The Letter of Credit Fee agreement is a crucial document used in Philippine banking transactions to establish and formalize the fee arrangement between a bank and its clients for Letter of Credit services. This document becomes necessary when a company or individual requires Letter of Credit facilities for their international trade operations. It outlines all applicable fees, calculation methods, and payment terms in compliance with BSP Circular No. 1044 and other relevant Philippine banking regulations. The agreement typically accompanies a main Letter of Credit facility and ensures transparency in banking charges while protecting both the bank's and client's interests in accordance with Philippine law and international banking practices.
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1. Parties: Identification of the bank and the client/applicant
2. Background: Context of the agreement and reference to the main Letter of Credit facility
3. Definitions: Key terms used in the agreement including types of fees, LC terms, and calculation periods
4. Fee Structure: Detailed breakdown of all applicable fees including issuance fees, amendment fees, and handling charges
5. Payment Terms: Timeline and method of fee payments, including collection mechanisms
6. Bank's Rights and Remedies: Bank's rights regarding fee collection, including right of set-off
7. Client Acknowledgments: Client's confirmation of understanding and acceptance of fee structure
8. Term and Termination: Duration of the fee agreement and conditions for modification
9. Governing Law: Specification of Philippine law and relevant banking regulations
1. Preferential Rates: Special fee arrangements for preferred clients or high-volume transactions
2. Additional Services: Fees for special LC types like transferable or back-to-back LCs
3. Foreign Currency Provisions: Required when LC fees involve foreign currency transactions
4. Security Arrangements: When additional security is required for fee payment
5. Electronic Banking Provisions: When fees are collected through electronic banking channels
6. Group Company Arrangements: When fee agreement covers multiple related companies
1. Schedule A - Fee Schedule: Comprehensive list of all applicable fees and charges
2. Schedule B - Calculation Methods: Detailed explanation of how various fees are calculated
3. Schedule C - Payment Instructions: Details of payment methods and bank account information
4. Appendix 1 - Standard Forms: 抖阴视频 for fee-related requests and authorizations
5. Appendix 2 - BSP Guidelines: Relevant excerpts from BSP regulations on bank fees and charges
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Retail
Agriculture
Construction
Energy
Mining
Telecommunications
Shipping and Logistics
Wholesale Distribution
Relevant Teams
Finance
Treasury
International Trade
Legal
Compliance
Risk Management
Procurement
Banking Operations
Trade Operations
Credit Administration
Relevant Roles
Chief Financial Officer
Treasury Manager
Trade Finance Manager
Financial Controller
Import/Export Manager
Banking Relationship Manager
Credit Manager
Compliance Officer
Finance Director
Trade Operations Manager
Corporate Banking Officer
Risk Management Officer
International Business Manager
Procurement Manager
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