The Acceptance LC is a crucial trade finance instrument used in international commerce under Indonesian jurisdiction. This document type is specifically employed when parties seek to utilize bank acceptances as a payment mechanism, where the accepting bank commits to pay the beneficiary at maturity. The Acceptance LC document must comply with Bank Indonesia regulations while incorporating international UCP 600 standards, making it a hybrid instrument that bridges domestic and international banking practices. It's particularly valuable in scenarios where sellers require additional security for deferred payment terms, as the bank's acceptance provides a negotiable instrument that can be discounted in the secondary market. The document includes detailed specifications for draft acceptance, document presentation requirements, and payment terms, thereby facilitating secure international trade transactions while ensuring compliance with Indonesian banking and trade regulations.
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1. LC Number and Reference Details: Unique identification number of the LC and related banking references
2. Date of Issuance: The date when the LC is issued
3. Type of Credit: Specification that this is an acceptance LC
4. Applicant Details: Complete name and address of the party requesting the LC
5. Beneficiary Details: Complete name and address of the party in whose favor the LC is issued
6. Currency and Amount: The currency and amount of the LC in both figures and words
7. Available With/By: Specifies the bank with which the credit is available and the manner of availability
8. Drafts At: The tenor of the drafts to be drawn (e.g., 60 days sight, 90 days sight)
9. Acceptance Terms: Specific terms and conditions for acceptance of the drafts
10. Documents Required: List of documents required for presentation under the LC
11. Shipment Terms: Details of shipment including latest shipment date and partial shipments/transshipment conditions
12. Presentation Period: Time period within which documents must be presented
13. Banking Charges: Distribution of banking charges between parties
1. Transfer Conditions: Include when the LC is transferable, specifying the terms and conditions of transfer
2. Confirmation Instructions: Include when confirmation is requested from another bank
3. Special Payment Conditions: Include when there are specific payment terms or conditions beyond standard acceptance
4. Reimbursement Instructions: Include when specific reimbursement arrangements between banks are required
5. Additional Conditions: Include when there are special conditions or requirements specific to the transaction
6. Insurance Requirements: Include when specific insurance requirements need to be detailed beyond standard coverage
1. Schedule A - Document Presentation Checklist: Detailed checklist of required documents and their specifications
2. Schedule B - Standard Banking Forms: Forms required for draft presentation and acceptance
3. Schedule C - Fee Schedule: Detailed breakdown of all applicable banking fees and charges
4. Appendix 1 - UCP 600 Reference: Relevant articles of UCP 600 applicable to this specific LC
5. Appendix 2 - Bank Authorization Forms: Standard forms required by the issuing/accepting bank
6. Appendix 3 - Specimen Signatures: Authorized signatures for the relevant parties
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Commodities Trading
Shipping and Logistics
Agricultural Trade
Textile Industry
Mining and Resources
Consumer Goods
Industrial Equipment
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Corporate Banking
Treasury
Risk Management
Legal and Compliance
Operations
Client Relations
Credit Administration
Relevant Roles
Trade Finance Manager
International Banking Officer
Letter of Credit Specialist
Import/Export Manager
Treasury Manager
Trade Operations Officer
Documentary Credits Manager
Compliance Officer
International Trade Specialist
Banking Relationship Manager
Chief Financial Officer
Trade Finance Analyst
Risk Management Officer
Corporate Banking Manager
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