The Commercial Letter of Credit is a fundamental instrument in international trade finance, particularly vital when parties operate across different jurisdictions and require secure payment mechanisms. This document, governed by Swiss law, provides a bank's irrevocable commitment to pay against compliant documents, effectively reducing payment risks in international transactions. The Swiss jurisdiction is specifically chosen for its sophisticated banking infrastructure, strong legal framework, and reputation for reliability in international finance. The document typically includes detailed specifications about payment terms, document requirements, and shipping conditions, aligned with both Swiss banking regulations and international standards like the UCP 600. Commercial Letters of Credit are especially crucial when dealing with new trading partners or in markets where additional payment security is desired.
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1. Bank Details: Issuing bank's complete details including SWIFT code and contact information
2. Credit Amount and Currency: Specification of the credit amount and currency of payment
3. Beneficiary Information: Complete details of the beneficiary including full name, address, and banking information
4. Applicant Information: Complete details of the applicant (buyer) including full name, address, and reference numbers
5. Credit Type and Number: Specification of the type of credit (irrevocable/confirmed) and unique reference number
6. Shipment Terms: Details of shipment including latest shipment date, partial shipments, transhipment permissions
7. Document Requirements: Comprehensive list of required documents (commercial invoice, transport documents, insurance certificates, etc.)
8. Expiry Details: Place and date of expiry for the letter of credit
9. Payment Terms: Specification of when and how payment will be made (at sight, deferred payment, etc.)
1. Transfer Conditions: Include when the credit is transferable, specifying conditions and procedures for transfer
2. Back-to-Back Provisions: Include when the credit allows for back-to-back arrangements
3. Red Clause Provisions: Include when advance payment facilities are provided to the beneficiary
4. Revolving Credit Terms: Include when the credit is revolving, specifying reinstatement conditions
5. Special Conditions: Include when there are additional requirements or conditions specific to the transaction
6. Confirmation Instructions: Include when confirmation by another bank is required
1. Schedule A - Document Checklist: Detailed checklist of all required documents with specific requirements for each
2. Schedule B - Goods Description: Detailed description of goods including specifications, quantity, and unit prices
3. Schedule C - Special Instructions: Any special handling instructions or requirements for documents
4. Appendix 1 - UCP 600 Reference: Relevant articles of UCP 600 applicable to this specific letter of credit
5. Appendix 2 - Bank Forms: Standard forms required by the issuing bank for amendments or communications
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
International Trade
Import/Export
Manufacturing
Retail
Commodities Trading
Shipping & Logistics
Agriculture
Energy
Mining
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Global Trade Operations
Treasury
Compliance
Legal
Risk Management
International Operations
Financial Control
Relevant Roles
Trade Finance Manager
International Trade Specialist
Documentary Credits Officer
Export Finance Manager
Import Operations Manager
Banking Relationship Manager
Trade Operations Officer
Compliance Officer
Letter of Credit Specialist
Chief Financial Officer
Treasury Manager
Trade Finance Analyst
Global Trade Director
Banking Operations Manager
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