An Irrevocable LC At Sight is a fundamental instrument in international trade finance, providing payment security to sellers while offering buyers documentary control over the transaction. This document is typically used when parties require a secure payment method in cross-border transactions, especially when dealing with new trading partners or in countries with different legal systems. Under Belgian jurisdiction, the document combines international banking practices (UCP 600) with Belgian and EU regulatory requirements, making it particularly suitable for transactions involving Belgian entities or European trade partners. The document includes detailed specifications about payment terms, document requirements, and conditions that must be met for payment release, with the issuing bank making an irrevocable commitment to pay upon presentation of compliant documents.
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1. LC Number and Date: Unique identification number of the LC and date of issuance
2. Issuing Bank Details: Complete name, address, and SWIFT code of the issuing bank
3. Applicant Details: Full name, address, and contact information of the party requesting the LC
4. Beneficiary Details: Full name, address, and contact information of the party in whose favor the LC is issued
5. Currency and Amount: Currency denomination and amount of the LC in both figures and words
6. Expiry Date and Place: Clear statement of when and where the LC expires
7. Available With/By: Specification of where and how the LC is available (payment at sight)
8. Partial Shipments/Transhipment: Whether partial shipments or transhipment is allowed or prohibited
9. Loading/Dispatch From: Port of loading or place of dispatch
10. Discharge/Delivery To: Port of discharge or final destination
11. Latest Date of Shipment: Final date by which shipment must be made
12. Document Requirements: Detailed list of required documents for LC presentation
13. Goods Description: Clear description of goods/services covered by the LC
14. Terms and Conditions: Specific terms and conditions governing the LC, including reference to UCP 600
1. Advising Bank Details: Details of the advising bank when applicable - used when there's an intermediary bank
2. Confirmation Instructions: Instructions regarding confirmation - used when confirmation is requested from another bank
3. Transfer Conditions: Terms for LC transfer - included when the LC is transferable
4. Back-to-Back Provisions: Provisions for back-to-back LC arrangements - used in complex trade transactions
5. Insurance Requirements: Specific insurance requirements - included when insurance is required beyond standard coverage
6. Special Payment Conditions: Any special conditions related to payment - used for specific payment arrangements
7. Reimbursement Instructions: Details of reimbursement arrangements - included when specific reimbursement procedures are required
1. Document Presentation Schedule: Detailed checklist of required documents and presentation requirements
2. Commercial Invoice Format: Prescribed format for commercial invoice presentation
3. Transport Document Requirements: Specific requirements for transport documents
4. Bank Draft Template: Standard format for drafts to be drawn under the LC
5. Examination Guidelines: Guidelines for document examination based on UCP 600 and ISBP
6. Amendment Request Form: Standard form for requesting amendments to the LC
7. Discrepancy Notice Format: Standard format for noting and communicating discrepancies
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Shipping and Logistics
Manufacturing
Wholesale Trade
Retail Trade
Commodities Trading
Agriculture
Mining and Resources
Textiles
Electronics
Automotive
Chemical Industry
Food and Beverage
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Global Trade Operations
Risk Management
Treasury
Compliance
Legal
Supply Chain
Procurement
Credit Control
Trade Documentation
Banking Operations
Relevant Roles
Trade Finance Manager
International Trade Specialist
Letter of Credit Officer
Documentary Credits Manager
Banking Operations Manager
Export Finance Manager
Import Operations Manager
Trade Services Officer
Compliance Officer
Risk Manager
Treasury Manager
Financial Controller
Supply Chain Manager
Procurement Manager
Credit Risk Officer
Trade Documentation Specialist
Global Trade Director
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