The Letter of Credit Collection document is essential for international trade transactions conducted under Philippine jurisdiction. It is used when a seller wants to ensure secure payment collection through banking channels while providing the buyer with necessary documentation for the goods. This document type combines elements of both documentary collections and letters of credit, following the regulations set by the Bangko Sentral ng Pilipinas (BSP) and international banking practices under UCP 600. It specifies the role of each bank involved, outlines document requirements, details payment terms, and establishes the collection process. The document is particularly important in the Philippine context due to specific local banking regulations and foreign exchange controls that must be observed in international trade transactions.
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1. Bank Details: Full details of the issuing bank, collecting bank, and any intermediary banks involved
2. Transaction Participants: Details of the applicant (buyer/importer) and beneficiary (seller/exporter)
3. Letter of Credit Terms: Specific details including LC number, amount, currency, and expiry date
4. Required Documents: List of all required documents for collection (e.g., commercial invoice, bill of lading, insurance documents)
5. Payment Terms: Specified payment conditions, timing, and method of payment
6. Collection Instructions: Detailed instructions for handling the collection process
7. Shipping Terms: Information about shipment, including Incoterms and delivery conditions
8. Bank Charges: Specification of which party bears which bank charges
1. Partial Shipments: Include when partial shipments are allowed or prohibited
2. Transhipment: Include when specific transhipment conditions apply
3. Insurance Coverage: Include when specific insurance requirements need to be detailed
4. Special Conditions: Include when there are additional requirements or conditions specific to the transaction
5. Protest Instructions: Include when specific instructions for protest in case of non-payment are required
6. Reimbursement Instructions: Include when special reimbursement arrangements between banks are needed
1. Schedule A - Document Checklist: Detailed checklist of all required documents and their specifications
2. Schedule B - Bank Forms: Standard banking forms required for the collection process
3. Schedule C - Terms and Conditions: Standard terms and conditions applicable to the LC collection
4. Appendix 1 - UCP 600 References: Relevant articles from UCP 600 applicable to this collection
5. Appendix 2 - Fee Schedule: Detailed breakdown of all applicable bank charges and fees
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Retail
Agriculture
Mining
Textiles
Electronics
Construction
Commodities Trading
Shipping and Logistics
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Treasury
Legal and Compliance
Risk Management
Financial Operations
Trade Operations
Supply Chain
Banking Operations
Relevant Roles
Trade Finance Manager
International Banking Officer
Documentary Credits Specialist
Import/Export Manager
Treasury Manager
Trade Operations Officer
Compliance Officer
Financial Controller
Banking Relationship Manager
Credit Risk Officer
International Trade Specialist
Supply Chain Manager
Chief Financial Officer
Banking Operations Manager
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