Documentary Letters of Credit are essential financial instruments used in international trade transactions where trust needs to be established between parties who may not have previous trading relationships. Under Dutch law, these documents combine international banking practices (primarily UCP 600) with local regulatory requirements from the Dutch Civil Code and Financial Supervision Act. They are typically used when a buyer (importer) wants to ensure payment security for the seller (exporter), while also protecting their own interests by requiring specific documentation proving the shipment and quality of goods. The LC details the conditions for payment, required documents, timeframes, and responsibilities of all parties involved. This instrument is particularly valuable in complex international transactions where multiple parties, including banks in different jurisdictions, need to coordinate their actions.
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1. Issuing Bank Details: Complete details of the bank issuing the Letter of Credit
2. Beneficiary Information: Full name and address of the party receiving payment under the LC
3. Applicant Information: Full name and address of the party requesting the LC
4. LC Number and Date: Unique identification number and date of issuance
5. Currency and Amount: Specification of the currency and exact amount of the LC
6. Expiry Date and Place: Clear statement of when and where the LC expires
7. Available With/By: Specification of payment terms and nominated bank if any
8. Partial Shipments/Transhipment: Whether partial shipments or transhipment are allowed or prohibited
9. Loading/Dispatch/Taking in Charge: Shipping details including ports of loading and discharge
10. Latest Date of Shipment: Final date by which shipment must be made
11. Description of Goods/Services: Detailed description of the underlying transaction
12. Required Documents: List of all documents required for presentation
13. Additional Conditions: Any specific conditions or terms that must be met
14. Charges: Specification of which party bears which banking charges
15. Presentation Period: Time period within which documents must be presented
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 storage of goods is involved with advance payment
4. Revolving Credit Clause: Include when the LC is meant to be automatically renewed
5. Back-to-Back Provisions: Include when this LC supports another LC
6. Standby Provisions: Include when the LC functions as a standby instrument
7. Insurance Requirements: Include when specific insurance arrangements are required
8. Special Payment Terms: Include when payment terms differ from standard at sight payment
1. Document Presentation Checklist: Detailed checklist of required documents and their specific requirements
2. Goods Specification: Detailed technical specifications of goods or services covered
3. Banking Instructions Form: Specific instructions for handling banking operations
4. Amendment Request Form: Standard form for requesting amendments to the LC
5. UCP 600 Incorporation Reference: Specific articles of UCP 600 applicable to this LC
6. Shipping Schedule: If multiple shipments are involved, detailed schedule of shipments
7. Price Calculation Sheet: If pricing is complex, detailed breakdown of price components
Relevant legal definitions
Clauses
Relevant Industries
International Trade
Banking & Financial Services
Manufacturing
Import/Export
Shipping & Logistics
Retail
Wholesale
Commodities Trading
Agriculture
Energy
Construction
Heavy Industry
Mining
Textiles
Electronics
Relevant Teams
Trade Finance
International Banking
Treasury
Compliance
Legal
Credit Operations
Documentary Credits
Risk Management
Supply Chain Operations
Financial Control
International Sales
Procurement
Banking Operations
Trade Operations
Relevant Roles
Trade Finance Manager
International Trade Specialist
Letter of Credit Officer
Import Manager
Export Manager
Trade Operations Manager
Documentary Credits Specialist
Banking Relations Manager
Financial Controller
Treasury Manager
Compliance Officer
Trade Finance Analyst
Supply Chain Manager
Chief Financial Officer
Banking Operations Manager
International Business Development Manager
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