The Irrevocable At Sight Letter of Credit is a fundamental trade finance instrument used in international commercial transactions where immediate payment security is required. This document is particularly crucial in the Saudi Arabian context, where it must align with both international banking standards (UCP 600) and local Sharia-compliant banking regulations. It is typically used when parties seek a secure payment method in cross-border trades, especially in high-value transactions or when dealing with new trading partners. The document provides the beneficiary with a bank's irrevocable commitment to pay upon presentation of compliant documents, while giving the applicant assurance that payment will only be made when specified conditions are met. The 'At Sight' feature ensures prompt payment upon document verification, making it particularly attractive for exporters seeking immediate payment security.
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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 (seller/exporter)
4. Applicant Details: Full name and address of the applicant (buyer/importer)
5. Amount and Currency: Maximum credit amount and currency specification
6. Availability and Expiry: How and where the credit is available, expiry date and place
7. Payment Terms: Specification of 'At Sight' payment terms and any associated conditions
8. Required Documents: Detailed list of documents required for presentation
9. Shipment Terms: Latest shipment date, partial shipment and transhipment conditions
10. Presentation Period: Time period within which documents must be presented after shipment
1. Advising Bank Details: Details of the advising bank when credit is advised through another bank
2. Confirmation Instructions: Used when confirmation is requested from another bank
3. Transfer Conditions: Include when the credit is transferable
4. Back-to-Back Provisions: Required when the LC allows for back-to-back arrangements
5. Special Conditions: Any additional terms or conditions specific to the transaction
6. Islamic Banking Compliance Statement: Required for explicitly Sharia-compliant transactions in Saudi Arabia
1. Schedule A - Document Requirements: Detailed specifications for each required document including format and content requirements
2. Schedule B - Goods Description: Detailed description of the goods or services being traded
3. Schedule C - Banking Instructions: Specific instructions for document handling and payment processing
4. Appendix 1 - UCP 600 Disclaimer: Standard UCP 600 disclaimers and applicable articles
5. Appendix 2 - SAMA Compliance Statement: Required statements for compliance with Saudi Arabian Monetary Authority regulations
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Commodities Trading
Oil and Gas
Petrochemicals
Construction Materials
Agricultural Products
Consumer Goods
Industrial Equipment
Automotive
Textiles
Mining
Pharmaceuticals
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Compliance
Legal
Risk Management
Treasury
Operations
Credit Control
Finance
International Trade Operations
Banking Operations
Relevant Roles
Trade Finance Manager
International Banking Officer
Letter of Credit Specialist
Export Finance Manager
Import Operations Manager
Documentary Credits Officer
Compliance Officer
Treasury Manager
Risk Management Officer
International Trade Specialist
Banking Operations Manager
Chief Financial Officer
Financial Controller
Trade Documentation Specialist
Credit Risk Officer
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