LC Payment Terms In Export documents are essential for Canadian businesses engaged in international trade, providing a secure payment mechanism for export transactions. These terms are typically used when Canadian exporters require guaranteed payment through documentary credits while selling goods internationally. The document incorporates Canadian banking regulations, international trade practices, and UCP 600 guidelines, making it suitable for various export scenarios. It addresses key aspects such as payment conditions, document requirements, bank responsibilities, and compliance with Canadian export regulations. This document type is particularly important when dealing with new trading partners, high-value transactions, or exports to countries with different legal systems, as it provides security and clarity for all parties involved in the transaction.
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1. Parties: Identification of the exporter (beneficiary), importer (applicant), and involved banks
2. Background: Context of the underlying trade transaction and purpose of the LC payment terms
3. Definitions: Key terms used in the document including banking, shipping, and trade terminology
4. LC Type and Value: Specification of the type of LC (irrevocable, confirmed, transferable, etc.) and its value
5. Payment Terms: Detailed conditions for payment, including timing, currency, and payment method
6. Documentation Requirements: List of required documents for LC payment (shipping documents, certificates, etc.)
7. Presentation Period: Timeframe and conditions for document presentation
8. Bank Charges: Allocation of banking fees and charges between parties
9. Shipping Terms: Incoterms and shipping requirements related to LC payment
10. Governing Law and Jurisdiction: Specification of applicable law and courts
11. Force Majeure: Provisions for unforeseen circumstances affecting LC execution
12. Notices: Communication procedures between parties
1. Confirmation Requirements: Used when LC confirmation by a second bank is required
2. Transferability Conditions: Include when the LC needs to be transferable to third parties
3. Back-to-Back LC Arrangements: Required when dealing with intermediate traders or multiple suppliers
4. Red Clause Provisions: Include when advance payment facilities are needed
5. Revolving LC Terms: Used for regular, repeated shipments under the same LC
6. Standby LC Provisions: Include when LC serves as a security rather than primary payment method
7. Partial Shipment Terms: Required when multiple shipments are allowed under the LC
1. Document Checklist: Detailed list of required documents with specific format requirements
2. Banking Instructions: Specific instructions for banking operations and document handling
3. Shipping Schedule: Timeline and details of planned shipments under the LC
4. Product Specifications: Detailed description of goods covered by the LC
5. Sample Documents: Ƶ or examples of required shipping and commercial documents
6. Bank Contact Details: List of relevant banking coordinates and contact information
7. UCP 600 Excerpts: Relevant articles from UCP 600 applicable to the specific LC arrangement
Authors
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Agriculture and Food
Mining and Resources
Automotive
Technology and Electronics
Textile and Apparel
Chemical and Pharmaceuticals
Forestry and Wood Products
Energy and Oil & Gas
Consumer Goods
Industrial Equipment
Aerospace and Defense
Relevant Teams
Legal
Finance
International Trade Operations
Treasury
Export Sales
Compliance
Risk Management
Supply Chain
Documentation
Banking Relations
Relevant Roles
Export Manager
Trade Finance Manager
International Sales Director
Documentary Credit Specialist
Global Trade Operations Manager
Banking Relations Manager
Compliance Officer
International Business Development Manager
Supply Chain Manager
Chief Financial Officer
Treasury Manager
Credit Controller
Trade Documentation Specialist
Export Sales Coordinator
Legal Counsel
Risk Manager
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