Export Letters of Credit are essential instruments in international trade finance, particularly relevant under Singapore's status as a global trading hub. An Export Letter of Credit provides a secure payment mechanism where the issuing bank guarantees payment to the exporter upon compliant presentation of documents. These documents are governed by Singapore law and typically follow UCP 600 guidelines, offering protection to both exporters and importers by ensuring payment is made only when specific conditions are met. The document is particularly crucial in situations involving new trading relationships, high-value transactions, or when dealing with countries with different legal systems.
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1. Letter of Credit Number: Unique identifier for the specific LC
2. Issuing Bank Details: Complete name and address of the bank issuing the LC
3. Beneficiary Details: Full name and address of the exporter
4. Applicant Details: Full name and address of the importer
5. Amount and Currency: Credit amount and currency specification
6. Expiry Date: Validity period of the LC
7. Required Documents: List of documents required for presentation
8. Shipment Terms: Including latest shipment date and delivery terms
1. Transferability Clause: Used when LC needs to be transferable to another beneficiary. Include when the exporter is not the manufacturer/supplier
2. Red Clause: Advance payment provisions. Include when beneficiary requires advance funding
3. Back-to-Back Provisions: Terms for using LC as collateral for another LC. Include in intermediary trade arrangements
1. Commercial Invoice Template: Standard format for invoice presentation
2. Bill of Lading Requirements: Specific requirements for transport documents
3. Insurance Document Requirements: Specifications for required insurance coverage
4. Certificate of Origin Requirements: Format and certification requirements for origin documentation
Relevant legal definitions
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