The Application Letter for LC is a fundamental document in international trade finance within the Indonesian jurisdiction. It is used when an importer (buyer) needs to request their bank to issue a Letter of Credit in favor of an overseas exporter (seller). The document is essential for businesses engaged in international trade transactions where Letter of Credit is the chosen payment method, providing security to both parties in the transaction. The application must conform to Indonesian banking regulations, particularly those set by Bank Indonesia, while also adhering to international standards such as UCP 600. The letter includes crucial details about the trade transaction, including goods description, shipping terms, document requirements, and payment conditions. It forms the basis for the bank's issuance of the LC and serves as a reference document throughout the trade transaction lifecycle.
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1. Applicant Details: Full legal name, address, and contact information of the company/individual applying for the LC
2. Bank Details: Name and address of the issuing bank, plus relevant department/branch information
3. Beneficiary Information: Complete details of the seller/exporter including full legal name, address, and bank account information
4. LC Requirements: Specific details about the requested LC including type (sight, usance, etc.), currency, amount, and expiry date
5. Transaction Details: Description of goods, unit price, total value, shipping terms (Incoterms), port of loading/discharge
6. Shipping Information: Latest shipment date, partial shipment/transhipment permissions, and shipping method
7. Document Requirements: List of required documents (commercial invoice, bills of lading, etc.) and specific requirements for each
8. Payment Terms: Payment conditions, presentation period, and any special instructions regarding payment
1. Insurance Instructions: Include when insurance is to be arranged by the applicant and specific requirements need to be communicated
2. Special Conditions: Any additional terms or conditions specific to the transaction that don't fit in standard sections
3. Bank Charges: Optional section specifying the distribution of bank charges if different from standard practice
4. Transfer Instructions: Include when the LC needs to be transferable to a second beneficiary
1. Pro-forma Invoice: Copy of the pro-forma invoice from the supplier showing detailed pricing and goods description
2. Purchase Order: Copy of the purchase order or sales contract referenced in the LC application
3. Import License: If required for the specific goods under Indonesian regulations
4. Company Registration: Proof of company registration and authority to conduct international trade
5. Specimen Signature: Authorized signature verification for the company representatives
6. Bank Information Form: Bank's standard LC application form with additional details if required by the specific bank
Relevant legal definitions
Clauses
Relevant Industries
International Trade
Banking and Financial Services
Manufacturing
Agricultural Products
Textiles and Garments
Electronics and Technology
Mining and Resources
Oil and Gas
Consumer Goods
Automotive
Chemical Industry
Construction Materials
Relevant Teams
Finance
International Trade Operations
Procurement
Treasury
Trade Finance
Supply Chain
Legal
Compliance
Banking Relations
Credit Administration
Relevant Roles
Trade Finance Manager
Import Manager
Procurement Manager
Finance Director
Treasury Manager
International Trade Specialist
Supply Chain Manager
Credit Administrator
Trade Operations Officer
Compliance Officer
Banking Relationship Manager
Chief Financial Officer
Documentary Credits Specialist
International Business Development Manager
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