The Irrevocable At Sight Letter of Credit is a crucial financial instrument used in international trade transactions where immediate payment security is essential. This document is particularly relevant when parties seek a secure payment method with bank-backed guarantees, especially in cross-border transactions. Under Belgian law, it provides a legally binding commitment from the issuing bank to pay the beneficiary upon presentation of compliant documents, without the possibility of unilateral modification or cancellation. The document typically includes detailed specifications of required documents, payment terms, and conditions, all structured within the framework of Belgian commercial law and banking regulations, while also adhering to international standards such as UCP 600. It serves as a vital tool in facilitating international trade by providing payment security to sellers and goods security to buyers.
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1. Letter of Credit 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. Beneficiary Details: Full name and address of the beneficiary receiving the credit
4. Applicant Details: Full name and address of the applicant requesting the credit
5. Credit Amount and Currency: Specified amount and currency of the Letter of Credit
6. Expiry Date and Place: Clear statement of expiration date and location for document presentation
7. Available With/By: Specification of where and how the credit is available (payment, acceptance, negotiation)
8. Required Documents: Detailed list of all documents required for presentation
9. Shipment Terms: Specifications for shipment including latest shipment date and partial shipments
10. Payment Terms: Specification that payment is available at sight upon compliant presentation
11. UCP 600 Declaration: Statement that the credit is subject to UCP 600
12. Bank Undertaking: Clear statement of the irrevocable nature of the bank's commitment
1. Transferability Clause: Include when the credit needs to be transferable to another beneficiary
2. Confirmation Instructions: Include when confirmation by another bank is requested
3. Special Conditions: Include when there are additional requirements or conditions specific to the transaction
4. Back-to-Back Provisions: Include when the credit is part of a back-to-back arrangement
5. Revolving Terms: Include when the credit is designed to revolve in value or time
6. Red Clause Provisions: Include when advance payment provisions are required
7. Green Clause Provisions: Include when storage facility provisions are needed
1. Document Presentation Form: Standard form for presenting documents under the credit
2. Commercial Invoice Template: Prescribed format for commercial invoice presentation
3. Transport Document Requirements: Detailed specifications for acceptable transport documents
4. Insurance Document Requirements: Detailed specifications for acceptable insurance documents
5. Specimen Signatures: Authorized signatures for the issuing bank
6. Fee Schedule: Detailed breakdown of all applicable banking fees and charges
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Retail
Commodities Trading
Agriculture
Energy
Mining
Textiles
Technology and Electronics
Automotive
Construction
Pharmaceutical
Chemical Industry
Relevant Teams
Trade Finance
International Banking
Legal
Treasury
Risk Management
Compliance
Commercial Banking
Documentary Credits
Trade Operations
Financial Control
Relevant Roles
Trade Finance Manager
International Trade Specialist
Documentary Credits Officer
Finance Director
Treasury Manager
Import/Export Manager
Relationship Manager
Credit Manager
Banking Operations Manager
Compliance Officer
Legal Counsel
Risk Manager
Commercial Banking Officer
Trade Operations Specialist
Chief Financial Officer
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