The Domestic Lc is a specialized banking instrument used to facilitate and secure trade transactions between parties located within the United Arab Emirates. It serves as a crucial tool in UAE domestic commerce, providing payment security and risk mitigation for both buyers and sellers engaged in local trade. This document is issued under UAE Federal Law No. 18 of 1993 (Commercial Code) and UAE Central Bank regulations, potentially incorporating Islamic banking principles where required. A Domestic Lc typically includes detailed specifications of the transaction, required documentation, payment terms, and compliance requirements, all structured to meet UAE regulatory standards and local banking practices. It's particularly valuable in high-value domestic transactions where parties seek additional payment security and formal banking intermediation.
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1. Letter of Credit Number and Date: Unique identification number and issuance date of the LC
2. Parties: Details of the Issuing Bank, Applicant (Buyer), and Beneficiary (Seller)
3. Credit Amount and Currency: Specification of the LC amount and currency of payment
4. Type and Form of Credit: Specification that this is a domestic, irrevocable letter of credit
5. Expiry Date and Place: Validity period of the LC and place where documents must be presented
6. Available With/By: Specification of how and where the credit is available (payment, acceptance, or negotiation)
7. Required Documents: List of all documents required for presentation under the LC
8. Goods/Services Description: Detailed description of the goods or services being purchased
9. Shipment/Delivery Terms: Specifications for delivery including location and timeline
10. Document Presentation Period: Timeline within which documents must be presented after shipment/delivery
11. Governing Law and Jurisdiction: Specification of UAE law as governing law and relevant jurisdiction
1. Transferability Clause: Include when the LC needs to be transferable to another beneficiary
2. Partial Shipments/Drawings: Include when partial shipments or drawings are allowed/prohibited
3. Special Payment Terms: Include for specific payment arrangements like deferred payment or installments
4. Red Clause Provisions: Include when advance payment to the beneficiary is required
5. Islamic Banking Compliance: Include when the LC needs to comply with Sharia principles
6. Back-to-Back LC Provisions: Include when the LC is part of a back-to-back arrangement
7. Revolving Credit Terms: Include when the LC is designed to revolve in value or time
1. Schedule A - Document Requirements: Detailed list and format of required documents including any special requirements
2. Schedule B - Technical Specifications: Detailed technical specifications of goods/services when applicable
3. Schedule C - Payment Schedule: Detailed payment terms and conditions if involving installments or special arrangements
4. Appendix 1 - Standard Banking Forms: Standard forms required by the issuing bank
5. Appendix 2 - UCP 600 References: Relevant articles of UCP 600 applicable to this LC
6. Appendix 3 - Compliance Certificates: Ƶ for any required compliance certificates
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Manufacturing
Retail Trade
Construction
Oil and Gas
General Trading
Import/Export
Logistics
Industrial Production
Agriculture
Relevant Teams
Trade Finance
Credit Operations
Documentary Credits
Treasury
Financial Control
Procurement
Banking Operations
Risk Management
Islamic Banking
Commercial Operations
Account Management
Legal and Compliance
Relevant Roles
Trade Finance Manager
Credit Manager
Documentary Credits Officer
Treasury Manager
Financial Controller
Procurement Manager
Chief Financial Officer
Banking Operations Manager
Commercial Director
Risk Management Officer
Islamic Banking Compliance Officer
Account Relationship Manager
Supply Chain Manager
Finance Director
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