The Letter of Credit 30 Days is a fundamental trade finance instrument used in Philippine commerce and international trade. It provides security to both buyers and sellers in commercial transactions by having a bank guarantee payment within a specified 30-day term. This document is particularly relevant when companies engage in import/export activities and need a secure payment mechanism. The LC must comply with Philippine banking regulations, including the General Banking Law of 2000 and relevant BSP circulars, while also adhering to international banking practices under UCP 600. It contains detailed specifications about the transaction, including payment terms, document requirements, and shipping conditions, making it an essential tool for managing international trade risks and ensuring smooth commercial operations.
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1. Bank Details and Reference Number: Issuing bank's details, LC reference number, and date of issuance
2. Beneficiary Information: Complete details of the beneficiary (seller/exporter) including name, address, and contact information
3. Applicant Information: Complete details of the applicant (buyer/importer) including name, address, and contact information
4. Credit Amount and Currency: Specific amount of the LC and currency denomination
5. Credit Availability: Terms specifying the 30-day payment period and method of availability (e.g., by sight, by acceptance, by negotiation)
6. Documentation Requirements: List of required documents for LC negotiation (e.g., commercial invoice, transport documents, insurance documents)
7. Shipment Terms: Details of shipment including latest shipment date, partial shipments, transhipment conditions
8. Expiry Details: Expiry date and place of the LC
9. Presentation Terms: Period for presentation of documents after shipment date
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 required
3. Green Clause: Include when storage of goods is required prior to shipment
4. Revolving Credit Terms: Include for recurring transactions with the same terms
5. Special Conditions: Include when there are additional requirements specific to the transaction
6. Back-to-Back LC Terms: Include when the LC is being used to support another LC
1. Schedule A - Document Requirements: Detailed list of required documents and their specific format requirements
2. Schedule B - Goods Description: Detailed description of goods including specifications, quantity, and unit price
3. Schedule C - Payment Schedule: Detailed breakdown of the 30-day payment terms and any associated conditions
4. Appendix 1 - Standard Banking Forms: Required banking forms and formats for document presentation
5. Appendix 2 - Shipping Terms: Detailed shipping instructions and requirements
6. Appendix 3 - Bank Contact Details: Complete contact information for all relevant bank departments and personnel
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Retail
Agriculture
Mining
Textile
Electronics
Consumer Goods
Shipping and Logistics
Insurance
Relevant Teams
Finance
Treasury
International Trade
Procurement
Supply Chain
Legal
Compliance
Risk Management
Commercial Banking
Trade Operations
Documentary Credits
Banking Relations
Relevant Roles
Trade Finance Manager
Import/Export Manager
Finance Director
Treasury Manager
Credit Controller
Banking Relations Manager
Procurement Manager
Supply Chain Manager
Chief Financial Officer
International Sales Manager
Documentary Credits Specialist
Trade Operations Manager
Compliance Officer
Risk Manager
Commercial Banking Officer
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