The Advised Letter of Credit is a crucial document in Philippine international trade transactions, providing a secure payment mechanism between parties involved in cross-border commerce. It is issued when a local bank (advising bank) receives a Letter of Credit from a foreign issuing bank and verifies its authenticity before advising it to the beneficiary. This document type is essential for exporters seeking payment security and importers requiring structured financing, operating under Philippine banking laws and BSP regulations while adhering to international UCP 600 standards. The document includes detailed terms of the credit, required documentation, shipping requirements, and payment conditions, serving as a critical tool in facilitating international trade while minimizing risks for all parties involved.
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1. Letter Reference Information: Document reference number, date, and urgent/priority status if applicable
2. Recipient Details: Full name and address of the beneficiary
3. LC Details: Letter of Credit number, date of issuance, and amount
4. Issuing Bank Information: Complete details of the bank issuing the Letter of Credit
5. Advising Bank Declaration: Statement confirming the authenticity of the Letter of Credit
6. Credit Terms and Conditions: Key terms including expiry date, place of expiry, and available payment terms
7. Documentation Requirements: List of required documents for LC presentation
8. Shipment Terms: Details of shipment including latest shipment date and partial shipments status
9. Goods/Services Description: Detailed description of the goods or services covered
10. Special Conditions: Any specific conditions or requirements imposed by the issuing bank
11. Presentation Instructions: Instructions for presenting documents and claiming payment
12. Authentication: Advising bank's authentication details and authorized signatures
1. Transfer Terms: Include when the LC is transferable, specifying conditions for transfer
2. Back-to-Back LC Terms: Include when the LC allows for back-to-back arrangements
3. Red Clause Provisions: Include when advance payment provisions are applicable
4. Revolving Credit Terms: Include for LCs that automatically renew under specified conditions
5. Confirmation Details: Include when the LC is confirmed by the advising bank
6. Silent Confirmation Terms: Include when there's a separate silent confirmation arrangement
7. Deferred Payment Terms: Include when payment terms include deferred payment options
8. Negotiation Restrictions: Include when there are specific restrictions on negotiation
1. Document Checklist: Detailed checklist of all required documents and their specifications
2. Fee Schedule: Breakdown of all applicable banking charges and fees
3. Authentication Specimens: Specimen signatures and authentication codes/methods
4. SWIFT Message Copy: Copy of the original SWIFT message from the issuing bank
5. Goods Specification: Detailed specifications of goods when complex technical details are involved
6. Shipping Schedule: Detailed shipping requirements and timeline when applicable
7. Amendment History: Record of any amendments to the original LC, if applicable
8. UCP 600 Disclaimer: Standard disclaimers and applicable UCP 600 articles
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
International Trade
Import/Export
Shipping & Logistics
Manufacturing
Wholesale Trade
Commodities Trading
Agriculture
Consumer Goods
Industrial Equipment
Energy
Raw Materials
Textile & Garments
Electronics & Technology
Construction Materials
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Export Operations
Import Operations
Compliance
Treasury
Risk Management
Banking Operations
Foreign Exchange
Trade Documentation
Legal
Supply Chain
Finance
Customer Relations
Relevant Roles
Trade Finance Manager
International Banking Officer
Letter of Credit Specialist
Export Manager
Import Manager
Trade Operations Officer
Compliance Officer
Treasury Manager
Documentary Credits Supervisor
Banking Operations Manager
Trade Finance Analyst
Credit Risk Officer
Foreign Exchange Manager
International Business Development Manager
Supply Chain Manager
Chief Financial Officer
Banking Relationship Manager
Trade Documentation Specialist
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