The Electronic Letter of Credit is a modernized version of the traditional documentary credit, adapted for the digital age and structured under German law. This instrument is typically used when parties need to conduct secure international trade transactions with the convenience and efficiency of electronic processing. The document combines the security of traditional Letters of Credit with digital capabilities, allowing for electronic presentation of documents and digital authentication. An Electronic Letter of Credit must comply with both German banking regulations (particularly the Kreditwesengesetz) and international standards like the eUCP, while incorporating requirements for electronic signatures under German law. It is particularly valuable in situations requiring rapid processing of trade documentation, remote operations, or integration with digital trade platforms, while maintaining the same legal certainty as traditional paper-based Letters of Credit.
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1. Letter of Credit Number and Bank Reference: Unique identification number and issuing bank details
2. Date and Place of Issue: When and where the Letter of Credit was issued
3. Applicant Details: Full name, address, and contact information of the party requesting the Letter of Credit
4. Beneficiary Details: Full name, address, and contact information of the party in whose favor the Letter of Credit is issued
5. Currency and Amount: Specified currency and maximum amount available under the Letter of Credit
6. Expiry Date and Place: When and where the Letter of Credit expires
7. Electronic Presentation Terms: Specific requirements for electronic presentation of documents
8. Required Electronic Documents: List of required documents to be presented electronically
9. Payment Terms: When and how payment will be made upon document presentation
10. Authentication Method: Electronic signature and verification requirements
1. Partial Shipments: Include when specifying whether partial shipments are allowed or prohibited
2. Transhipment: Include when specifying whether transhipment is allowed or prohibited
3. Insurance Coverage: Include when insurance requirements need to be specified
4. Additional Conditions: Include when there are special conditions or requirements
5. Transfer Rights: Include when the Letter of Credit needs to be transferable
6. Back-to-Back Provisions: Include when back-to-back Letter of Credit arrangements are permitted
7. Deferred Payment Terms: Include when payment is to be made at a future date after document presentation
1. Document Presentation Requirements: Detailed technical specifications for electronic document presentation
2. Electronic Authentication Procedures: Technical procedures for digital signatures and verification
3. Approved Electronic Systems: List of approved electronic systems for document presentation
4. Format Requirements: Specific format requirements for electronic documents
5. Communication Protocols: Specified protocols for electronic communication between parties
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Shipping and Logistics
Commodities Trading
Retail
Agriculture
Energy
Construction
Automotive
Chemicals
Technology
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Global Transaction Banking
Trade Operations
Compliance
Risk Management
Treasury
Legal
Operations
Credit Analysis
Trade Solutions
Relevant Roles
Trade Finance Manager
International Banking Officer
Documentary Credits Specialist
Export Finance Manager
Import Operations Manager
Trade Operations Officer
Compliance Officer
Treasury Manager
International Trade Specialist
Banking Operations Manager
Letter of Credit Analyst
Trade Solutions Manager
Global Transaction Banking Officer
Risk Management Officer
Documentary Collections Specialist
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