The Verbiage Letter of Credit is a crucial instrument in international trade finance under Singapore law. It serves as a bank's written commitment to pay a seller (beneficiary) a specified amount, provided they present documents exactly as stipulated in the LC. Singapore, as a major financial hub, follows both local banking regulations and the internationally recognized UCP 600 rules for Letters of Credit. This document is particularly vital when parties seek a secure payment method in cross-border transactions, offering protection to both buyers and sellers by ensuring payment is made only upon strict compliance with documented conditions.
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1. Letter Reference: Unique identification number and date of the LC
2. Issuing Bank Details: Complete details of the bank issuing the LC including name, branch, address and contact information
3. Beneficiary Details: Complete details of the party receiving payment including full name, address and banking information
4. Applicant Details: Complete details of the party requesting the LC including full name, address and contact information
5. Currency and Amount: Specified currency and maximum amount of the LC, including both numerical and words format
6. Expiry Details: Expiry date and place of the LC, including presentation period requirements
7. Payment Terms: Specific conditions and timing of payment, including method of payment and required documentation
1. Transferability Clause: Optional clause specifying whether and how the LC can be transferred to another beneficiary
2. Revolving Credit Clause: Optional clause detailing terms for automatic renewal of the LC
3. Red Clause: Optional clause allowing for advance payment to beneficiary before document presentation
4. Back-to-Back Provisions: Optional provisions for when the LC is used to support another LC
1. Required Documents List: Comprehensive list of all documents required for LC execution and payment
2. Special Conditions Appendix: Additional terms, conditions, and requirements specific to the transaction
3. Shipping Terms Schedule: Detailed shipping requirements, Incoterms, and delivery conditions if applicable
4. Fee Schedule: Breakdown of all applicable fees, charges, and commission rates
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