The Irrevocable Confirmed LC at Sight is a crucial document in Canadian international trade finance, designed to provide maximum security for cross-border transactions. It represents an irrevocable undertaking by both the issuing bank and a confirming bank to pay the beneficiary upon presentation of compliant documents, governed by Canadian federal banking laws, provincial regulations, and international UCP 600 rules. This instrument is particularly valuable when dealing with new trading partners, high-value transactions, or politically/economically unstable regions. The confirmation adds an additional layer of security, while the 'at sight' feature ensures prompt payment, making it especially attractive for exporters who require immediate access to funds. The document typically includes detailed specifications about the underlying trade transaction, required documentation, payment terms, and banking arrangements.
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1. LC Number and Date: Unique identification number and issuance date of the Letter of Credit
2. Form of Credit: Specification that this is an irrevocable confirmed letter of credit at sight
3. Issuing Bank Details: Complete name, address, and SWIFT code of the issuing bank
4. Confirming Bank Details: Complete name, address, and SWIFT code of the confirming bank
5. Applicant Details: Full name and address of the party requesting the LC
6. Beneficiary Details: Full name and address of the party in whose favor the LC is issued
7. Currency and Amount: Currency denomination and amount of the LC in both figures and words
8. Available With/By: Specification of payment terms (at sight) and where the credit is available
9. Expiry Date and Place: Clear statement of when and where the LC expires
10. Required Documents: Detailed list of documents required for presentation
11. Shipment Terms: Details of shipment including latest shipment date and partial shipments/transshipment permissions
12. Description of Goods/Services: Clear description of the goods or services covered by the LC
13. Special Conditions: Any specific conditions or requirements particular to this LC
14. Bank Charges: Specification of which party bears which bank charges
15. Period for Presentation: Timeframe within which documents must be presented after shipment
16. UCP 600 Reference: Statement incorporating UCP 600 rules
1. Transfer Conditions: Include when the LC needs to be transferable to another beneficiary
2. Back-to-Back Provisions: Include when the LC may be used as collateral for another LC
3. Revolving Terms: Include when the LC has revolving value or quantity provisions
4. Red Clause Provisions: Include when advance payment provisions are required
5. Green Clause Provisions: Include when storage provisions are required
6. Confirmation Instructions: Include specific confirmation requirements when multiple confirming banks are involved
7. Reimbursement Instructions: Include when specific reimbursement arrangements between banks are required
1. Schedule A - Document Requirements: Detailed checklist of required documents and their specific requirements
2. Schedule B - Goods Specification: Detailed technical specifications of goods when complex products are involved
3. Schedule C - Special Payment Terms: Any special payment arrangements or conditions
4. Appendix 1 - Standard Banking Forms: Standard forms required for document presentation
5. Appendix 2 - SWIFT Message Formats: Required SWIFT message formats for communication
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