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The Fixed Letter of Credit is a fundamental instrument in international trade finance, providing security and payment assurance to parties involved in cross-border transactions. This document is particularly relevant when dealing with Philippine-based entities or transactions subject to Philippine banking regulations. It serves as a bank's irrevocable commitment to pay a predetermined fixed amount to a seller/beneficiary, contingent upon the presentation of precisely specified documents. The Fixed Letter of Credit is governed by Philippine banking laws, particularly the General Banking Law of 2000 and BSP regulations, while also adhering to international standards such as UCP 600. It is commonly used when parties seek certainty in payment terms and want to mitigate risks associated with international trade, especially in transactions involving substantial amounts or new business relationships.

1. Bank Letter Head: Official letterhead of the issuing bank including full contact details and registration information

2. Letter of Credit Number: Unique identification number for the LC

3. Date of Issue: Date when the Letter of Credit is issued

4. Type of Credit: Specification that this is an irrevocable fixed Letter of Credit

5. Applicant Details: Full name, address, and contact information of the party requesting the LC

6. Beneficiary Details: Full name, address, and contact information of the party in whose favor the LC is issued

7. Currency and Amount: The fixed amount and currency of the Letter of Credit in both figures and words

8. Expiry Details: Date and place of expiry of the Letter of Credit

9. Available With/By: Specification of how and where the credit is available (payment, acceptance, or negotiation)

10. Documents Required: Detailed list of documents that must be presented for payment

11. Shipment Terms: Details of shipment including latest shipment date and partial shipments if applicable

12. Description of Goods: Clear description of the goods or services covered by the LC

13. Special Conditions: Any specific conditions or terms that apply to this LC

14. Authentication: Official bank signatures and authentication codes