The Electronic Letter of Credit is a crucial financial instrument in modern international trade, adapted for the digital age while maintaining the security and reliability of traditional Letters of Credit. This document type is specifically designed to comply with Indonesian banking regulations and electronic transaction laws, incorporating both local legal requirements and international banking practices. It is used when parties require a secure, bank-guaranteed payment method in international trade transactions but prefer electronic processing and documentation. The Electronic Letter of Credit includes all standard LC components such as payment terms, document requirements, and shipping conditions, but presents them in an electronic format with digital authentication mechanisms. This format is particularly relevant in today's digital business environment, offering faster processing times and reduced paperwork while maintaining the security and certainty that traditional LCs are known for.
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1. Issuing Bank Details: Complete identification and contact information of the issuing bank
2. Applicant Information: Full details of the party requesting the Letter of Credit (typically the buyer)
3. Beneficiary Information: Complete details of the party in whose favor the LC is issued (typically the seller)
4. LC Number and Date: Unique identification number and issuance date of the Letter of Credit
5. Currency and Amount: Specification of the currency and exact amount of the Letter of Credit
6. Expiry Date and Place: Clear statement of when and where the Letter of Credit expires
7. Available With/By: Specification of how and with which bank the LC can be utilized
8. Payment Terms: Detailed payment conditions including sight, deferred payment, or acceptance
9. Required Documents: Comprehensive list of documents required for LC utilization
10. Shipment Terms: Details of shipment including latest shipment date and partial shipments status
11. Description of Goods: Precise description of the goods or services covered by the LC
1. Transferability Clause: Include when the LC needs to be transferable to another beneficiary
2. Red Clause: Include when advance payment to the beneficiary is permitted
3. Green Clause: Include when warehouse storage-related advances are permitted
4. Revolving Terms: Include for recurring trade relationships where the LC automatically renews
5. Back-to-Back Provisions: Include when the LC supports back-to-back LC arrangements
6. Standby Provisions: Include when the LC serves as a standby guarantee rather than for direct payment
1. Document Presentation Form: Standard form for presenting documents under the LC
2. Amendment Request Form: Template for requesting changes to the LC terms
3. Electronic Authentication Protocol: Procedures and requirements for electronic authentication of documents
4. Required Document Checklist: Detailed checklist of all required documents and their specifications
5. Bank's Standard Terms and Conditions: General terms and conditions applicable to electronic LCs
6. Digital Signature Verification Guide: Instructions for verifying digital signatures and electronic documents
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Commodities Trading
Retail
Agriculture
Mining
Energy
Shipping and Logistics
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Treasury
Operations
Compliance
Risk Management
Finance
International Sales
Procurement
Supply Chain
Legal
Trade Operations
Relevant Roles
Trade Finance Manager
International Trade Specialist
Documentary Credits Officer
Import/Export Manager
Treasury Manager
Banking Operations Manager
Trade Operations Officer
Compliance Officer
Risk Manager
Chief Financial Officer
Finance Director
International Sales Manager
Procurement Manager
Supply Chain Manager
Letter of Credit Specialist
Trade Documentation Officer
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