The Trade Finance Letter of Credit is a fundamental document in Indonesian international trade transactions, providing a secure payment mechanism between importers and exporters. It is particularly crucial in the Indonesian context where cross-border trade requires strict compliance with Bank Indonesia regulations, including Regulation No. 5/11/PBI/2003 and foreign exchange regulations. The document serves as a bank's irrevocable undertaking to pay the beneficiary upon presentation of compliant documents, effectively mitigating payment risks in international trade. Used extensively across various industries, it combines local regulatory requirements with international banking practices (UCP 600), making it essential for businesses engaged in import/export activities through Indonesian banks. The document typically includes detailed terms regarding payment conditions, document requirements, shipping terms, and compliance with Indonesian trade regulations.
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1. L/C Number and Date: Unique identification number of the L/C and date of issuance
2. Type of Credit: Specification of whether the L/C is irrevocable, confirmed, transferable, etc.
3. Applicant Details: Full name and address of the party requesting the L/C (usually the buyer/importer)
4. Beneficiary Details: Full name and address of the party in whose favor the L/C is issued (usually the seller/exporter)
5. Issuing Bank Details: Name and address of the bank issuing the L/C
6. Amount and Currency: The credit amount and currency, including any tolerance levels if applicable
7. Expiry Date and Place: The date and location where the L/C expires
8. Available With/By: Specification of where and how the credit is available (payment, acceptance, negotiation)
9. Partial Shipments: Whether partial shipments are allowed or prohibited
10. Transhipment: Whether transhipment is allowed or prohibited
11. Loading/Dispatch From: Port of loading or place of dispatch
12. Discharge/Delivery To: Port of discharge or final destination
13. Latest Date of Shipment: Final date by which shipment must be made
14. Description of Goods: Detailed description of the merchandise being traded
15. Required Documents: List of all documents required for presentation
16. Additional Conditions: Any additional terms and conditions that apply to the L/C
17. Bank Charges: Specification of which party bears which bank charges
1. Confirmation Instructions: Used when confirmation by another bank is requested, specifying the confirming bank's details
2. Reimbursing Bank: Included when a reimbursing bank is involved in the transaction
3. Advising Bank: When an advising bank different from the confirming bank is involved
4. Transfer Conditions: Included when the L/C is transferable, specifying transfer terms and conditions
5. Red Clause: Used when advance payment terms are included in the L/C
6. Green Clause: Included when warehouse storage provisions are part of the L/C terms
7. Insurance Instructions: Used when specific insurance requirements need to be detailed
8. Special Payment Conditions: Included when there are specific payment terms such as deferred payment or acceptance terms
1. Commercial Invoice Requirements: Detailed specifications for the format and content of commercial invoices
2. Packing List Requirements: Specific requirements for packing lists and packaging details
3. Transport Document Requirements: Detailed requirements for bills of lading or other transport documents
4. Technical Specifications: Detailed technical specifications of the goods being traded
5. Inspection Certificate Requirements: Requirements for pre-shipment inspection certificates if required
6. Price Calculation Formula: If applicable, formula for calculating final price based on quantity or quality parameters
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
International Trade
Manufacturing
Agriculture & Food
Textiles & Garments
Mining & Resources
Oil & Gas
Consumer Goods
Electronics & Technology
Automotive
Chemical & Pharmaceuticals
Construction & Infrastructure
Logistics & Transportation
Relevant Teams
Trade Finance
International Banking
Corporate Banking
Documentary Credits
Risk Management
Compliance
Treasury
Supply Chain
Finance
Legal
Operations
Credit Analysis
Trade Operations
International Trade
Relevant Roles
Trade Finance Manager
International Banking Officer
Letter of Credit Specialist
Import Manager
Export Manager
Trade Operations Officer
Documentary Credits Manager
Corporate Banking Manager
International Trade Specialist
Compliance Officer
Risk Management Officer
Treasury Manager
Supply Chain Manager
Chief Financial Officer
Finance Director
Trade Documentation Specialist
Banking Relationship Manager
Credit Analysis Manager
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