The Non-Negotiable Letter of Credit is a crucial document in international trade finance, particularly within the Philippine banking framework. It serves as a secure payment mechanism where the issuing bank commits to pay a specified amount to a named beneficiary, typically an exporter, upon presentation of stipulated documents. The document's non-negotiable nature means it cannot be transferred or negotiated to third parties, providing enhanced security for all parties involved. Used primarily in import/export transactions, it complies with Philippine banking regulations, including the General Banking Law of 2000 and BSP guidelines, while also adhering to international standards such as UCP 600. This instrument is particularly valuable when parties seek a secure, non-transferable payment method in their international trade transactions.
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1. Issuing Bank Details: Complete name, address, and reference numbers of the issuing bank
2. LC Number and Date: Unique letter of credit number and date of issuance
3. Beneficiary Details: Full name and address of the beneficiary (seller/exporter)
4. Applicant Details: Full name and address of the applicant (buyer/importer)
5. Currency and Amount: Specified currency and amount of the letter of credit
6. Expiry Date and Place: Date and location where the LC expires
7. Available With/By: Specifies the bank with which the credit is available and manner of availability
8. Shipment Terms: Latest shipment date, partial shipments, transhipment conditions
9. Required Documents: List of documents required for presentation
10. Payment Terms: Timing and conditions of payment
11. Special Conditions: Any specific conditions or requirements for the LC
1. Transfer Restrictions: Used when there are specific restrictions on transferability of the LC
2. Back-to-Back Provisions: Included when the LC allows for back-to-back arrangements
3. Green Clause: Added when advance payment provisions are included
4. Red Clause: Included when pre-shipment finance is permitted
5. Revolving Terms: Used when the LC is revolving in nature
6. Confirmation Instructions: Included when confirmation from another bank is requested
1. Schedule A - Commercial Invoice Requirements: Detailed specifications 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 - Goods Description: Detailed description of the goods being traded
4. Appendix 1 - Document Presentation Schedule: Timeline and process for document presentation
5. Appendix 2 - Bank Contact Details: Contact information for all banks involved in the transaction
6. Appendix 3 - Fee Schedule: Breakdown of all applicable banking charges and fees
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Retail
Wholesale
Agriculture
Mining
Technology and Electronics
Textiles
Automotive
Construction
Energy
Commodities Trading
Relevant Teams
Trade Finance
International Banking
Treasury
Risk Management
Compliance
Legal
Operations
Credit Administration
Documentary Credits
International Business
Supply Chain
Procurement
Finance
Relevant Roles
Trade Finance Manager
Import/Export Manager
Chief Financial Officer
Treasury Manager
International Business Development Manager
Trade Operations Officer
Credit Risk Manager
Documentary Credits Specialist
Banking Relationship Manager
Compliance Officer
Financial Controller
Supply Chain Manager
Procurement Manager
Letters of Credit Specialist
International Trade Advisor
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