A Confirmed LC (Letter of Credit) is essential in international trade transactions where enhanced payment security is required. This document type is particularly relevant when trading partners seek additional assurance beyond a standard LC, especially when dealing with unfamiliar jurisdictions or counterparties. Under Danish law, the Confirmed LC adds a second bank's independent payment obligation to that of the issuing bank, providing the beneficiary with two separate payment undertakings. The document must comply with Danish financial regulations, EU directives, and international banking standards such as UCP 600. It typically includes detailed specifications about the trade transaction, required documents, payment terms, and the obligations of all involved parties. This instrument is commonly used in high-value transactions or when trading with countries where additional banking security is desired.
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Key Requirements PROMPT example:
Confirmed Lc
I need a Confirmed LC draft for a €2.5 million machinery import from Germany to Denmark, with quarterly shipments throughout 2025, including specific provisions for technical inspection certificates and performance testing documentation.
1. Letter of Credit Number: Unique identification number of the LC
2. Date of Issue: Date when the LC is issued
3. Applicant Details: Full name and address of the party requesting the LC (buyer/importer)
4. Beneficiary Details: Full name and address of the party in whose favor the LC is issued (seller/exporter)
5. Issuing Bank Details: Name and address of the bank issuing the LC
6. Confirming Bank Details: Name and address of the bank adding its confirmation
7. Currency and Amount: Currency and amount of the LC in both figures and words
8. Expiry Date and Place: Date and location where the LC expires
9. Available With/By: Terms of availability and method of payment
10. Partial Shipments: Whether partial shipments are allowed or not
11. Transhipment: Whether transhipment is allowed or not
12. Documents Required: Detailed list of all required documents for LC payment
13. Shipment Terms: Details of shipment including latest shipment date and destination
14. Description of Goods: Detailed description of the goods being traded
15. Special Conditions: Any additional terms and conditions specific to this LC
1. Transferability Clause: Include when the LC needs to be transferable to another beneficiary
2. Red Clause: Include when advance payment provisions are required
3. Green Clause: Include when warehouse storage provisions are needed
4. Revolving Credit Clause: Include when the LC is intended to revolve in value or time
5. Deferred Payment Terms: Include when payment is to be made at a specified future date
6. Back-to-Back Provisions: Include when the LC is part of a back-to-back arrangement
7. Standby Provisions: Include when the LC serves as a standby guarantee
1. Schedule of Documents: Detailed specifications for each required document
2. Schedule of Goods: Detailed specifications of goods including technical details if necessary
3. Schedule of Prices: Breakdown of prices if multiple items or components are involved
4. Schedule of Shipment Terms: Detailed shipping instructions and requirements
5. Bank Fee Schedule: Breakdown of all applicable banking charges and fees
Authors
Relevant legal definitions
Clauses
Relevant Industries
International Trade
Banking and Financial Services
Manufacturing
Import/Export
Logistics and Transportation
Retail
Commodities Trading
Agriculture
Energy
Construction
Automotive
Electronics
Relevant Teams
Trade Finance
Treasury
International Banking
Risk Management
Compliance
Legal
Supply Chain
Finance
International Sales
Operations
Credit Administration
Documentary Credits
Relevant Roles
Trade Finance Manager
International Trade Specialist
Treasury Manager
Finance Director
Import/Export Manager
Credit Manager
Documentary Credits Specialist
Trade Operations Manager
Commercial Banking Officer
Risk Manager
Compliance Officer
Supply Chain Manager
Chief Financial Officer
Banking Relationship Manager
International Sales Manager
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