The Deferred LC is a crucial trade finance instrument in the Australian market, particularly suited for transactions where buyers require extended payment terms while providing sellers with bank-backed payment security. This document type combines the security of a traditional Letter of Credit with a deferred payment mechanism, typically ranging from 30 to 180 days after document presentation. Common in Australian international trade, particularly in sectors with longer cash conversion cycles, the Deferred LC allows importers to better manage their working capital while providing exporters with a bankable commitment. The document must comply with both Australian banking regulations and international standards such as UCP 600, making it a robust instrument for cross-border trade finance.
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1. Parties: Details of the issuing bank, beneficiary, and applicant
2. Letter of Credit Number: Unique identification number of the LC
3. Date of Issue: Date when the LC is issued
4. Date of Expiry: Final date for presentation of documents
5. Amount and Currency: Maximum amount and currency of the LC
6. Deferred Payment Terms: Specific terms of the deferred payment, including maturity date calculation
7. Required Documents: List of documents required for presentation
8. Shipment Terms: Details of shipment including latest shipment date and partial shipments
9. Presentation Period: Time period within which documents must be presented after shipment
10. Governing Law and Jurisdiction: Specification of Australian law and jurisdiction
1. Transferability Clause: Include when the LC needs to be transferable to another beneficiary
2. Confirmation Instructions: Include when confirmation by another bank is required
3. Special Conditions: Include when there are additional requirements or conditions specific to the transaction
4. Bank-to-Bank Reimbursement: Include when specific reimbursement arrangements between banks need to be detailed
5. Document Handling Instructions: Include when special document handling or courier arrangements are required
1. Schedule A - Document Requirements: Detailed specifications for each required document
2. Schedule B - Payment Calculation: Formula and examples for calculating the deferred payment date
3. Schedule C - Shipping Terms: Detailed shipping requirements and Incoterms
4. Appendix 1 - Standard Banking Forms: Standard forms required for document presentation
5. Appendix 2 - Communication Procedures: Procedures for communication between parties
Relevant legal definitions
Clauses
Relevant Industries
International Trade
Banking & Finance
Manufacturing
Agriculture & Food
Commodities
Retail
Mining & Resources
Textiles & Garments
Electronics & Technology
Chemical & Pharmaceuticals
Relevant Teams
Trade Finance
International Banking
Treasury
Legal
Compliance
Risk Management
Operations
Supply Chain
Finance
International Business Development
Relevant Roles
Trade Finance Manager
Import/Export Manager
Treasury Manager
Finance Director
International Business Development Manager
Trade Operations Officer
Documentary Credits Specialist
Compliance Officer
Risk Manager
Banking Relationship Manager
Supply Chain Manager
Chief Financial Officer
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