The Straight Letter of Credit is a crucial trade finance instrument used in international commerce to facilitate secure payments between buyers and sellers. It is particularly relevant when parties seek a reliable payment mechanism that provides security to both the importer and exporter. Under Philippine jurisdiction, these instruments are governed by the Bangko Sentral ng Pilipinas regulations and must comply with international banking practices (UCP 600). The document specifies the conditions for payment, required documentation, and timeframes, while ensuring that the bank's obligation to pay is independent of the underlying commercial contract. This type of Letter of Credit is 'straight' because it restricts payment solely to the named beneficiary, unlike transferable credits which can be transferred to other parties.
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1. Letter Reference Number: Unique identifier for 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. Applicant Details: Full name and address of the buyer/importer requesting the Letter of Credit
5. Beneficiary Details: Full name and address of the seller/exporter who will receive payment
6. Amount and Currency: The credit amount and currency denomination
7. Expiry Date and Place: The date and location where the Letter of Credit expires
8. Available With/By: Specifies the bank with which the credit is available and the manner of availability
9. Shipment Terms: Latest shipment date, partial shipments, transhipment provisions
10. Required Documents: List of documents required for presentation
11. Payment Terms: Specification of when and how payment will be made
12. Special Conditions: Any additional terms or conditions specific to this credit
13. UCP Declaration: Statement that the credit is subject to UCP 600
1. Transferability Clause: Include when the Letter of Credit needs to be transferable to a third party
2. Revolving Terms: Include when the Letter of Credit is revolving rather than single-use
3. Red Clause: Include when advance payment provisions are required
4. Green Clause: Include when warehouse storage provisions are needed
5. Back-to-Back Provisions: Include when the Letter of Credit is part of a back-to-back arrangement
6. Confirmation Instructions: Include when confirmation from another bank is required
1. Schedule A - Document Requirements: Detailed list of required documents and their specifications
2. Schedule B - Goods Description: Detailed description of the goods being traded
3. Schedule C - Special Instructions: Any additional instructions for document preparation or shipment
4. Appendix 1 - Bank Forms: Standard forms required by the issuing bank
5. Appendix 2 - Shipping Schedule: If multiple shipments are involved, detailed shipping schedule
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
International Trade
Import/Export
Shipping & Logistics
Manufacturing
Wholesale Trade
Retail
Agriculture
Mining
Construction
Commodities Trading
Insurance
Relevant Teams
Trade Finance
International Banking
Credit Operations
Risk Management
Compliance
Treasury
Documentary Credits
Trade Operations
Banking Operations
Legal
Finance
International Business Development
Relevant Roles
Trade Finance Manager
International Trade Specialist
Documentary Credits Officer
Import/Export Manager
Banking Operations Manager
Credit Risk Officer
Treasury Manager
Compliance Officer
Finance Director
Chief Financial Officer
Banking Relationship Manager
Trade Operations Specialist
Documentary Collections Officer
Letter of Credit Specialist
International Business Development Manager
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