Letters of Credit And Standby Letters of Credit are fundamental instruments in international trade and commercial transactions, governed by English and Welsh law. These documents are used when parties seek secure payment mechanisms or performance guarantees, particularly in cross-border transactions where trust and credit risks are significant concerns. The LC serves as a primary payment mechanism, while the SBLC functions as a contingent payment instrument, typically triggered by non-performance. Both instruments are subject to strict documentary compliance under UCP 600 and ISP98 rules, with banks examining documents on their face value, independent of the underlying commercial relationship.
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1. Letter Reference/Number: Unique identifier for the LC/SBLC
2. Date of Issue: When the LC/SBLC was issued
3. Issuing Bank Details: Full details of the bank issuing the LC/SBLC
4. Beneficiary Details: Full details of the party in whose favor the LC/SBLC is issued
5. Applicant Details: Full details of the party requesting the LC/SBLC
6. Amount and Currency: Value of the LC/SBLC and currency denomination
7. Expiry Date: When the LC/SBLC expires
8. Terms of Payment: Conditions under which payment will be made
1. Transferability Clause: Optional clause specifying whether the LC/SBLC can be transferred to another beneficiary. Include when the beneficiary might need to transfer rights.
2. Revolving Clause: Optional clause detailing automatic reinstatement provisions. Include for recurring transactions.
3. Red Clause: Optional clause covering advance payment provisions. Include when advance payments are required.
1. Required Documents Schedule: Comprehensive list of documents required for presentation under the LC/SBLC
2. Payment Schedule: Schedule detailing payment installments and timing, if payments are to be made in installments
3. Shipping Terms Schedule: Schedule specifying shipping terms and requirements for commercial LCs involving goods shipment
4. Bank Forms Appendix: Collection of standard forms required by the issuing bank for LC/SBLC processing
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