The Confirmed LC serves as a crucial trade finance instrument in international commerce, particularly where additional payment security is required due to country risk or commercial considerations. When using a Confirmed LC, the document must incorporate both Indonesian legal requirements and international banking standards, providing a framework for secure international trade transactions. The document establishes the terms under which both the issuing bank and confirming bank irrevocably commit to honoring the payment obligation upon presentation of compliant documents. It includes detailed specifications for document presentation, payment terms, and bank obligations, making it particularly valuable in high-value cross-border transactions or when trading with new business partners.
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1. Parties: Identification of all parties involved: Issuing Bank, Confirming Bank, Beneficiary (seller/exporter), and Applicant (buyer/importer)
2. Background: Context of the underlying trade transaction and purpose of the confirmed LC
3. Definitions: Key terms used in the LC document, including banking, trade, and shipping terminology
4. LC Details: Essential information including LC number, amount, currency, and expiry date
5. Form of LC: Specification that this is a confirmed, irrevocable documentary credit
6. Payment Terms: Conditions for payment, including timing and method of payment
7. Documentary Requirements: List of required documents for LC compliance (e.g., commercial invoice, transport documents, certificates)
8. Bank Obligations: Specific obligations of both issuing and confirming banks
9. Presentation Terms: Requirements for document presentation, including timing and location
10. Governing Law and Jurisdiction: Specification of Indonesian law as governing law and relevant jurisdiction
11. UCP 600 Compliance: Statement of compliance with UCP 600 rules and practices
1. Transferability Clause: Include when the LC needs to be transferable to a second beneficiary
2. Revolving Terms: Include for revolving LCs that can be used multiple times
3. Red Clause Provisions: Include when advance payment facilities are required
4. Green Clause Provisions: Include when storage facility arrangements are needed
5. Back-to-Back Arrangements: Include when the LC is part of a back-to-back LC structure
6. Partial Shipment Terms: Include when partial shipments are allowed or prohibited
7. Transhipment Terms: Include when specific transhipment requirements exist
8. Special Instructions: Include when there are specific handling or processing requirements
1. Schedule A - Document Requirements: Detailed list and format of all required documents
2. Schedule B - Goods Description: Detailed description of goods being traded
3. Schedule C - Shipping Terms: Specific shipping requirements and Incoterms
4. Schedule D - Bank Details: Complete banking information for all parties
5. Schedule E - Fee Structure: Breakdown of all banking charges and fees
6. Appendix 1 - Standard Forms: Ƶ for required documents
7. Appendix 2 - Communication Procedures: Protocols for communications between parties
8. Appendix 3 - Compliance Checklist: Checklist for document compliance verification
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Commodities Trading
Retail
Agriculture
Mining
Oil and Gas
Consumer Goods
Textile Industry
Electronics
Relevant Teams
Treasury
Trade Finance
International Banking
Risk Management
Legal
Compliance
Documentary Credits
Trade Operations
Finance
Supply Chain
International Business Development
Banking Operations
Relevant Roles
Trade Finance Manager
International Trade Director
Treasury Manager
Finance Director
Import/Export Manager
Documentary Credits Specialist
Banking Operations Manager
Trade Operations Officer
Chief Financial Officer
Risk Management Officer
Compliance Officer
Letter of Credit Specialist
International Business Development Manager
Supply Chain Manager
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