The International Letter of Credit is a fundamental instrument in international trade finance, particularly crucial in the Philippine context where cross-border transactions require secure payment mechanisms. This document is typically used when a Philippine-based importer needs to provide payment assurance to an overseas seller, or when a Philippine exporter requires guaranteed payment from a foreign buyer. The letter of credit incorporates specific requirements under Philippine banking laws, including compliance with Bangko Sentral ng Pilipinas regulations, while also adhering to the Uniform Customs and Practice for Documentary Credits (UCP 600). It details the conditions for payment, required documentation, shipment terms, and timeframes, providing security and clarity for all parties involved in the international trade transaction.
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1. Letter Opening: Issuing bank's letterhead, date, and reference number
2. Beneficiary Details: Full name and address of the beneficiary (seller/exporter)
3. Applicant Details: Full name and address of the applicant (buyer/importer)
4. Credit Number: Unique letter of credit identification number
5. Currency and Amount: Specification of the currency and maximum amount available under the credit
6. Expiry Details: Expiry date and place of the letter of credit
7. Available With/By: Specification of how and where the credit is available (e.g., by sight payment, deferred payment, acceptance, or negotiation)
8. Required Documents: Detailed list of documents required for presentation
9. Shipment Terms: Latest shipment date and shipment details including port of loading and discharge
10. Goods Description: Brief description of the goods, quantity, and unit price as per underlying commercial invoice
11. Presentation Period: Time period within which documents must be presented after the date of shipment
12. Governing Law: Statement that the credit is subject to UCP 600 and Philippine law
13. Authentication: Authorized signatures and bank authentication details
1. Partial Shipments: Include when specifying whether partial shipments are allowed or prohibited
2. Transhipment: Include when specifying whether transhipment is allowed or prohibited
3. Insurance Coverage: Include when the letter of credit requires specific insurance coverage details
4. Special Conditions: Include when there are additional terms or conditions specific to the transaction
5. Transfer Provisions: Include when the credit is transferable
6. Back-to-Back Provisions: Include when the credit can be used as collateral for another letter of credit
7. Red Clause Provisions: Include when advance payment facilities are provided to the beneficiary
8. Confirmation Instructions: Include when confirmation from another bank is required
1. Schedule A - Commercial Invoice Requirements: Detailed requirements for the format and content of commercial invoices
2. Schedule B - Transport Document Requirements: Specific requirements for bills of lading or other transport documents
3. Schedule C - Insurance Document Requirements: Detailed requirements for insurance certificates or policies
4. Schedule D - Additional Document Requirements: Requirements for certificates of origin, inspection certificates, or other specific documents
5. Appendix 1 - Bank's Standard Charges: Schedule of applicable bank charges and fees
6. Appendix 2 - Document Presentation Checklist: Checklist for beneficiary's use in preparing document presentation
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Retail
Commodities Trading
Agriculture
Technology and Electronics
Textile and Apparel
Automotive
Energy and Resources
Shipping and Logistics
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Treasury
Risk Management
Compliance
Trade Operations
Financial Control
Credit Administration
International Sales
Procurement
Supply Chain
Legal
Export Operations
Import Operations
Relevant Roles
Trade Finance Manager
International Banking Officer
Documentary Credits Specialist
Import/Export Manager
Treasury Manager
Chief Financial Officer
Banking Compliance Officer
Trade Operations Manager
Credit Risk Officer
International Sales Manager
Procurement Manager
Supply Chain Manager
Financial Controller
Letter of Credit Specialist
Trade Documentation Officer
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