A Letter of Credit in International Trade serves as a fundamental instrument in cross-border commerce, providing payment security and risk mitigation for international business transactions. When governed by Swiss law, these documents benefit from Switzerland's sophisticated banking regulations, strong financial sector reputation, and extensive experience in international trade finance. The document is typically used when parties require a secure payment method in international transactions, particularly when dealing with new business relationships or operating in challenging markets. It contains detailed specifications about payment terms, document requirements, shipping conditions, and compliance standards. The involvement of Swiss banks and the application of Swiss law adds an extra layer of credibility and reliability to these instruments, making them particularly attractive for high-value international transactions and trade with emerging markets.
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1. Issuing Bank Details: Complete name, address, and reference numbers of the issuing bank
2. Form of Credit: Specification of whether the LC is irrevocable (all LCs are irrevocable under UCP 600)
3. Beneficiary Details: Full name and address of the beneficiary (seller/exporter)
4. Applicant Details: Full name and address of the applicant (buyer/importer)
5. Date and Place of Expiry: Clear statement of expiration date and place where documents must be presented
6. Amount and Currency: Credit amount, currency, and any tolerance levels if applicable
7. Available With/By: Specifies how the credit is available (by sight, deferred payment, acceptance, or negotiation)
8. Documents Required: Detailed list of all required documents for presentation
9. Shipment Terms: Latest shipment date, partial shipments, transhipment provisions
10. Description of Goods: Clear description of the goods/services covered by the LC
11. Presentation Period: Time period within which documents must be presented after shipment
12. Banking Charges: Specification of which party bears which banking charges
1. Confirmation Instructions: Used when confirmation by another bank is requested, specifying the confirming bank details
2. Transfer Conditions: Include when the LC is transferable, specifying transfer terms and conditions
3. Back-to-Back Provisions: Used in back-to-back LC arrangements, specifying related credit details
4. Red Clause Provisions: Include when advance payment facilities are provided to the beneficiary
5. Green Clause Provisions: Used when storage facilities and advance payment are provided
6. Revolving Credit Terms: Include for revolving LCs, specifying reinstatement terms
7. Special Payment Conditions: Used when there are specific payment terms or conditions beyond standard arrangements
8. Insurance Instructions: Include when specific insurance requirements beyond standard coverage are needed
1. Schedule A - Document Presentation Checklist: Detailed checklist of required documents and their specific requirements
2. Schedule B - Standard Banking Forms: Collection of relevant banking forms for document presentation
3. Schedule C - Commercial Invoice Format: Prescribed format for commercial invoice presentation
4. Schedule D - Transport Document Requirements: Specific requirements for bills of lading or other transport documents
5. Appendix 1 - UCP 600 Reference Guide: Quick reference guide to relevant UCP 600 articles
6. Appendix 2 - Amendment Procedure: Standard procedures for requesting and processing LC amendments
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Agriculture and Food
Commodities Trading
Textiles and Apparel
Automotive
Electronics and Technology
Chemical and Pharmaceuticals
Energy and Resources
Shipping and Logistics
Import/Export
Heavy Industry
Mining
Relevant Teams
Trade Finance
International Banking
Global Transaction Services
Documentary Credits
Export Operations
Import Operations
Risk Management
Treasury
Legal and Compliance
International Sales
Supply Chain Operations
Financial Control
Trade Operations
Credit Administration
Relevant Roles
Trade Finance Manager
International Trade Specialist
Documentary Credits Officer
Export Finance Manager
Import Operations Manager
Trade Operations Officer
Credit Risk Manager
Global Transaction Banking Officer
Supply Chain Finance Manager
International Business Development Manager
Treasury Manager
Commercial Banking Officer
Trade Compliance Officer
Letter of Credit Specialist
International Sales Manager
Chief Financial Officer
Finance Director
Banking Relationship Manager
Trade Documentation Specialist
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