A Letter of Credit In Shipping is a crucial document in international trade finance, particularly when dealing with cross-border shipping transactions. It provides security to both buyers and sellers by having a bank guarantee payment upon presentation of specified shipping documents. Under Belgian law, this instrument combines local banking regulations, EU directives, and international banking practices (UCP 600), making it particularly suitable for transactions involving Belgian ports like Antwerp and Zeebrugge. The document typically includes detailed specifications about the shipment, required documentation, payment terms, and conditions that must be met for the payment to be released. It's commonly used when parties seek additional security in international trade, especially in new business relationships or when dealing with significant transaction values.
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1. Bank Details and Reference: Issuing bank's details, LC number, and reference information
2. Date and Place of Issue: When and where the Letter of Credit was issued
3. Type of Credit: Specification of whether it's irrevocable, confirmed, transferable, etc.
4. Parties Information: Full details of applicant (buyer), beneficiary (seller), issuing bank, and advising/confirming bank
5. Amount and Currency: Credit amount, currency, and any tolerance levels
6. Validity and Expiry: Validity period of the LC and expiry date/place
7. Shipment Terms: Latest shipment date, partial shipments, transhipment conditions
8. Required Documents: List of all required shipping and commercial documents
9. Goods Description: Detailed description of goods, quantity, unit price
10. Payment Terms: When and how payment will be made (at sight, deferred, etc.)
11. Special Conditions: Any additional terms or conditions specific to this transaction
1. Insurance Requirements: Used when specific insurance coverage needs to be stipulated beyond standard requirements
2. Transfer Conditions: Include when the LC is transferable to detail the conditions of transfer
3. Back-to-Back Provisions: Required when the LC allows for back-to-back credit arrangements
4. Red Clause Provisions: Include when advance payment facilities are provided to the beneficiary
5. Green Clause Provisions: Used when storage facilities and advance payment are provided
6. Revolving Credit Terms: Include when the LC is revolving to specify reinstatement terms
1. Schedule A - Documentary Requirements: Detailed list and format of required documents (bills of lading, commercial invoices, certificates of origin, etc.)
2. Schedule B - Goods Specification: Detailed technical specifications of the goods being traded
3. Schedule C - Banking Instructions: Specific instructions for document presentation and payment procedures
4. Appendix 1 - INCOTERMS Definition: Definition and explanation of the specific INCOTERMS used in the transaction
5. Appendix 2 - UCP 600 References: Relevant articles from UCP 600 applicable to this specific LC
6. Appendix 3 - Format Templates: Standard templates for required documents and declarations
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Shipping and Maritime
Logistics and Supply Chain
Manufacturing
Import/Export
Insurance
Commodities Trading
Retail
Agriculture
Mining
Oil and Gas
Automotive
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Shipping Operations
Export Operations
Import Operations
Risk Management
Commercial Banking
Supply Chain Operations
Treasury
Trade Compliance
Legal
Customer Relations
Relevant Roles
Trade Finance Manager
International Trade Specialist
Documentary Credits Officer
Shipping Manager
Export Manager
Import Manager
Trade Operations Officer
Credit Risk Manager
Commercial Banking Officer
Supply Chain Manager
Logistics Coordinator
Treasury Manager
Trade Compliance Officer
Banking Relationship Manager
Documentary Collections Specialist
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