The Export Letter of Credit is a fundamental document in international trade finance, providing security and payment assurance to exporters while offering credit protection to importers. This document is essential when engaging in cross-border trade transactions from the Philippines, particularly when dealing with new trading partners or when required by regulatory authorities. The letter of credit structure follows both Philippine banking regulations, overseen by the Bangko Sentral ng Pilipinas, and international standards set by the UCP 600. It specifies key transaction details including payment terms, shipping requirements, and document presentation conditions, while ensuring compliance with Philippine foreign exchange regulations and international trade practices. Export Letters of Credit are particularly crucial for high-value transactions or when trading with partners in countries with different legal systems or higher commercial risks.
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1. Letter of Credit Number and Date: Unique identification number and issuance date of the Letter of Credit
2. Applicant Details: Complete name and address of the importer/buyer who has requested the Letter of Credit
3. Beneficiary Details: Complete name and address of the exporter/seller in whose favor the Letter of Credit is issued
4. Issuing Bank Details: Name and address of the bank issuing the Letter of Credit
5. Amount and Currency: The credit amount and currency in both figures and words
6. Expiry Date and Place: The final date and location for presentation of documents
7. Shipment Terms: Latest shipment date, partial shipments, transhipment provisions
8. Payment Terms: Whether the credit is sight, acceptance, or deferred payment
9. Required Documents: List of documents required for presentation
10. Goods Description: Brief description of the merchandise being traded
11. Incoterms: Specified trade term and version being used
1. Advising Bank Details: Details of the bank advising the credit, used when there's an intermediary bank
2. Confirming Bank Details: Details of the confirming bank, included when the credit is confirmed
3. Transfer Provisions: Terms for transferring the credit, included when the credit is transferable
4. Special Conditions: Any additional terms or conditions specific to the transaction
5. Back-to-Back Provisions: Used when the credit is part of a back-to-back arrangement
6. Red Clause Provisions: Included when advance payment terms are permitted
7. Green Clause Provisions: Used when storage of goods is involved with advance payment
8. Insurance Instructions: Detailed insurance requirements when required under the chosen Incoterms
1. Schedule A - Document Requirements: Detailed list of required documents with specific formatting and content requirements
2. Schedule B - Technical Specifications: Detailed technical specifications of the goods when required
3. Schedule C - Shipping Schedule: Detailed shipping timeline and requirements if multiple shipments are involved
4. Appendix 1 - Standard Banking Forms: Standard forms required by the issuing bank for document presentation
5. Appendix 2 - Special Instructions: Any special instructions for document preparation and presentation
6. Appendix 3 - Bank Contact Details: Complete contact information for all banks involved in the transaction
Authors
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Agriculture and Food
Textiles and Garments
Electronics
Mining and Minerals
Chemical Products
Automotive
Consumer Goods
Pharmaceuticals
Industrial Equipment
Marine Products
Furniture and Home Goods
Construction Materials
Renewable Energy Equipment
Relevant Teams
Finance
International Trade
Legal
Compliance
Treasury
Documentation
Export Operations
Risk Management
Supply Chain
Banking Relations
Commercial Operations
Relevant Roles
Export Manager
Trade Finance Manager
International Sales Director
Documentation Officer
Compliance Officer
Banking Relations Manager
Finance Director
Chief Financial Officer
International Business Development Manager
Shipping Manager
Supply Chain Director
Treasury Manager
Credit Control Manager
Legal Counsel
Risk Management Officer
Operations Manager
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