The Letter of Credit 60 Days is a fundamental trade finance instrument used in international commerce when parties seek a secure payment method with a deferred payment term. This document type is particularly relevant in the Canadian market where it must comply with the Bank Act and federal regulations while adhering to international UCP 600 standards. It provides sellers with a bank-backed payment guarantee while offering buyers a 60-day financing period, making it ideal for businesses managing working capital in international trade. The document typically includes specific terms regarding document presentation, payment conditions, and compliance requirements, reflecting both Canadian legal requirements and international banking practices. It's commonly used in various industries where the buyer needs short-term trade financing and the seller requires payment security.
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1. Issuing Bank Details: Full name and address of the bank issuing the Letter of Credit
2. LC Number and Date: Unique identification number of the LC and date of issuance
3. Beneficiary Details: Complete name and address of the party receiving payment under the LC
4. Applicant Details: Complete name and address of the party requesting the LC
5. Currency and Amount: Specified currency and amount of the LC in both figures and words
6. Expiry Date: Clear statement of the 60-day validity period and exact expiry date
7. Place of Expiry: Location where the LC expires and documents must be presented
8. Available With/By: Specification of how and where the LC is available (payment, acceptance, negotiation)
9. Documents Required: Detailed list of documents required for presentation
10. Shipment Terms: Details of shipment including latest shipment date and partial shipments clause
11. Description of Goods/Services: Clear description of the goods or services covered by the LC
12. Special Conditions: Any specific conditions or requirements that must be met
1. Transferability Clause: Include when the LC needs to be transferable to another beneficiary
2. Revolving Terms: Include when the LC is revolving rather than single-use
3. Red Clause: Include when advance payment to the beneficiary is allowed
4. Back-to-Back Provisions: Include when the LC is part of a back-to-back arrangement
5. Confirmation Instructions: Include when confirmation by another bank is required
6. Deferred Payment Terms: Specific details about the 60-day payment deferral structure
7. Insurance Requirements: Include when specific insurance coverage needs to be specified
1. Schedule A - Document Requirements: Detailed checklist of all required documents and their specific requirements
2. Schedule B - Goods Specification: Detailed technical specifications of goods when required
3. Schedule C - Payment Schedule: Detailed breakdown of payment terms and calculations for the 60-day period
4. Appendix 1 - UCP 600 References: Specific articles of UCP 600 applicable to this LC
5. Appendix 2 - Bank Forms: Standard forms required by the issuing bank for document presentation
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Retail
Wholesale
Commodities Trading
Agriculture
Energy
Mining
Telecommunications
Construction
Automotive
Textile Industry
Consumer Goods
Relevant Teams
Trade Finance
Treasury
International Business
Finance
Legal
Compliance
Risk Management
Supply Chain
Procurement
Credit Control
Operations
Documentary Credits
International Banking
Relevant Roles
Trade Finance Manager
International Business Development Manager
Import/Export Coordinator
Treasury Manager
Chief Financial Officer
Finance Director
Banking Relationship Manager
Trade Operations Manager
Documentary Credits Specialist
Compliance Officer
Risk Manager
Supply Chain Manager
Procurement Manager
Credit Controller
Financial Controller
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