The Non-Negotiable Letter of Credit serves as a crucial instrument in international trade finance under Pakistani jurisdiction, providing a secure payment mechanism while limiting transferability. It is commonly used when parties require a strict payment guarantee but want to ensure the credit remains with the original beneficiary. The document is governed by Pakistani banking laws, particularly the Banking Companies Ordinance 1962 and State Bank of Pakistan regulations, while also adhering to international UCP 600 guidelines. This type of Letter of Credit is especially suitable for direct trade relationships where intermediaries are not expected to be involved, offering enhanced security and reduced risk of unauthorized credit transfers.
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1. Letter of Credit Number and Date: Unique identification number and issuance date of the Letter of Credit
2. Issuing Bank Details: Complete name, address, and SWIFT code of the issuing bank
3. Beneficiary Details: Full name and address of the beneficiary (typically the seller/exporter)
4. Applicant Details: Full name and address of the applicant (typically the buyer/importer)
5. Credit Amount and Currency: Specified amount and currency of the Letter of Credit
6. Expiry Date and Place: Validity period and location where documents must be presented
7. Form of Credit: Specification that this is a non-negotiable credit
8. Required Documents: Detailed list of documents required for presentation
9. Shipment Terms: Latest shipment date, partial shipments, transhipment conditions
10. Payment Terms: Specified payment conditions and timing
11. Governing Law Statement: Clear statement that Pakistani law governs the Letter of Credit
1. Transferability Clause: Used when the credit needs to explicitly state it cannot be transferred
2. Special Conditions: Added when specific requirements or conditions apply to the transaction
3. Insurance Requirements: Included when specific insurance coverage needs to be specified
4. Bank-to-Bank Instructions: Added when specific instructions between banks need to be documented
5. Amendment Provisions: Included when specific amendment procedures need to be outlined
1. Schedule A - Description of Goods: Detailed specification of goods being traded
2. Schedule B - Document Requirements: Detailed checklist of required documents and their specifications
3. Schedule C - Special Instructions: Any additional instructions or conditions for document preparation
4. Appendix 1 - UCP 600 Compliance: Reference to specific UCP 600 articles applicable to this credit
5. Appendix 2 - Banking Forms: Standard banking forms required for the Letter of Credit transaction
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Retail
Commodities Trading
Textiles
Agriculture
Industrial Equipment
Consumer Goods
Automotive
Pharmaceuticals
Electronics
Relevant Teams
Finance
International Trade Operations
Legal
Compliance
Risk Management
Treasury
Supply Chain
Procurement
Banking Operations
Documentary Credits
Trade Documentation
Relevant Roles
Trade Finance Manager
Import/Export Manager
Finance Director
Treasury Manager
International Business Development Manager
Compliance Officer
Documentary Credit Specialist
Banking Operations Manager
Chief Financial Officer
International Trade Specialist
Risk Management Officer
Legal Counsel
Supply Chain Manager
Procurement Manager
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