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Deferred Lc Template for Denmark

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Key Requirements PROMPT example:

Deferred Lc

Need a Deferred LC agreement under Danish law for a manufacturing equipment purchase worth €2.5M, with 90-day payment terms after document presentation, and specific provisions for electronic document submission through our Swedish advising bank.

What is a Deferred Lc?

This document is essential for international trade transactions under Danish jurisdiction where parties seek to establish a deferred payment mechanism through a documented letter of credit. A Deferred LC provides security to the seller while offering payment flexibility to the buyer, making it particularly valuable in cross-border transactions. The document incorporates specific provisions required under Danish law, including compliance with the Danish Contracts Act and Financial Business Act, while also adhering to international banking standards such as UCP 600. It details the conditions for document presentation, examination criteria, payment terms, and the obligations of all parties involved. This instrument is commonly used when buyers require extended payment terms while ensuring sellers receive a bank-backed payment commitment.

What sections should be included in a Deferred Lc?

1. Parties: Identification of all parties: Applicant, Beneficiary, Issuing Bank, and any Advising/Confirming Banks

2. Background: Context of the underlying commercial transaction and purpose of the Deferred LC

3. Definitions: Key terms used in the agreement, including specific banking and trade finance terminology

4. LC Amount and Currency: Specification of the credit amount and currency of payment

5. Deferred Payment Terms: Detailed payment schedule, maturity date, and triggering events for payment obligation

6. Document Requirements: List of required documents for presentation and compliance criteria

7. Presentation Period: Timeframe and conditions for document presentation

8. Bank's Obligations: Responsibilities and obligations of the issuing and any confirming banks

9. Applicant's Obligations: Responsibilities and obligations of the LC applicant, including reimbursement terms

10. Beneficiary's Rights: Terms governing the beneficiary's right to payment upon compliant presentation

11. Examination of Documents: Standards and timeframe for document examination

12. Discrepancies and Waivers: Procedures for handling documentary discrepancies

13. Force Majeure: Provisions for unforeseen circumstances affecting contract performance

14. Governing Law and Jurisdiction: Specification of Danish law as governing law and jurisdiction details

What sections are optional to include in a Deferred Lc?

1. Confirming Bank Provisions: Required when a confirming bank is involved in the transaction

2. Transfer Rights: Include when the LC needs to be transferable

3. Back-to-Back LC Arrangements: Necessary when back-to-back LC structure is used

4. Insurance Requirements: Include when specific insurance coverage is required

5. Sanctions Compliance: Include when parties are from countries with specific sanctions considerations

6. Bank Charges: Optional detailed breakdown of bank charges and their allocation

7. Amendment Procedures: Include when specific amendment processes need to be detailed

8. Electronic Presentation: Include when electronic presentation of documents is permitted

What schedules should be included in a Deferred Lc?

1. Schedule 1 - Document Checklist: Detailed list of required documents and their specific requirements

2. Schedule 2 - Fee Schedule: Breakdown of all applicable fees, charges, and commission

3. Schedule 3 - Payment Schedule: Detailed timeline of deferred payment structure

4. Schedule 4 - Form of Demand: Template for presentation of demand under the LC

5. Appendix A - Standard Forms: Ƶ for common documents required under the LC

6. Appendix B - Bank's Standard Terms: Standard terms and conditions of the issuing bank

7. Appendix C - Communication Procedures: Protocols for communications between parties

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions



































Clauses






























Relevant Industries

Banking & Financial Services

International Trade

Manufacturing

Import/Export

Shipping & Logistics

Commodities Trading

Retail

Agriculture

Energy

Construction

Relevant Teams

Legal

Trade Finance

International Banking

Treasury

Risk Management

Compliance

Operations

Credit Administration

Commercial Banking

Finance

Supply Chain

Relevant Roles

Trade Finance Manager

International Banking Officer

Documentary Credits Specialist

Treasury Manager

Import/Export Manager

Trade Operations Officer

Credit Risk Manager

Commercial Banking Manager

International Trade Specialist

Compliance Officer

Legal Counsel

Financial Controller

Supply Chain Manager

Chief Financial Officer

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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