The Fronting Fee Letter of Credit is essential in international trade finance transactions where one bank acts on behalf of another or when a bank issues a Letter of Credit for a client. This document is particularly relevant under Singapore's robust financial services framework, where it must comply with MAS regulations and international banking standards. It details the fee structure, payment terms, and conditions under which the fronting bank will issue and maintain the Letter of Credit. The document is crucial for establishing clear financial obligations and ensuring transparency in trade finance arrangements.
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1. Letter Date and Reference: Official date and reference number of the LC fronting fee letter
2. Addressee Details: Full details of the party to whom the letter is addressed
3. LC Details: Reference to the specific Letter of Credit being fronted, including amount, beneficiary, and purpose
4. Fee Structure: Detailed breakdown of fronting fees and calculation method
5. Payment Terms: When and how the fronting fees are to be paid
6. Bank Details: Account details for fee payment
1. Security Arrangements: Details of any security required, used when additional security is needed for the LC
2. Risk Sharing: Terms for risk allocation between parties, used in complex arrangements
3. Amendment Provisions: Process for amending the LC terms, included for longer-term arrangements
1. Fee Schedule: Detailed breakdown of all applicable fees and charges
2. LC Copy: Copy of the underlying Letter of Credit
3. Bank Mandate: Required bank forms and signature specimens
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