Letters of Credit (LC) are crucial instruments in international trade, providing security and payment assurance to both buyers and sellers. The LC 60 Days format specifically addresses situations where buyers require extended payment terms while still providing sellers with a secure bank guarantee. Under Saudi Arabian jurisdiction, these documents must conform to both international banking standards and local requirements, including Sharia compliance and SAMA regulations. This document type is particularly useful in large commercial transactions where the buyer needs time to generate funds from the received goods before making payment. The 60-day payment term begins from a specified event, typically the bill of lading date or document presentation, and the document includes detailed requirements for compliant presentation, examination of documents, and payment procedures.
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1. LC 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. Applicant Details: Full name, address, and contact information of the party requesting the LC (buyer)
4. Beneficiary Details: Full name, address, and contact information of the party receiving the LC (seller)
5. Currency and Amount: Specified currency and maximum amount of the Letter of Credit
6. Payment Terms: 60-day payment terms specification and calculation method from bill of lading date or presentation of documents
7. Required Documents: List of all required documents for LC presentation (invoices, transport documents, certificates, etc.)
8. Shipment Terms: Details of shipment including latest shipment date, partial shipments, transshipment permissions
9. Expiry Date and Place: Final date and location for document presentation
10. Governing Law: Specification of Saudi Arabian law and UCP 600 as governing frameworks
1. Advising Bank Details: Include when a specific advising bank is designated to communicate the LC to the beneficiary
2. Confirmation Instructions: Include when LC confirmation is requested from a nominated bank
3. Transfer Conditions: Include when the LC is transferable to second beneficiaries
4. Special Payment Conditions: Include when there are specific requirements for early payment or discount terms
5. Insurance Requirements: Include when specific insurance coverage details need to be stipulated
6. Additional Conditions: Include when there are special requirements or conditions specific to the transaction
1. Document Presentation Schedule: Detailed checklist of required documents and presentation requirements
2. Fee Schedule: Breakdown of all applicable banking charges and who bears them
3. Goods Description Schedule: Detailed description of goods or services covered by the LC
4. Payment Calculation Schedule: Detailed explanation of how the 60-day payment term is calculated and applied
5. SAMA Compliance Appendix: Required declarations and confirmations for Saudi Arabian Monetary Authority compliance
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Retail
Wholesale
Oil and Gas
Construction
Agriculture
Mining
Textiles
Industrial Equipment
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Treasury
Legal
Compliance
Risk Management
Operations
Finance
International Trade
Procurement
Supply Chain
Relevant Roles
Trade Finance Manager
International Banking Officer
Documentary Credits Specialist
Import/Export Manager
Treasury Manager
Finance Director
Compliance Officer
Trade Operations Manager
Credit Risk Officer
Banking Relationship Manager
Chief Financial Officer
International Trade Specialist
Supply Chain Manager
Procurement Manager
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