The Confirmed Irrevocable Letter of Credit is a critical financial instrument used in international trade transactions where both parties seek enhanced payment security. This document is particularly relevant when trading partners require additional assurance beyond a standard letter of credit, especially when dealing with certain geographic regions or in high-value transactions. The confirmation by a second bank (typically in the beneficiary's country) adds an additional layer of payment security. The document, governed by Canadian law, must comply with both federal banking regulations and international banking practices (UCP 600). It contains specific terms regarding payment conditions, required documentation, shipping requirements, and compliance criteria. The irrevocable nature means it cannot be amended or canceled without the agreement of all parties involved, providing stability and certainty to the transaction.
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1. Letter of Credit Number: Unique reference number assigned by the issuing bank
2. Date of Issue: The date when the Letter of Credit is issued
3. Applicant Details: Full name and address of the party requesting the Letter of Credit (typically the buyer)
4. Beneficiary Details: Full name and address of the party in whose favor the Letter of Credit is issued (typically the seller)
5. Issuing Bank Details: Name and address of the bank issuing the Letter of Credit
6. Confirming Bank Details: Name and address of the bank adding their confirmation to the Letter of Credit
7. Amount and Currency: The maximum amount and currency of the Letter of Credit
8. Expiry Date: The date and place of expiry of the Letter of Credit
9. Available With/By: Specification of where and how the Letter of Credit is available (payment, acceptance, negotiation)
10. Required Documents: Detailed list of documents that must be presented for payment
11. Shipment Terms: Details of shipment including latest shipment date and partial shipments/transshipment permissions
12. Payment Terms: Specific conditions and timing of payment
13. Governing Law and Jurisdiction: Specification of applicable law (Canadian) and jurisdiction
14. UCP Declaration: Statement that the Letter of Credit is subject to UCP 600
1. Revolving Conditions: Include when the Letter of Credit is revolving, specifying the revolving terms and reinstatement conditions
2. Red Clause: Include when advance payment is permitted, specifying the advance payment terms
3. Green Clause: Include when storage of goods is involved, specifying warehouse receipt requirements
4. Transferability Clause: Include when the Letter of Credit is transferable, specifying transfer conditions
5. Back-to-Back Provisions: Include when the Letter of Credit is part of a back-to-back arrangement
6. Standby Provisions: Include when the Letter of Credit has standby features
7. Special Instructions: Include when there are specific requirements for document presentation or handling
1. Schedule A - Document Requirements: Detailed checklist of required documents and their specific requirements
2. Schedule B - Payment Schedule: If payments are to be made in installments or against specific milestones
3. Schedule C - Goods Description: Detailed description of the goods or services covered by the Letter of Credit
4. Appendix 1 - Amendment Format: Standard format for any future amendments to the Letter of Credit
5. Appendix 2 - Presentation Guidelines: Specific instructions for document presentation and handling
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Commodities Trading
Shipping and Logistics
Agriculture
Energy
Mining
Construction
Wholesale Trade
Retail
Relevant Teams
Legal
Finance
Treasury
International Trade
Trade Finance
Risk Management
Compliance
Commercial Banking
Documentary Credits
Supply Chain
Procurement
Relevant Roles
Trade Finance Manager
International Banking Officer
Credit Manager
Treasury Manager
Chief Financial Officer
Finance Director
Import/Export Manager
Trade Operations Manager
Documentary Credits Specialist
Compliance Officer
Legal Counsel
Risk Manager
Commercial Banking Manager
International Trade Specialist
Supply Chain Manager
Procurement Manager
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