The Irrevocable Letter of Credit serves as a fundamental instrument in international trade finance, providing payment security for cross-border transactions under Indonesian jurisdiction. It is typically used when parties require a secure payment method in international trade, especially when dealing with unfamiliar trading partners or in high-value transactions. The document includes detailed specifications about payment conditions, required documentation, and compliance requirements, adhering to both Bank Indonesia regulations and international banking practices such as UCP 600. This type of letter of credit cannot be amended or canceled without the agreement of all parties involved, providing maximum security for international trade transactions. It is particularly relevant in Indonesia's growing international trade sector, where it facilitates secure import-export transactions while complying with local banking and foreign exchange regulations.
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1. Bank Details and Reference Number: Issuing bank's complete details and unique L/C reference number
2. Date of Issue: The date when the L/C is issued
3. Type of Credit: Specification that this is an irrevocable L/C
4. Beneficiary Details: Complete name and address of the party receiving payment
5. Applicant Details: Complete name and address of the party requesting the L/C
6. Amount and Currency: Credit amount and currency specification
7. Expiry Date and Place: Validity period and location for document presentation
8. Available With/By: Specification of where and how the credit is available (payment, acceptance, negotiation)
9. Partial Shipments/Transhipment: Whether partial shipments or transhipment are allowed or prohibited
10. Loading/Dispatch/Taking in Charge: Place of taking in charge, dispatch, or loading
11. Required Documents: Detailed list of documents required for presentation
12. Additional Conditions: Any specific conditions or terms that must be met
13. Charges: Specification of which party bears which bank charges
14. Presentation Period: Time period within which documents must be presented
1. Confirmation Instructions: Used when confirmation is requested from another bank
2. Reimbursement Instructions: Include when specific reimbursement arrangements are needed between banks
3. Special Payment Conditions: Used for specifying deferred payment terms or special payment arrangements
4. Transfer Conditions: Include when the L/C needs to be transferable
5. Back-to-Back Provisions: Used when the L/C will serve as collateral for another L/C
6. Green Clause: Include when advance payment provisions are required
7. Red Clause: Used when pre-shipment finance is to be provided
1. Document Presentation Schedule: Detailed timeline and requirements for document presentation
2. Required Document Formats: Standard formats for required documents like commercial invoices, bills of lading, etc.
3. Fee Schedule: Detailed breakdown of all applicable bank charges and fees
4. Amendment Request Form: Standard form for requesting amendments to the L/C
5. Shipping Schedule: If applicable, detailed timeline for shipment and delivery
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Commodities Trading
Shipping and Logistics
Agriculture
Mining
Textile Industry
Electronics Manufacturing
Oil and Gas
Retail
Relevant Teams
Trade Finance
International Banking
Treasury
Legal
Compliance
Risk Management
Operations
Documentary Credits
International Sales
Procurement
Supply Chain
Finance
Relevant Roles
Trade Finance Manager
International Business Director
Import/Export Manager
Treasury Manager
Finance Director
Credit Manager
Documentary Credits Specialist
Trade Operations Officer
Compliance Officer
Banking Relationship Manager
Supply Chain Manager
Chief Financial Officer
International Sales Manager
Procurement Manager
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