The Usance Letter of Credit serves as a crucial trade finance instrument in international commerce, particularly relevant under Singapore's robust financial framework. This document is typically used when buyers require extended payment terms while ensuring sellers receive secure payment promises from banks. It includes specific payment terms, document requirements, and compliance elements aligned with Singapore banking regulations and international standards. The document encompasses both the primary Letter of Credit terms and any amendments, following UCP 600 guidelines and local banking practices.
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Key Requirements PROMPT example:
Usance Letter Of Credit
"Need a Usance Letter of Credit for importing electronic components from Taiwan, with a 90-day payment term and requirement for partial shipments, total value USD 500,000, to be issued by March 2025."
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1. LC Number and Date: Unique identification number and issuance date of the Letter of Credit
2. Issuing Bank Details: Complete information of the bank issuing the Letter of Credit
3. Applicant Details: Complete information of the buyer/importer requesting the Letter of Credit
4. Beneficiary Details: Complete information of the seller/exporter who will receive payment under the Letter of Credit
5. Currency and Amount: Specification of LC value and currency denomination
6. Maturity Period: Usance period specification and detailed payment terms
7. Required Documents: Comprehensive list of documents required for presentation under the LC
8. Shipment Terms: Detailed shipping requirements including latest shipment date and destination
9. Presentation Period: Timeframe within which documents must be presented after shipment
10. Governing Law: Specification of Singapore law and UCP 600 as governing frameworks
1. Transferability Clause: Optional clause allowing the LC to be transferred to another beneficiary
2. Partial Shipment Terms: Terms and conditions for allowing multiple partial shipments under the LC
3. Red Clause Provisions: Special provisions for advance payment to the beneficiary
4. Back-to-Back LC Terms: Provisions for using the LC as collateral for another LC
5. Discounting Terms: Conditions under which the LC can be discounted before maturity
1. Document Checklist: Detailed checklist specifying format and content requirements for each required document
2. Commercial Invoice Template: Standardized format for presentation of commercial invoice
3. Bank Amendment Form: Standard template for requesting amendments to LC terms
4. Compliance Certificates: Templates and requirements for regulatory or quality certifications
5. Fee Schedule: Detailed breakdown of all applicable banking charges and fees
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