The Small Business Letter of Credit is a specialized financial instrument designed to facilitate international trade for small businesses operating under Philippine jurisdiction. This document type is particularly crucial when small businesses need to engage in international transactions but lack the established credit history or financial capacity for direct purchases. It incorporates provisions from the General Banking Law of 2000 (RA 8791), BSP Circular No. 1028, and international UCP 600 standards, while remaining accessible to small business operators. The document specifies the conditions for payment, required documentation, and timeframes, providing security to both the seller and the buying small business. It's structured to be more straightforward than standard commercial Letters of Credit while maintaining all necessary legal and regulatory compliance elements.
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1. Bank Details: Full name and address of the issuing bank
2. LC Number and Date: Unique identifier for the LC and date of issuance
3. Applicant Details: Complete name, address, and contact information of the small business requesting the LC
4. Beneficiary Details: Complete name, address, and contact information of the party receiving payment
5. Currency and Amount: Specified currency and amount of the LC in both figures and words
6. Expiry Date and Place: Clear statement of when and where the LC expires
7. Form of Presentation: Specification of whether physical or electronic presentation is acceptable
8. Documents Required: Detailed list of required documents for LC execution
9. Shipment Terms: Details of shipment including latest shipment date and partial shipments clause
10. Payment Terms: Specific conditions and timing of payment
11. Governing Law and Jurisdiction: Statement that Philippine law governs and reference to UCP 600
1. Transferability Clause: Include when the LC needs to be transferable to another beneficiary
2. Revolving Clause: Include for recurring trade relationships where the LC automatically renews
3. Red Clause: Include when advance payment to the beneficiary is required
4. Insurance Coverage: Include when specific insurance requirements need to be detailed
5. Special Conditions: Include when there are additional requirements specific to the transaction
1. Schedule A - Document Requirements: Detailed checklist of all required documents and their specifications
2. Schedule B - Technical Specifications: If applicable, detailed specifications of goods or services covered
3. Schedule C - Payment Schedule: If involving multiple payments, detailed payment timeline and conditions
4. Appendix 1 - Standard Banking Forms: Required banking forms as per BSP regulations
5. Appendix 2 - Authentication Procedures: Documentation of approved authentication methods for document presentation
Relevant legal definitions
Clauses
Relevant Industries
Retail
Manufacturing
Import/Export
Agriculture
Textiles
Electronics
Food and Beverage
Construction Materials
Handicrafts
Maritime Trade
Small-Scale Mining
Furniture Manufacturing
Chemical Distribution
Agricultural Processing
Relevant Teams
Finance
International Trade
Procurement
Legal
Compliance
Treasury
Operations
Risk Management
Supply Chain
Banking Relations
Relevant Roles
Small Business Owner
Import/Export Manager
Finance Director
Trade Finance Specialist
Banking Relationship Manager
Procurement Manager
Supply Chain Manager
International Trade Coordinator
Compliance Officer
Credit Manager
Financial Controller
Business Development Manager
Operations Manager
Treasury Manager
Risk Manager
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