The Divisible Letter of Credit is a sophisticated financial instrument used in international trade transactions where flexible drawing arrangements are required. This document type is particularly useful when dealing with multiple shipments, staged deliveries, or when the beneficiary needs the ability to partially transfer or assign rights under the credit. Under Belgian law, these instruments must comply with both the national financial regulations and international banking practices, particularly the UCP 600. The document includes detailed provisions for credit division, drawing procedures, and required documentation, making it suitable for complex international trade transactions where traditional, single-drawing Letters of Credit may not provide sufficient flexibility.
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1. Bank Details and Reference: Issuing bank's details, reference number, and date of issuance
2. Applicant Information: Complete details of the party requesting the letter of credit
3. Beneficiary Information: Complete details of the party in whose favor the letter of credit is issued
4. Credit Amount and Currency: Total amount of the letter of credit and currency denomination
5. Divisibility Terms: Specific terms regarding how the credit can be divided, minimum division amounts, and maximum number of divisions permitted
6. Availability and Expiry: Where and how the credit is available, expiry date and place
7. Drawing Terms: Conditions and required documents for drawing under the credit
8. Shipment Terms: Details of shipment including latest shipment date if applicable
9. Document Presentation: Requirements and timeframes for document presentation
10. Governing Law and Jurisdiction: Specification of Belgian law as governing law and jurisdiction details
1. Transferability: Terms for transfer of the credit, included when the credit is transferable
2. Revolving Terms: Include when the credit is both divisible and revolving
3. Special Instructions: Any special handling or processing instructions
4. Confirmation Instructions: Include when confirmation by another bank is required
5. Reimbursement Instructions: Include when specific reimbursement arrangements are needed between banks
6. Partial Shipment Terms: Include when partial shipments are allowed and need specific regulation
1. Schedule A - Document Requirements: Detailed list of required documents and their specifications
2. Schedule B - Drawing Schedule: Timeline and conditions for multiple drawings under the divisible credit
3. Schedule C - Fee Structure: Detailed breakdown of all applicable fees and charges
4. Schedule D - Division Parameters: Technical parameters for credit division including minimum amounts and procedures
5. Appendix 1 - Standard Drawing Forms: Ƶ for drawing requests and related declarations
6. Appendix 2 - Bank Communication Formats: Specified formats for bank-to-bank and bank-to-party communications
Authors
Relevant legal definitions
Clauses
Relevant Industries
International Trade
Manufacturing
Commodities Trading
Export/Import
Wholesale Distribution
Industrial Equipment
Agriculture and Food
Energy and Resources
Construction
Textiles and Apparel
Relevant Teams
Trade Finance
Treasury
Legal
Compliance
Risk Management
International Banking
Documentary Credits
Trade Operations
Corporate Banking
Financial Control
Relevant Roles
Trade Finance Manager
International Trade Specialist
Finance Director
Treasury Manager
Commercial Banking Officer
Trade Operations Manager
Credit Risk Officer
Documentary Credits Specialist
Import/Export Manager
Compliance Officer
Legal Counsel
Financial Controller
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