The Confirmed Letter of Credit (LC) is a crucial document in international trade finance, particularly when additional security is required due to country risk, bank risk, or commercial considerations. This document, governed by Belgian law, adds a second bank's guarantee to the issuing bank's payment undertaking, providing enhanced security for the beneficiary. The Confirmed LC includes detailed specifications for required documents, payment terms, and conditions that must be met for payment release. It's commonly used in cross-border transactions where parties seek additional assurance, especially when dealing with new trading partners or challenging jurisdictions. The document incorporates international banking practices (UCP 600) while complying with Belgian legal requirements, making it a robust instrument for secure international trade payments.
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1. Issuing Bank Details: Complete identification and contact details of the issuing bank
2. Beneficiary Details: Full name and address of the beneficiary of the letter of credit
3. Applicant Details: Complete information about the applicant (buyer) requesting the LC
4. Credit Number and Type: Unique LC reference number and specification that this is a confirmed LC
5. Amount and Currency: The credit amount and currency, including any tolerance levels if applicable
6. Expiry Date and Place: Clear statement of when and where the credit expires
7. Available With/By: Details of how the credit is available (payment, acceptance, negotiation) and with which bank
8. Confirmation Instructions: Explicit confirmation details and confirming bank information
9. Shipment Terms: Latest shipment date and period for presentation
10. Required Documents: Detailed list of all required documents for presentation
11. Additional Conditions: Any special conditions or additional terms applicable to the credit
1. Partial Shipments: Include when partial shipments are allowed or prohibited
2. Transhipment: Include when transhipment terms need to be specified
3. Insurance Coverage: Include when specific insurance requirements need to be detailed
4. Transfer Conditions: Include when the credit is transferable
5. Back-to-Back Provisions: Include when back-to-back LC arrangements are permitted
6. Green Clause: Include when advance payment provisions are required
7. Red Clause: Include when pre-shipment finance is permitted
1. Schedule A - Document Requirements: Detailed specifications for each required document
2. Schedule B - Technical Specifications: Detailed technical requirements for the goods/services
3. Schedule C - Payment Schedule: If staged payments are involved, detailed payment terms and conditions
4. Appendix 1 - Form of Demand: Standard format for presentation of documents
5. Appendix 2 - Form of Transport Documents: Required format and content for transport documentation
6. Appendix 3 - Form of Insurance Documents: Required format and content for insurance documentation
Relevant legal definitions
Clauses
Relevant Industries
International Trade
Banking & Financial Services
Manufacturing
Import/Export
Commodities Trading
Shipping & Logistics
Agriculture
Oil & Gas
Mining
Textiles
Consumer Goods
Industrial Equipment
Automotive
Relevant Teams
Trade Finance
International Banking
Corporate Banking
Legal
Compliance
Treasury
Risk Management
Documentary Credits
Operations
Finance
Relevant Roles
Trade Finance Manager
International Banking Officer
Documentary Credits Specialist
Export Finance Manager
Import Finance Manager
Trade Operations Manager
Relationship Manager - Corporate Banking
Credit Risk Officer
Treasury Manager
Chief Financial Officer
Finance Director
International Trade Specialist
Compliance Officer
Legal Counsel
Banking Operations Manager
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