The Electronic Letter of Credit has emerged as a critical tool in modernizing international trade finance, particularly in the Canadian context where electronic commerce laws provide a robust framework for digital transactions. This document type is utilized when parties seek to combine the traditional security of a letter of credit with the efficiency of electronic documentation and processing. The Electronic Letter of Credit includes comprehensive details about the transaction, parties involved, required documents, and specific conditions for payment, all managed through secure electronic channels. It must comply with Canadian federal and provincial electronic commerce laws, banking regulations, and international standards including UCP 600 and eUCP. This instrument is particularly valuable for businesses engaged in international trade who seek to reduce processing time, minimize paper documentation, and maintain secure, legally-binding commitments through digital means.
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Key Requirements PROMPT example:
Electronic Letter Of Credit
"I need an Electronic Letter of Credit for a CAD 2.5 million technology equipment purchase from a Toronto-based manufacturer to a Singapore buyer, with electronic document presentation and partial shipment allowance, to be issued by Royal Bank of Canada."
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1. Issuing Bank Details: Complete identification and contact information of the issuing bank
2. Letter of Credit Number: Unique identification number for the L/C
3. Date of Issue: Date when the L/C is issued
4. Beneficiary Details: Complete name and address of the party receiving payment
5. Applicant Details: Complete name and address of the party requesting the L/C
6. Currency and Amount: Specified currency and maximum amount of the credit
7. Expiry Date: Date and place of expiry for the L/C
8. Payment Terms: Specified payment conditions (at sight, deferred payment, etc.)
9. Required Documents: List of documents required for presentation
10. Goods Description: Brief description of goods or services covered
11. Shipment Terms: Latest shipment date and delivery conditions
12. Electronic Presentation Clause: Specific terms for electronic document presentation
13. Governing Law: Specification of Canadian law governance and UCP 600/eUCP application
1. Transferability Clause: Include when the L/C needs to be transferable to another beneficiary
2. Revolving Credit Terms: Include for L/Cs that automatically renew under specified conditions
3. Red Clause: Include when advance payment to beneficiary is allowed
4. Green Clause: Include when storage of goods at destination is part of the agreement
5. Partial Shipment Terms: Include when partial shipments are allowed or prohibited
6. Transhipment Terms: Include when specific transhipment conditions apply
7. Back-to-Back Provisions: Include when L/C is issued against another L/C
8. Confirmation Instructions: Include when confirmation by another bank is required
1. Schedule A - Technical Requirements: Detailed specifications for electronic document presentation including format requirements and security protocols
2. Schedule B - Document Checklist: Comprehensive list of required documents with specific format and content requirements
3. Schedule C - Authentication Procedures: Detailed procedures for digital authentication and verification
4. Appendix 1 - SWIFT Message Formats: Standard formats for SWIFT messages related to this L/C
5. Appendix 2 - Electronic Platform Guidelines: Guidelines for using the specified electronic platform for document presentation
6. Appendix 3 - Contact Matrix: List of authorized contacts and escalation procedures for technical and operational issues
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Retail
Commodities Trading
Agriculture
Energy
Mining
Telecommunications
Pharmaceutical
Construction
Automotive
Technology Hardware
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Global Transactions
Treasury
Legal
Compliance
Risk Management
Finance
Import Operations
Export Operations
Banking Relations
Relevant Roles
Trade Finance Manager
International Banking Officer
Documentary Credits Specialist
Global Transaction Manager
Trade Operations Manager
Compliance Officer
Risk Manager
Treasury Manager
Import Manager
Export Manager
Finance Director
Chief Financial Officer
Banking Relations Manager
Trade Finance Analyst
Letters of Credit Specialist
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