The Beneficiary In Letter of Credit document is a critical instrument in international trade finance, particularly within the Indonesian legal framework. It is used when a seller (beneficiary) requires a secure payment method for international transactions, where the issuing bank provides an irrevocable commitment to pay upon presentation of compliant documents. This document type incorporates requirements from Indonesian banking laws, Bank Indonesia regulations, and international standards (UCP 600), making it suitable for both domestic and international trade transactions. The document includes specific terms regarding document presentation, payment conditions, and compliance requirements, while addressing Indonesian foreign exchange regulations and banking practices. It's particularly important in situations where parties seek to minimize trading risks and ensure secure payment mechanisms in cross-border transactions.
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1. Letter Reference Number and Date: Unique identifier for the L/C and issuance date
2. Bank Details: Complete details of the issuing bank including name, branch, and address
3. Beneficiary Information: Full legal name and address of the beneficiary
4. L/C Amount and Currency: Specified amount and currency of the Letter of Credit
5. Applicant Information: Details of the party requesting the L/C (buyer/importer)
6. Expiry Date and Place: Validity period and location where documents must be presented
7. Shipment Terms: Latest shipment date, partial shipments, transhipment provisions
8. Payment Terms: Specifics of when and how payment will be made (at sight, deferred, etc.)
9. Required Documents: List of documents required for presentation
10. Special Conditions: Any specific conditions or requirements for the L/C
11. Governing Law Statement: Reference to Indonesian law and UCP 600 governance
1. Transfer Rights: Include when the L/C is transferable to another beneficiary
2. Back-to-Back Provisions: Include when the L/C can be used as collateral for another L/C
3. Red Clause Provisions: Include when advance payment facilities are provided to the beneficiary
4. Green Clause Provisions: Include when storage facilities are required for goods
5. Confirmation Instructions: Include when confirmation from another bank is requested/required
6. Revolving Terms: Include for automatically renewing L/Cs
7. Insurance Requirements: Include when specific insurance coverage is required
1. Document Presentation Checklist: Detailed checklist of required documents and their specifications
2. Goods Description Schedule: Detailed description of goods, including specifications and quantities
3. Banking Instructions: Specific instructions for document handling and payment processing
4. UCP 600 Compliance Checklist: Reference guide ensuring compliance with UCP 600 requirements
5. Bank Indonesia Compliance Appendix: Additional requirements specific to Indonesian banking regulations
6. Documentary Requirements: Detailed specifications for each required document
7. Amendment Format: Standard format for future amendments to the L/C
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Agriculture and Commodities
Retail
Energy and Resources
Logistics and Transportation
Textiles and Garments
Electronics and Technology
Construction and Infrastructure
Chemical and Pharmaceuticals
Relevant Teams
Legal
Finance
International Trade Operations
Treasury
Compliance
Risk Management
Commercial Banking
Trade Finance
Documentary Credits
Business Development
Supply Chain Operations
Relevant Roles
Trade Finance Manager
International Trade Specialist
Documentary Credits Officer
Export Manager
Import Manager
Finance Director
Treasury Manager
Banking Relations Manager
Compliance Officer
Legal Counsel
Trade Operations Manager
Credit Risk Officer
Commercial Banking Officer
International Business Development Manager
Supply Chain Manager
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