The Irrevocable At Sight Letter of Credit is a fundamental trade finance instrument used in international commerce when parties seek secure payment methods. It provides assurance to sellers that they will receive payment and to buyers that their payment will only be released upon receipt of specified documents proving proper shipment of goods. Under Philippine jurisdiction, these documents must comply with both international standards (UCP 600) and local regulations including the General Banking Law and BSP circulars. The document contains detailed specifications about the transaction, required documents, payment terms, and conditions that must be met for payment release. Its irrevocable nature means it cannot be modified or cancelled without agreement from all parties, while the 'at sight' feature ensures immediate payment upon successful document verification.
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1. Letter Reference Number: Unique identification number of the Letter of Credit
2. Date of Issuance: The date when the Letter of Credit is issued
3. Issuing Bank Details: Complete name, address, and SWIFT code of the issuing bank
4. Beneficiary Details: Full name and address of the beneficiary (seller/exporter)
5. Applicant Details: Full name and address of the applicant (buyer/importer)
6. Credit Amount: Currency and amount of the Letter of Credit, both in figures and words
7. Expiry Date and Place: The date and location where the Letter of Credit expires
8. Available With/By: Specifies whether credit is available with issuing bank or nominated bank, and payment terms (at sight)
9. Required Documents: Detailed list of documents required for presentation
10. Shipment Terms: Details of goods, shipping method, and delivery terms
11. Presentation Period: Time period within which documents must be presented after shipment
1. Advising Bank Details: Details of the advising bank when applicable - used when there's an intermediary bank
2. Confirmation Instructions: Used when confirmation is requested from another bank
3. Transhipment Conditions: Include when specific transhipment requirements need to be specified
4. Partial Shipment Terms: Include when partial shipments are allowed or prohibited
5. Transfer Conditions: Include when the Letter of Credit is transferable
6. Special Conditions: Any additional terms or conditions specific to the transaction
1. Schedule A - Document Requirements: Detailed checklist of required documents and their specifications
2. Schedule B - Goods Description: Detailed description of goods including specifications, quantity, and unit prices
3. Schedule C - Shipping Terms: Detailed shipping instructions and Incoterms
4. Appendix 1 - Bank Forms: Standard forms required by the issuing bank for document presentation
5. Appendix 2 - UCP 600 Reference: Relevant articles of UCP 600 applicable to this Letter of Credit
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Retail
Agriculture
Mining
Textile
Electronics
Automotive
Consumer Goods
Commodities Trading
Shipping and Logistics
Insurance
Relevant Teams
Finance
Treasury
International Trade
Procurement
Legal
Compliance
Risk Management
Supply Chain
Commercial Operations
Credit Control
Trade Operations
Documentary Credits
Banking Relations
Relevant Roles
Trade Finance Manager
Import/Export Manager
Treasury Manager
Finance Director
Chief Financial Officer
International Sales Manager
Procurement Manager
Documentary Credit Specialist
Trade Operations Officer
Risk Management Officer
Compliance Officer
Banking Relationship Manager
Supply Chain Manager
Commercial Director
Credit Controller
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