The Confirmed LC is a crucial document in international trade finance, particularly relevant in the Saudi Arabian context where cross-border transactions must comply with both international standards and local regulations. This document is typically used when additional security is required in international trade transactions, especially when dealing with new trading partners or in countries with perceived higher economic or political risks. A Confirmed Letter of Credit adds a second bank's payment guarantee to the issuing bank's commitment, providing enhanced security for the beneficiary. The document must comply with Saudi Arabian banking regulations, including SAMA guidelines and Sharia principles, while also adhering to international UCP 600 standards. It contains detailed specifications about payment terms, document requirements, shipping conditions, and bank obligations, making it a comprehensive instrument for secure international trade financing.
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1. Issuing Bank Details: Complete identification and contact information of the issuing bank
2. Confirming Bank Details: Complete identification and contact information of the confirming bank
3. Applicant Information: Full details of the party requesting the LC (buyer)
4. Beneficiary Information: Complete details of the party in whose favor the LC is issued (seller)
5. LC Number and Date: Unique identification number and issuance date of the LC
6. Currency and Amount: Specified currency and maximum amount of the LC
7. Expiry Date and Place: Validity period and location where the LC expires
8. Documentary Requirements: Detailed list of required documents for LC presentation
9. Shipment Terms: Specific shipping requirements, latest shipment date, and partial shipment conditions
10. Payment Terms: Payment conditions, sight/usance period, and negotiation terms
11. Governing Law Statement: Clear statement of Saudi law governance and Sharia compliance
1. Transferability Clause: Include when the LC needs to be transferable to a second beneficiary
2. Red Clause Provisions: Include when advance payment facilities are required
3. Revolving Terms: Include for LCs that automatically renew under specified conditions
4. Back-to-Back Provisions: Include when the LC supports a back-to-back LC arrangement
5. Special Instructions: Include when there are specific handling or processing requirements
6. Confirmation Instructions: Include detailed confirmation terms when using a specific confirmation structure
7. Force Majeure Provisions: Include specific provisions for force majeure events affecting LC operations
1. Schedule A - Document Checklist: Detailed checklist of all required documents and their specifications
2. Schedule B - Banking Charges Schedule: Breakdown of all applicable banking fees and charges
3. Schedule C - Goods Description: Detailed description of goods covered under the LC
4. Schedule D - Special Conditions: Any special conditions or requirements specific to the transaction
5. Appendix 1 - UCP 600 Reference: Relevant UCP 600 articles applicable to this LC
6. Appendix 2 - SAMA Compliance Checklist: Checklist ensuring compliance with Saudi Arabian Monetary Authority requirements
7. Appendix 3 - Document Presentation Guidelines: Specific guidelines for document presentation and examination
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Retail
Oil and Gas
Construction
Agriculture
Automotive
Consumer Goods
Industrial Equipment
Commodities Trading
Logistics and Transportation
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Corporate Banking
Risk Management
Compliance
Treasury
Operations
Legal
Supply Chain
Finance
Credit Analysis
Relevant Roles
Trade Finance Manager
International Banking Officer
Documentary Credits Specialist
Export Finance Manager
Import Finance Manager
Compliance Officer
Treasury Manager
Banking Operations Manager
Trade Operations Supervisor
Letter of Credit Analyst
Corporate Banking Relationship Manager
Chief Financial Officer
Financial Controller
Risk Management Officer
International Trade Specialist
Supply Chain Manager
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