The Documentary Letter of Credit is a fundamental instrument in international trade finance, providing security and payment assurance to parties involved in cross-border transactions. When operating under Danish jurisdiction, it combines the internationally recognized UCP 600 rules with Danish financial regulations and commercial law. This document is typically used when there's a need for a secure payment method in international trade, particularly when parties don't have established trading relationships or when required by regulatory or commercial considerations. The Letter of Credit includes detailed specifications about payment conditions, required documents, shipping terms, and compliance requirements, all structured to meet both Danish legal standards and international banking practices. It's particularly valuable in complex international transactions where multiple parties, including banks, buyers, and sellers, need clear documentation and payment security.
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Key Requirements PROMPT example:
Documentary Letter Of Credit
I need a Documentary Letter of Credit for a Danish manufacturer exporting industrial equipment worth EUR 2.5 million to a Brazilian buyer, with payment to be made in three installments and requiring strict quality certification documentation.
1. Letter Reference and Date: Unique reference number and issuance date of the Letter of Credit
2. Form of Documentary Credit: Specification that this is an irrevocable Documentary Credit and its type (e.g., confirmed, unconfirmed, transferable, etc.)
3. Applicant Details: Full name and address of the party requesting the Letter of Credit (typically the buyer)
4. Beneficiary Details: Full name and address of the party in whose favor the Letter of Credit is issued (typically the seller)
5. Issuing Bank Details: Name and address of the bank issuing the Letter of Credit
6. Currency and Amount: The currency and amount for which the Letter of Credit is issued, both in figures and words
7. Expiry Details: Expiry date and place of the Letter of Credit
8. Available With/By: Specification of where and how the credit is available (bank details and payment terms)
9. Partial Shipments/Transhipment: Whether partial shipments and/or transhipments are allowed or prohibited
10. Loading/Dispatch/Taking in Charge: Place of taking in charge, dispatch, or loading
11. Transportation Details: Port of discharge, place of final destination
12. Latest Date of Shipment: Final date by which shipment must be made
13. Description of Goods: Brief description of the goods and/or services covered
14. Required Documents: Detailed list of all documents required for presentation
15. Additional Conditions: Any special conditions or additional terms
16. Presentation Period: Time period within which documents must be presented after the date of shipment
1. Advising Bank Details: Details of the advising bank when applicable - used when a local bank is needed to advise the credit to the beneficiary
2. Confirmation Instructions: Instructions regarding confirmation - included when confirmation by another bank is requested
3. Reimbursement Instructions: Details for reimbursement between banks - used when involving a reimbursing bank
4. Transferability Conditions: Conditions for transfer of the credit - included only for transferable Letters of Credit
5. Red Clause Provisions: Terms for advance payment - included only in red clause credits
6. Green Clause Provisions: Terms for warehouse storage - included only in green clause credits
7. Back-to-Back Provisions: Terms for back-to-back credit arrangements - used in complex trading relationships
8. Revolving Credit Terms: Terms for credit renewal - included only for revolving Letters of Credit
1. Schedule A - Document Requirements: Detailed specification of required documents including format, content, and number of copies
2. Schedule B - Technical Specifications: Detailed technical specifications of the goods or services being traded
3. Schedule C - Insurance Requirements: Specific insurance requirements and coverage details
4. Appendix 1 - Standard Banking Forms: Standard forms required by the issuing bank
5. Appendix 2 - Shipping Terms: Detailed shipping and delivery terms including Incoterms
6. Appendix 3 - Fee Schedule: Breakdown of all applicable banking fees and charges
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Maritime and Shipping
Manufacturing
Import/Export
Retail
Wholesale
Agriculture
Commodities Trading
Energy and Resources
Transportation and Logistics
Insurance
Relevant Teams
Legal
Finance
International Trade
Treasury
Compliance
Trade Operations
Credit Administration
Risk Management
Documentary Credits
Banking Operations
Commercial Banking
Relevant Roles
Trade Finance Manager
International Banking Officer
Commercial Banking Manager
Documentary Credits Specialist
Import Manager
Export Manager
Finance Director
Treasury Manager
Credit Manager
Trade Operations Officer
Compliance Officer
Legal Counsel
Chief Financial Officer
Banking Relationship Manager
International Trade Specialist
Supply Chain Manager
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