The Import LC (Letter of Credit) is a fundamental trade finance instrument used in New Zealand for securing international trade transactions. This document is typically employed when a New Zealand-based company needs to import goods from overseas suppliers and wants to establish a secure payment mechanism. The Import LC, governed by New Zealand law and international banking practices (UCP 600), serves as a bank's guarantee to pay the overseas seller, provided that all specified documents are presented in compliance with the LC terms. It is particularly important in situations where parties lack an established trading relationship or when significant transaction values are involved. The document includes critical details such as payment terms, shipping requirements, document specifications, and compliance conditions, all structured to protect both the importer's and exporter's interests while ensuring smooth international trade operations.
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1. Issuing Bank Details: Complete identification and contact details of the bank issuing the LC
2. Beneficiary Information: Full details of the seller/exporter who will receive payment under the LC
3. Applicant Information: Complete details of the buyer/importer who is requesting the LC
4. LC Amount and Currency: Precise statement of the credit amount and currency of payment
5. Expiry Date and Place: Clear specification of when and where the LC expires
6. Payment Terms: Detailed payment conditions including sight, acceptance, or deferred payment
7. Required Documents: Comprehensive list of all documents required for presentation
8. Shipment Terms: Details of shipment including latest shipment date, partial shipments, transhipment
9. Goods Description: Precise description of the goods being traded
10. Incoterms: Specification of applicable Incoterms rule
1. Transferability Clause: Include when the LC needs to be transferable to a second beneficiary
2. Red Clause: Include when advance payment to the beneficiary is permitted
3. Back-to-Back Arrangements: Include when the LC supports a back-to-back LC structure
4. Revolving Terms: Include for revolving LCs that automatically renew
5. Confirmation Instructions: Include when confirmation by another bank is required
6. Special Conditions: Include any additional terms specific to the transaction
1. Schedule A - Document Requirements: Detailed checklist of required documents and their specifications
2. Schedule B - Technical Specifications: Detailed technical description of goods when required
3. Schedule C - Price Schedule: Breakdown of prices if multiple items or shipments are involved
4. Appendix 1 - UCP 600 References: Relevant UCP 600 articles applicable to the LC
5. Appendix 2 - Bank Format Requirements: Specific formatting requirements for document presentation
6. Appendix 3 - Shipping Schedule: Detailed shipping timeline and requirements if applicable
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