The LC 90 Days Payment Terms document is a specialized trade finance instrument used in international trade transactions where deferred payment is required. It serves as a crucial tool for businesses engaged in import-export activities within the Indian jurisdiction, providing a secure payment mechanism while offering extended payment terms to buyers. The document is governed by Indian banking regulations, RBI guidelines, and international banking practices (UCP 600), making it a legally robust instrument for cross-border trade. It includes essential details such as the parties involved, payment terms, document requirements, and shipping conditions, while ensuring compliance with Indian foreign exchange regulations. This type of LC is particularly valuable when buyers need credit terms but sellers require bank-backed payment security.
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1. LC Number and Date: Unique identification number of the LC and date of issuance
2. Issuing Bank Details: Complete name, address, and SWIFT code of the bank issuing the LC
3. Applicant Details: Full name, address, and contact information of the buyer/importer
4. Beneficiary Details: Full name, address, and contact information of the seller/exporter
5. LC Amount and Currency: The monetary value and currency of the LC
6. Expiry Date and Place: The date and location where the LC expires
7. Payment Terms: Specification of 90 days payment terms and related conditions
8. Documents Required: List of documents required for LC negotiation
9. Shipment Terms: Details of shipment including latest shipment date and partial shipment conditions
10. Description of Goods: Detailed description of goods being traded
1. Advising Bank Details: Details of the intermediary bank, required when LC is advised through another bank
2. Transferability Clause: Include when LC needs to be transferable to another beneficiary
3. Insurance Requirements: Specific insurance requirements, needed when insurance is part of required documents
4. Special Conditions: Any additional terms or conditions specific to the transaction
5. Reimbursement Instructions: Required when involving a reimbursing bank different from the issuing bank
1. Document Checklist: Detailed checklist of all required documents with specific requirements for each
2. Commercial Invoice Format: Prescribed format for the commercial invoice if specific format is required
3. Banking Charges Schedule: Breakdown of all applicable banking charges and party responsible for payment
4. Goods Specification Appendix: Detailed technical specifications of goods when required
5. Shipping Schedule: Detailed shipment timeline and requirements if applicable
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Retail
Wholesale
Agriculture
Textiles
Automotive
Electronics
Commodities Trading
Shipping and Logistics
Relevant Teams
Finance
International Trade
Treasury
Banking Operations
Compliance
Legal
Supply Chain
Procurement
Credit Control
Risk Management
Documentary Credits
Trade Operations
Relevant Roles
Trade Finance Manager
Import Manager
Export Manager
Banking Operations Manager
Letter of Credit Specialist
International Trade Specialist
Finance Director
Treasury Manager
Compliance Officer
Credit Controller
Banking Relationship Manager
Supply Chain Manager
Chief Financial Officer
Documentary Credits Specialist
Trade Operations Officer
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