A Letter of Credit 30 Days is a crucial financial instrument used in commercial transactions where parties seek a balance between payment security and working capital management. It is particularly valuable in international trade scenarios but also applies to domestic Canadian transactions. The document serves as a bank's irrevocable commitment to pay the beneficiary after a 30-day period, following the presentation of compliant documents specified in the credit. Operating under Canadian jurisdiction and incorporating UCP 600 rules, this instrument provides protection to both buyers and sellers by ensuring that payment will be made only when predetermined conditions are met. The 30-day payment term allows buyers to better manage their cash flow while providing sellers with a bank-backed payment guarantee. This type of Letter of Credit is commonly used in industries with established trade cycles or where buyers require short-term trade financing.
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1. Issuing Bank Details: Full name and address of the issuing bank
2. Letter of Credit Number: Unique reference number for the LC
3. Date of Issue: Date when the LC is issued
4. Beneficiary Details: Full name and address of the party receiving the LC
5. Applicant Details: Full name and address of the party requesting the LC
6. Currency and Amount: Specific amount and currency of the LC
7. Expiry Date: 30-day validity period clearly stated with specific end date
8. Place of Expiry: Location where documents must be presented
9. Document Requirements: List of required documents for payment (e.g., commercial invoice, transport documents)
10. Payment Terms: Specification of payment timing (at sight, 30 days)
11. Presentation Period: Timeframe within which documents must be presented
12. Governing Law: Statement that Canadian law governs the LC
1. Transferability Clause: Include when the LC needs to be transferable to another beneficiary
2. Partial Shipments: Statement allowing or prohibiting partial shipments, if applicable
3. Transhipment: Statement allowing or prohibiting transhipment, if relevant to the transaction
4. Insurance Requirements: Specific insurance requirements if required for the transaction
5. Special Conditions: Any additional terms or conditions specific to the transaction
6. Red Clause: Advanced payment provisions, if applicable
7. Green Clause: Storage provisions, if applicable to the transaction
1. Schedule A - Document Presentation Form: Standard form for presenting documents under the LC
2. Schedule B - Commercial Invoice Requirements: Detailed requirements for the commercial invoice
3. Schedule C - Transport Document Requirements: Specific requirements for transport documents
4. Appendix 1 - UCP 600 Reference: Relevant UCP 600 articles applicable to this LC
5. Appendix 2 - Bank's Standard Terms: Issuing bank's standard terms and conditions for LCs
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Wholesale Distribution
Retail
Commodities Trading
Shipping and Logistics
Agriculture
Energy
Relevant Teams
Finance
International Trade Operations
Treasury
Legal
Compliance
Risk Management
Trade Finance
Commercial Banking
Documentary Credits
Supply Chain
Relevant Roles
Trade Finance Manager
International Banking Officer
Credit Manager
Treasury Manager
Finance Director
Import/Export Manager
Trade Operations Specialist
Documentary Credits Specialist
Commercial Banking Manager
Risk Manager
Compliance Officer
Chief Financial Officer
Banking Relationship Manager
Supply Chain Manager
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