The Blockchain Letter of Credit represents a modern evolution in trade finance, designed to address the inefficiencies and paper-based complexities of traditional Letters of Credit. This document type is particularly relevant when parties seek to leverage blockchain technology for secure, automated trade finance transactions under Singapore jurisdiction. It includes specific provisions for smart contract execution, digital document verification, and blockchain-based payment triggers, while ensuring compliance with Singapore's regulatory framework and international trade practices. The document is structured to provide clear guidelines on digital authentication, automated compliance checking, and risk allocation between parties in a blockchain environment.
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1. Parties: Identification of all parties involved: Applicant, Issuing Bank, Beneficiary, and any Nominated Banks
2. Background: Context of the underlying transaction and purpose of the Letter of Credit
3. Definitions: Key terms including blockchain-specific terminology and technical definitions
4. Credit Amount and Currency: Specification of the credit amount, currency, and any tolerance levels
5. Smart Contract Terms: Technical specifications of the blockchain implementation and execution conditions
6. Document Requirements: Required digital documents and verification procedures
1. Transferability Clause: Additional provisions for when the LC needs to be transferable to other beneficiaries. Used when dealing with intermediaries or multiple suppliers
2. Back-to-Back Arrangements: Provisions for back-to-back LC arrangements, typically used when involving middlemen or trading houses
3. Force Majeure for Technical Issues: Specific provisions for blockchain network failures or technical issues, included when specific technical risks need to be addressed
1. Technical Schedule: Detailed technical specifications of the blockchain platform and smart contract
2. Document Checklist: List of required digital documents and their verification parameters
3. Fee Schedule: Breakdown of all fees including blockchain transaction fees
4. Security Protocol: Details of digital security measures and access controls
Relevant legal definitions
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