An Export Letter of Credit is a fundamental trade finance instrument used in international commerce where a bank provides a guaranteed payment undertaking to an exporter. This document is particularly crucial in the Pakistani context, where it must comply with the State Bank of Pakistan's regulations and the Foreign Exchange Regulation Act, while adhering to international UCP 600 rules. It's typically used when exporters seek payment security for international sales, especially in new trading relationships or when dealing with unfamiliar markets. The document specifies payment conditions, shipping requirements, and documentary requirements, incorporating both local Pakistani legal requirements and international banking standards. It serves as a risk mitigation tool, ensuring exporters receive payment upon presenting compliant documents while providing importers assurance regarding the shipment of goods.
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1. Letter of Credit Number and Date: Unique identification number and issuance date of the LC
2. Applicant Details: Complete details of the importer/buyer including name, address, and contact information
3. Beneficiary Details: Complete details of the exporter/seller including name, address, and contact information
4. Issuing Bank Details: Information about the bank issuing the LC
5. Amount and Currency: The credit amount and currency of payment
6. Expiry Date and Place: The date and location where the LC expires
7. Shipment Terms: Latest shipment date, partial shipments, transshipment permissions
8. Goods Description: Detailed description of the merchandise being exported
9. Required Documents: List of documents required for presentation
10. Payment Terms: Specification of when and how payment will be made
11. Bank Charges: Distribution of banking charges between parties
1. Advising Bank Details: Details of the bank advising the LC to the beneficiary, used when there's an intermediary bank
2. Confirming Bank Details: Information about the confirming bank, included when LC confirmation is requested
3. Transferability Clause: Included when the LC needs to be transferable to another beneficiary
4. Red Clause: Used when advance payment is to be made available to the beneficiary
5. Green Clause: Included when payment is to be made against warehouse receipts
6. Back-to-Back LC Provisions: Used when the LC supports a back-to-back LC arrangement
7. Insurance Instructions: Specific insurance requirements, included when required by the terms of sale
1. Commercial Invoice Template: Prescribed format for the commercial invoice
2. Packing List Requirements: Detailed specifications for the packing list
3. Bill of Lading Requirements: Specific requirements for the bill of lading
4. Certificate of Origin Format: Template or requirements for certificate of origin
5. Inspection Certificate Requirements: Format and requirements for inspection certificates if required
6. Bank Draft Format: Template for the bank draft when required
Authors
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Textiles
Agriculture
Mining
Pharmaceuticals
Chemical Industry
Electronics
Automotive
Food and Beverage
Consumer Goods
Industrial Equipment
Commodities Trading
Relevant Teams
Finance
International Trade
Legal
Compliance
Treasury
Supply Chain
Documentation
Sales
Business Development
Risk Management
Relevant Roles
Export Manager
Trade Finance Manager
International Sales Director
Documentation Officer
Compliance Officer
Banking Relationship Manager
Finance Director
Chief Financial Officer
International Business Development Manager
Supply Chain Manager
Shipping Coordinator
Legal Counsel
Treasury Manager
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