Commercial Letters of Credit are essential financial instruments in Indonesian international trade transactions, providing security and payment assurance to both importers and exporters. These documents are particularly crucial when parties are engaging in new business relationships or when required by regulatory authorities for certain types of imports or exports. A Commercial Letter of Credit is typically used when an Indonesian importer needs to provide payment security to an overseas supplier, or when an Indonesian exporter requires guaranteed payment from a foreign buyer. The document must comply with Bank Indonesia regulations, Indonesian banking law, and international standards such as UCP 600. It contains detailed specifications about the transaction, including payment terms, shipping requirements, and document presentation conditions, while incorporating specific Indonesian regulatory requirements regarding foreign exchange transactions and banking operations.
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1. Letter Head and Reference Number: Bank's letterhead, L/C number, and date of issuance
2. Type of Credit: Specification that this is an irrevocable commercial letter of credit
3. Applicant Details: Full name and address of the party requesting the L/C (buyer/importer)
4. Beneficiary Details: Full name and address of the party in whose favor the L/C is issued (seller/exporter)
5. Amount and Currency: The credit amount and currency, both in figures and words
6. Expiry Date and Place: The date and place where the credit expires
7. Available With/By: Specifying the bank where credit is available and manner of payment (sight, deferred, etc.)
8. Shipment Terms: Latest shipment date, partial shipments, transhipment provisions
9. Required Documents: List of documents required for presentation (invoices, transport documents, insurance, etc.)
10. Goods Description: Brief description of goods, quantity, unit price, and trade terms (Incoterms)
11. Special Conditions: Any additional terms and conditions specific to this credit
12. Authorization: Authorized signatures and bank stamps
1. Confirmation Instructions: Used when confirmation by another bank is requested
2. Transfer Conditions: Include when the L/C is transferable
3. Back-to-Back Provisions: Required when the L/C can be used as collateral for another L/C
4. Green Clause: Include when advance payment to beneficiary is permitted
5. Red Clause: Used when pre-shipment finance is available to the beneficiary
6. Islamic Banking Compliance: Required when the L/C needs to comply with Shariah principles
1. Schedule A - Document Requirements: Detailed list and format of all required documents for presentation
2. Schedule B - Technical Specifications: Detailed technical specifications of goods when required
3. Schedule C - Payment Schedule: For installment L/Cs or credits with multiple drawings
4. Appendix 1 - Bank's Standard Terms: Standard terms and conditions of the issuing bank
5. Appendix 2 - UCP 600 References: Relevant articles of UCP 600 applicable to this L/C
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
International Trade
Manufacturing
Import/Export
Retail
Wholesale
Commodities
Agriculture
Mining
Textiles
Electronics
Automotive
Consumer Goods
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Risk Management
Compliance
Treasury
Operations
Credit Administration
Legal
Finance
Procurement
Supply Chain
Commercial Banking
Relevant Roles
Trade Finance Manager
International Banking Officer
Import/Export Manager
Documentary Credits Specialist
Trade Operations Officer
Compliance Officer
Credit Risk Manager
Treasury Manager
Chief Financial Officer
Banking Relationship Manager
Supply Chain Manager
Procurement Manager
Finance Director
International Trade Specialist
Banking Operations Manager
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