The Import Letter of Credit is a fundamental trade finance instrument used in Philippine international trade transactions where a bank provides a payment guarantee to an overseas seller on behalf of a Philippine importer. This document is particularly crucial when dealing with new trading partners, high-value transactions, or when required by regulatory authorities. The Import Letter of Credit details the conditions for payment, required documentation, shipping terms, and compliance requirements under both Philippine law and international banking practices. It must conform to BSP regulations while following international UCP 600 guidelines. The document is typically used when Philippine businesses need to establish credibility with international suppliers, manage payment risks, or comply with regulatory requirements for import transactions. It provides security to both parties by ensuring that payment will be made only upon presentation of compliant documents proving that goods have been shipped as agreed.
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1. Issuing Bank Details: Complete name, address, and SWIFT code of the bank issuing the Letter of Credit
2. Letter of Credit Number: Unique identification number assigned to the LC
3. Date of Issue: Date when the Letter of Credit is issued
4. Applicant Details: Complete name and address of the importer/buyer requesting the LC
5. Beneficiary Details: Complete name and address of the exporter/seller
6. Currency and Amount: Currency denomination and total amount of the LC
7. Type of Credit: Specification of whether the LC is irrevocable (as per UCP 600)
8. Available With/By: Specifies where and how the credit is available (payment, acceptance, negotiation)
9. Expiry Date and Place: Last date and location for presentation of documents
10. Shipment Terms: Latest shipment date, partial shipments, transhipment provisions
11. Document Requirements: List of required documents for LC negotiation (commercial invoice, transport documents, etc.)
12. Goods Description: Detailed description of goods being imported
13. Incoterms: Specified international commercial terms applicable to the transaction
1. Transferability Clause: Include when the LC needs to be transferable to a second beneficiary
2. Red Clause: Include when advance payment to the beneficiary is authorized
3. Revolving Credit Terms: Include for recurring trade relationships where the LC automatically reinstates
4. Back-to-Back Provisions: Include when the LC supports a back-to-back credit arrangement
5. Confirmation Instructions: Include when confirmation by another bank is required
6. Special Payment Conditions: Include when there are specific payment terms or conditions
7. Green Clause: Include when storage of goods is involved with advance payment provisions
1. Pro-forma Invoice: Copy of the pro-forma invoice from the supplier
2. Import License: Copy of import license if required for the goods
3. Insurance Certificate Format: Template or requirements for insurance documentation
4. Draft/Bill of Exchange Format: Template for drafts if required under the LC
5. Bank Application Form: Completed LC application form from the issuing bank
6. Shipping Documents Checklist: List of required shipping documents and their specifications
7. BSP Reporting Forms: Required forms for Philippine Central Bank reporting
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Retail
Agriculture
Mining
Electronics
Textile and Garments
Automotive
Pharmaceuticals
Consumer Goods
Energy and Resources
Chemicals
Food and Beverage
Construction Materials
Relevant Teams
Finance
International Trade
Treasury
Compliance
Legal
Procurement
Supply Chain
Risk Management
Banking Operations
Credit Control
Documentary Credits
Trade Operations
Relevant Roles
Trade Finance Manager
Import Manager
International Trade Specialist
Treasury Manager
Finance Director
Compliance Officer
Documentary Credits Specialist
Banking Operations Manager
Chief Financial Officer
Supply Chain Manager
Procurement Manager
International Business Development Manager
Risk Manager
Legal Counsel
Credit Controller
Foreign Exchange Manager
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