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The Confirmed Irrevocable Letter of Credit is a sophisticated banking instrument used primarily in international trade transactions where parties seek enhanced payment security. It is governed by U.S. banking regulations, particularly UCC Article 5, and international practices under UCP 600. This document is typically used when the beneficiary (seller) requires additional security beyond the issuing bank's commitment, especially when dealing with banks in countries perceived as higher risk. The confirmation by a second bank, usually in the beneficiary's country, adds another layer of payment assurance. The document specifies key terms including payment conditions, required documents, shipment details, and timeframes, and cannot be cancelled or modified without the agreement of all parties involved. It's particularly valuable in new trading relationships or when dealing with significant transaction values.

1. Letter of Credit Number: Unique identification number assigned to the letter of credit

2. Date of Issuance: Date when the letter of credit is issued

3. Issuing Bank Details: Complete name, address, and contact information of the issuing bank

4. Confirming Bank Details: Complete name, address, and contact information of the confirming bank

5. Applicant Details: Full name, address, and contact information of the party requesting the letter of credit

6. Beneficiary Details: Full name, address, and contact information of the party in whose favor the credit is issued

7. Amount and Currency: The credit amount and currency, stated in both figures and words

8. Expiry Date and Place: The expiration date and location where the credit expires

9. Available With/By: Specification of how and where the credit is available (payment, acceptance, negotiation)

10. Partial Shipments: Whether partial shipments are allowed or prohibited

11. Transhipment: Whether transhipment is allowed or prohibited

12. Loading/Dispatch From: Place of taking in charge/dispatch/place of receipt

13. Port of Loading/Airport of Departure: Specified port or airport of departure

14. Port of Discharge/Airport of Destination: Specified port or airport of arrival

15. Latest Date of Shipment: Final date by which shipment must be made

16. Document Requirements: Detailed list of required documents and their specifications

17. Additional Conditions: Any additional terms and conditions of the credit

18. Charges: Specification of which party bears which bank charges

19. Period for Presentation: Time period for presentation of documents after shipment date