The Reverse Letter of Credit serves as a crucial financial instrument in international trade, particularly within Singapore's regulatory framework. It is specifically designed for situations where sellers require payment security before commencing production or shipping goods. This document type reverses the traditional letter of credit mechanism by having the buyer's bank commit to payment in advance. The instrument is governed by Singapore law and international banking practices, making it particularly suitable for cross-border transactions where parties seek robust payment security mechanisms.
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1. Letter Header: Bank details, reference numbers, and date
2. Beneficiary Details: Complete details of the party receiving the credit
3. Credit Amount: Specified amount and currency of the credit
4. Expiry Details: Validity period and expiry date of the credit
5. Payment Terms: Conditions and timing of payment
1. Transferability Clause: Used when the credit needs to be transferable to other parties
2. Revolving Terms: Include when credit is to be automatically renewed
3. Red Clause: Used when advance payment is permitted
1. Required Documents List: Detailed list of documents required for credit activation
2. Payment Schedule: If payments are to be made in installments
3. Bank Undertaking: Specific terms of the bank's commitment
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A Singapore-law governed document establishing the beneficiary's rights and obligations under a Letter of Credit transaction.
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A Singapore-law governed financial instrument that automatically renews for recurring trade transactions.
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