The Export Letter of Credit is a fundamental trade finance instrument used in international commerce when conducting business under Saudi Arabian jurisdiction. It serves as a secure payment mechanism where a bank guarantees payment to an exporter upon presentation of specified documents proving the shipment of goods. This document type is particularly crucial in Saudi Arabia's export-focused economy, where it must comply with both international banking standards (UCP 600) and local regulations, including Islamic finance principles. The Export Letter of Credit typically includes detailed specifications about the transaction, shipping requirements, document presentation conditions, and payment terms, providing security for both the exporter and importer while ensuring compliance with Saudi Arabian banking and commercial laws.
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1. LC Number and Date: Unique identification number and issuance date of the Letter of Credit
2. Applicant Details: Full name, address and contact details of the importing party (buyer)
3. Beneficiary Details: Full name, address and contact details of the exporting party (seller)
4. Issuing Bank Details: Name and details of the bank issuing the Letter of Credit
5. Amount and Currency: The credit amount and currency specification
6. Expiry Date and Place: Validity period and location where the credit expires
7. Shipment Terms: Latest shipment date, partial shipments, transhipment provisions
8. Payment Terms: Specification of payment timing (sight, deferred) and conditions
9. Required Documents: List of documents required for presentation
10. Goods Description: Detailed description of the merchandise being traded
11. Incoterms: Specified trading terms (FOB, CIF, etc.)
1. Advising Bank Details: Include when a separate advising bank is involved in the transaction
2. Confirming Bank Details: Include when the LC is confirmed by another bank
3. Transfer Conditions: Include when the LC is transferable
4. Back-to-Back Provisions: Include for back-to-back LC arrangements
5. Red Clause Provisions: Include when advance payment facilities are provided
6. Green Clause Provisions: Include when storage facilities are involved
7. Revolving Credit Terms: Include for revolving LCs
8. Islamic Finance Compliance: Include specific provisions ensuring Shariah compliance
9. Insurance Requirements: Include when specific insurance arrangements are required
1. Commercial Invoice Requirements: Detailed specifications for the format and content of commercial invoices
2. Packing List Requirements: Specifications for packing list presentation
3. Transport Document Requirements: Detailed requirements for bills of lading or other transport documents
4. Insurance Document Requirements: Specifications for insurance certificates when required
5. Certificate of Origin Requirements: Format and content requirements for certificates of origin
6. Inspection Certificate Requirements: Specifications for any required inspection certificates
7. Bank Format Templates: Standard forms and formats required by the issuing bank
8. Product Specifications: Detailed technical specifications of the goods
9. Shipping Marks: Required marking specifications for the shipment
Relevant legal definitions
Clauses
Relevant Industries
Oil & Gas
Petrochemicals
Manufacturing
Agriculture
Mining
Textiles
Construction Materials
Pharmaceuticals
Food & Beverage
Automotive
Electronics
Banking & Finance
International Trade
Logistics & Transportation
Relevant Teams
Legal
Finance
Treasury
International Trade
Risk Management
Compliance
Operations
Supply Chain
Shipping & Logistics
Banking Relations
Documentation
Credit Control
Relevant Roles
Trade Finance Manager
Export Manager
Chief Financial Officer
Finance Director
Treasury Manager
Banking Relations Manager
International Trade Specialist
Documentary Credits Officer
Compliance Officer
Legal Counsel
Risk Manager
Supply Chain Manager
Shipping Manager
Account Manager
Operations Manager
Credit Controller
Trade Operations Officer
Document Checker
Export Coordinator
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