Outstanding Letters of Credit are essential financial instruments in international trade, particularly within Singapore's sophisticated banking framework. These documents are utilized when businesses need to track and manage their outstanding payment obligations under letter of credit facilities. The Outstanding Letter of Credit provides clarity on remaining available credit, payment terms, and document requirements, operating under both Singapore banking regulations and international standards like UCP 600. It's particularly relevant for businesses managing multiple trade transactions or long-term trade relationships where tracking unused credit facilities is crucial.
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1. Letter Reference: Unique identification number and date of the L/C
2. Issuing Bank Details: Complete details of the bank issuing the L/C
3. Beneficiary Details: Full name and address of the party receiving payment
4. Applicant Details: Full name and address of the party requesting the L/C
5. Amount and Currency: Value of the L/C and currency denomination
6. Expiry Date: Validity period of the L/C
1. Transferability Clause: Include when L/C needs to be transferable to another beneficiary - used when requested by beneficiary for trade financing purposes
2. Revolving Credit Clause: Specifies terms for automatic renewal - used for ongoing trade relationships with regular transactions
3. Red Clause: Advance payment provisions - used when beneficiary requires advance funding
1. Schedule of Documents Required: List of documents needed for L/C execution
2. Payment Terms Schedule: Detailed payment conditions and timelines
3. Shipping Documents Requirements: Specific requirements for shipping documentation
4. Bank Instructions Appendix: Detailed instructions for document handling and payment processing
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