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.
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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.
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
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
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
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
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