The International Letter of Credit is a crucial document in international trade finance, particularly within the South African context where it must comply with both local banking regulations and international standards. This document is typically used when there is a need for secure payment mechanisms in cross-border transactions, especially when parties don't have established trading relationships or when local regulations require formal banking channels for international payments. The Letter of Credit provides security to both the exporter (who is assured of payment upon presenting compliant documents) and the importer (who knows payment will only be made when specified conditions are met). It must conform to South African foreign exchange regulations and banking laws while following international banking practices outlined in UCP 600. The document specifies all payment conditions, document requirements, and compliance criteria, making it a comprehensive instrument for managing international trade risks.
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1. Issuing Bank Details: Complete identification and contact details of the issuing bank
2. Beneficiary Details: Full name and address of the party in whose favor the credit is issued (typically the seller/exporter)
3. Applicant Details: Full name and address of the party requesting the credit (typically the buyer/importer)
4. Credit Number and Type: Unique identification number of the credit and specification of credit type (irrevocable, confirmed/unconfirmed)
5. Amount and Currency: The credit amount and currency, including any tolerance levels if applicable
6. Availability and Expiry: How and where the credit is available, and the expiry date and place
7. Shipment Terms: Latest shipment date, partial shipments, transhipment provisions
8. Required Documents: Detailed list of documents required for presentation
9. Payment Terms: Specification of when and how payment will be made (sight, deferred payment, acceptance, negotiation)
10. Presentation Period: Time period within which documents must be presented after shipment
1. Transferability Clause: Required if the credit is transferable, specifying terms and conditions of transfer
2. Revolving Credit Terms: Required for revolving credits, specifying reinstatement terms and conditions
3. Red Clause Provisions: Required for red clause credits, detailing advance payment terms
4. Back-to-Back Provisions: Required for back-to-back credits, specifying related credit arrangements
5. Confirmation Instructions: Required when confirmation is requested, including confirming bank details
6. Special Conditions: Any additional terms or conditions specific to the transaction
1. Schedule A - Document Requirements: Detailed specifications for each required document, including format and content requirements
2. Schedule B - Goods Description: Detailed description of the goods or services being traded
3. Schedule C - Special Payment Conditions: Any special conditions relating to payment, including partial payments if applicable
4. Appendix 1 - Standard Banking Forms: Standard forms required for document presentation
5. Appendix 2 - UCP 600 Reference: Relevant articles of UCP 600 applicable to this specific credit
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Commodities Trading
Retail
Agriculture
Mining
Oil and Gas
Textiles
Electronics
Automotive
Chemical Industry
Consumer Goods
Relevant Teams
Trade Finance
International Banking
Legal
Compliance
Treasury
Risk Management
Operations
Documentary Credits
Export Finance
Import Finance
Financial Control
International Business Development
Relevant Roles
Trade Finance Manager
International Trade Specialist
Documentary Credits Officer
Export Finance Manager
Import Finance Manager
Trade Operations Manager
Compliance Officer
Banking Relationship Manager
Treasury Manager
Chief Financial Officer
Financial Controller
Trade Finance Analyst
Risk Manager
Legal Counsel
Documentary Collections Specialist
International Business Development Manager
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