The Confirmed Irrevocable Letter of Credit is a crucial document in international trade finance, particularly relevant under Indonesian jurisdiction where cross-border trade requires robust payment security. This document is typically used when conducting international trade transactions where both parties seek enhanced payment security, especially in new trading relationships or high-value transactions. The confirmation by a second bank (usually in the beneficiary's country) adds an additional layer of payment security to the irrevocable undertaking of the issuing bank. The document includes comprehensive details about payment terms, shipping requirements, document presentation conditions, and compliance requirements under both Indonesian banking regulations and international banking practices. The Confirmed Irrevocable Letter of Credit is particularly important in Indonesia's growing international trade sector, where it facilitates secure trade transactions while complying with local banking regulations and foreign exchange controls.
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1. Letter Reference Number: Unique identification number of the Letter of Credit
2. Date of Issuance: The date when the Letter of Credit is issued
3. Issuing Bank Details: Complete name and address of the issuing bank
4. Confirming Bank Details: Complete name and address of the confirming bank
5. Beneficiary Details: Full name and address of the beneficiary (seller/exporter)
6. Applicant Details: Full name and address of the applicant (buyer/importer)
7. Credit Amount and Currency: Specified amount and currency of the Letter of Credit
8. Availability and Expiry: Where and when the credit is available and expiry date
9. Shipment Terms: Latest shipment date, partial shipments, transhipment permissions
10. Payment Terms: Method of payment (sight, deferred payment, acceptance, negotiation)
11. Required Documents: List of all required documents for presentation
12. Goods Description: Detailed description of the goods being traded
13. Special Conditions: Any specific conditions or requirements that must be met
1. Transferability Clause: Include when the L/C needs to be transferable to a second beneficiary
2. Revolving Credit Terms: Include when the L/C is revolving in value or time
3. Red Clause Provisions: Include when advance payment facilities are required
4. Green Clause Provisions: Include when storage facility payments are needed
5. Back-to-Back Provisions: Include when the L/C supports a back-to-back arrangement
6. Standby Provisions: Include when the L/C serves as a standby guarantee
7. Insurance Requirements: Include when specific insurance arrangements need to be detailed
1. Commercial Invoice Requirements: Detailed specifications for the format and content of commercial invoices
2. Transport Document Requirements: Specific requirements for bills of lading or other transport documents
3. Technical Specifications: Detailed technical specifications of the goods
4. Price Schedule: Detailed breakdown of prices if multiple items or deliveries are involved
5. Document Presentation Schedule: Timeline and procedure for document presentation
6. Bank Charges Schedule: Detailed breakdown of banking charges and their allocation
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Retail
Commodities Trading
Agriculture
Mining
Textiles
Electronics
Automotive
Consumer Goods
Relevant Teams
Trade Finance
International Banking
Treasury
Risk Management
Compliance
Legal
Operations
Documentary Credits
Global Transaction Services
Trade Operations
Credit Administration
Supply Chain Finance
Relevant Roles
Trade Finance Manager
International Banking Officer
Chief Financial Officer
Import/Export Manager
Treasury Manager
Documentary Credits Specialist
Trade Operations Manager
Credit Risk Officer
Banking Relationship Manager
International Trade Specialist
Finance Director
Compliance Officer
Letter of Credit Manager
Global Trade Finance Head
Supply Chain Finance Manager
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