roles
Trade Finance Manager
International Banking Officer
Documentary Credits Specialist
Export Finance Manager
Import Operations Manager
Trade Operations Officer
Compliance Officer
Credit Risk Manager
Treasury Manager
International Trade Specialist
Banking Relationship Manager
Documentary Collections Officer
Senior Trade Finance Officer
Trade Finance Product Manager
Banking Operations Manager
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