This document is essential in international trade transactions where parties seek a secure payment method while operating under Danish jurisdiction. A Recourse Letter of Credit is specifically used when the issuing bank requires full recourse rights against the applicant (typically the buyer) in case of any payment made under the credit. The document is particularly relevant when dealing with cross-border transactions where the parties seek the security of a bank's payment undertaking while ensuring compliance with Danish legal requirements and international banking practices. It includes detailed provisions regarding document presentation, payment terms, and the bank's recourse rights, incorporating both Danish law requirements and UCP 600 guidelines. This type of letter of credit is commonly used when the bank requires additional security or when the applicant's creditworthiness necessitates explicit recourse provisions.
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Key Requirements PROMPT example:
Recourse Letter Of Credit
I need a Recourse Letter of Credit for our Danish manufacturing company to secure a €2.5 million equipment purchase from a German supplier, with presentation deadline of March 15, 2025, including specific provisions for partial shipments and staged payments.
1. Bank Details and Reference: Opening section identifying the issuing bank, letter of credit reference number, and date
2. Applicant Information: Full details of the party requesting the letter of credit
3. Beneficiary Information: Complete details of the party in whose favor the letter of credit is issued
4. Credit Amount and Currency: Specification of the maximum amount and currency of the letter of credit
5. Credit Terms: Key terms including expiry date, place of expiry, and available payment terms
6. Required Documents: Detailed list of documents required for presentation under the letter of credit
7. Recourse Provisions: Explicit terms regarding the bank's right of recourse against the applicant
8. Reimbursement Terms: Details of how and when the bank will be reimbursed by the applicant
9. Governing Law and Jurisdiction: Specification of Danish law as governing law and relevant jurisdiction
1. Partial Shipments/Transhipment: Include when specific shipping arrangements need to be addressed
2. Special Conditions: Add when there are unique requirements or conditions specific to the transaction
3. Transfer Rights: Include when the credit needs to be transferable
4. Bank Charges: Add when there's a need to specify the allocation of banking charges between parties
5. Insurance Requirements: Include when specific insurance coverage needs to be specified
6. Amendment Provisions: Add when specific procedures for amendments need to be detailed
1. Schedule of Fees and Charges: Detailed breakdown of all applicable bank fees and charges
2. Document Requirements Checklist: Detailed checklist of required documents and their specifications
3. Specimen Signatures: Authorized signatures of relevant parties for verification purposes
4. Form of Demand: Standard format for making a demand under the letter of credit
Authors
Relevant legal definitions
Clauses
Relevant Industries
International Trade
Banking & Financial Services
Manufacturing
Import/Export
Shipping & Logistics
Commodities Trading
Wholesale Distribution
Retail
Energy & Resources
Agricultural Products
Relevant Teams
Legal
Finance
Treasury
International Trade
Risk Management
Compliance
Trade Operations
Banking Operations
Documentary Credits
Commercial Banking
Relevant Roles
Trade Finance Manager
International Trade Specialist
Credit Manager
Finance Director
Treasury Manager
Import/Export Manager
Documentary Credits Specialist
Banking Operations Manager
Commercial Banking Officer
Risk Management Officer
Legal Counsel
Compliance Officer
Chief Financial Officer
Trade Operations Manager
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