The Direct Pay Letter of Credit is a crucial financial instrument in Philippine commerce and international trade, providing a secure payment mechanism for complex commercial transactions. It is particularly useful when immediate, irrevocable payment assurance is required upon document presentation, without the need for additional approvals or conditions. The document is governed by Philippine banking regulations, particularly the General Banking Law of 2000 and BSP regulations, while also adhering to international standards such as UCP 600. This type of Letter of Credit is commonly used in high-value transactions, infrastructure projects, or when sellers require strong payment security. The document specifies all payment terms, document requirements, and compliance conditions, providing clarity and certainty for all parties involved in the transaction.
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1. Issuing Bank Details: Complete name, address, and contact information of the issuing bank
2. L/C Number and Date: Unique letter of credit reference number and issuance date
3. Beneficiary Details: Full name and address of the party receiving payment under the L/C
4. Applicant Details: Full name and address of the party requesting the L/C
5. Currency and Amount: Specified currency and numerical/written amount of the L/C
6. Expiry Date: Clear statement of when the L/C expires and where it expires
7. Payment Terms: Specific conditions and timing of payment, indicating direct pay nature
8. Required Documents: Detailed list of documents required for payment
9. Presentation Terms: Where and how documents should be presented
10. Governing Law: Statement that Philippine law governs the L/C
11. UCP Declaration: Statement that L/C is subject to UCP 600
1. Confirmation Instructions: Include when confirmation by another bank is requested
2. Transhipment Terms: Include when dealing with shipment of goods
3. Partial Shipment Terms: Include when multiple shipments might be involved
4. Transfer Rights: Include when the L/C needs to be transferable
5. Special Conditions: Include when there are additional requirements specific to the transaction
6. Back-to-Back Provisions: Include when L/C is part of a back-to-back arrangement
7. Foreign Exchange Provisions: Include when currency conversion or exchange rates are relevant
1. Document Checklist: Detailed checklist of all required documents with specific requirements for each
2. Fee Schedule: Breakdown of all applicable banking fees and charges
3. Payment Schedule: If payments are to be made in installments or against multiple presentations
4. Form of Demand: Template for the beneficiary to make a complying demand under the L/C
5. Specimen Signatures: Authorized signatures for relevant parties when required
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Retail
Construction
Energy
Agriculture
Mining
Telecommunications
Infrastructure
Real Estate
Relevant Teams
Trade Finance
Treasury
Finance
Legal
Compliance
Risk Management
Banking Operations
International Trade
Documentary Credits
Commercial Banking
Credit Administration
Procurement
Relevant Roles
Trade Finance Manager
Treasury Manager
Chief Financial Officer
Finance Director
Banking Operations Manager
Trade Operations Officer
Credit Manager
Documentary Credits Specialist
International Trade Specialist
Compliance Officer
Legal Counsel
Risk Manager
Commercial Banking Officer
Import/Export Manager
Procurement Manager
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