Letter of Credit Payment Terms documents are essential instruments in international trade finance, particularly within the Indonesian legal framework. These documents are used when parties engage in cross-border transactions and require a secure payment mechanism through documentary credits. The terms outline the specific conditions under which payment will be made, incorporating requirements from Bank Indonesia Regulations, particularly No. 18/19/PBI/2016 and the internationally recognized UCP 600 rules. This document type is crucial when Indonesian companies engage in international trade, providing security to sellers through bank guarantees while protecting buyers through document verification requirements. The Letter of Credit Payment Terms include detailed specifications about document presentation, payment conditions, timeframes, and bank responsibilities, ensuring all parties have clear understanding of their obligations and rights under Indonesian law.
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1. Letter Reference and Date: Document identifier and date of issuance
2. Parties: Details of all involved parties: Applicant (Buyer), Beneficiary (Seller), Issuing Bank, and any Advising/Confirming Banks
3. L/C Type and Amount: Specification of the type of L/C (e.g., irrevocable, confirmed) and the credit amount with currency
4. Goods Description: Detailed description of the goods or services being traded
5. Required Documents: List of all documents required for L/C presentation (e.g., commercial invoice, bill of lading, insurance documents)
6. Shipment Terms: Details of shipment including latest shipment date, partial shipments, transhipment permissions
7. Presentation Period: Timeframe within which documents must be presented after shipment
8. Payment Terms: Specific conditions for payment including sight, deferred payment, or acceptance
9. Bank Charges: Allocation of banking charges between parties
10. Governing Law: Statement that Indonesian law governs the agreement and reference to UCP 600
1. Transfer Rights: Include when the L/C needs to be transferable to a third party
2. Back-to-Back Arrangements: Include when there's a back-to-back L/C arrangement involved
3. Red Clause Provisions: Include when advance payment provisions are required
4. Revolving Credit Terms: Include for recurring trade relationships with automatic reinstatement provisions
5. Force Majeure: Include when specific force majeure provisions beyond standard UCP 600 terms are required
6. Amendment Procedures: Include when specific amendment procedures need to be detailed beyond standard practices
7. Discrepancy Handling: Include when specific procedures for handling document discrepancies need to be detailed
1. Schedule A - Document Checklist: Detailed checklist of required documents with specific format requirements
2. Schedule B - Bank Details: Complete banking information for all parties involved
3. Schedule C - Goods Specification: Detailed technical specifications of the goods
4. Appendix 1 - Document Ƶ: Standard templates for required documents
5. Appendix 2 - INCOTERMS: Specific INCOTERMS definitions and requirements applicable to the transaction
6. Appendix 3 - Bank Forms: Standard banking forms required for L/C processing
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
International Trade
Manufacturing
Import/Export
Retail
Commodities
Agriculture
Mining
Oil & Gas
Textiles
Electronics
Automotive
Consumer Goods
Relevant Teams
Finance
Treasury
International Trade Operations
Legal
Compliance
Risk Management
Supply Chain
Procurement
Banking Relations
Trade Documentation
Credit Administration
Relevant Roles
Trade Finance Manager
International Trade Specialist
Treasury Manager
Chief Financial Officer
Finance Director
Import/Export Manager
Trade Operations Manager
Banking Relations Manager
Documentary Credits Specialist
Compliance Officer
Risk Manager
Supply Chain Manager
Procurement Manager
Legal Counsel
Trade Finance Analyst
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