The Unconfirmed LC is a fundamental document in international trade finance, particularly crucial in the Pakistani market where it serves as a primary instrument for securing international trade transactions. This document becomes necessary when an importer in Pakistan needs to provide payment assurance to an overseas exporter, but without the additional security (and cost) of a confirming bank. The document is structured according to Pakistani banking laws, particularly the Banking Companies Ordinance 1962 and Foreign Exchange Regulation Act 1947, while also adhering to international UCP 600 guidelines. It includes essential details such as payment terms, document requirements, shipping conditions, and compliance requirements. The Unconfirmed LC is particularly suitable for transactions where the exporter is comfortable with the credit standing of the Pakistani issuing bank without requiring additional bank confirmation.
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1. Letter Header: Issuing bank's letterhead, date, reference number, and LC number
2. Beneficiary Details: Full name and address of the beneficiary of the LC
3. Applicant Details: Full name and address of the applicant requesting the LC
4. Currency and Amount: Specified currency and amount of the LC, both in figures and words
5. Expiry Details: Expiry date and place of the LC
6. Available With/By: Specification of where and how the LC is available (payment terms)
7. Shipment Terms: Details of shipment including latest shipment date and partial shipments/transhipment permissions
8. Document Requirements: List of required documents for LC presentation
9. Goods Description: Detailed description of the goods or services covered by the LC
10. Special Conditions: Any special terms, conditions, or additional requirements
11. Bank Charges: Statement regarding the allocation of banking charges
12. Authorization: Authorized signatures and bank stamps
1. Insurance Requirements: Additional section when specific insurance requirements need to be detailed
2. Transfer Rights: Section specifying if the LC is transferable and under what conditions
3. Back-to-Back Provisions: Include when the LC may be used as collateral for another LC
4. Red Clause Provisions: Used when advance payment facilities are to be included
5. Green Clause Provisions: Include when storage facilities and advance payment are required
6. Revolving Terms: Include when the LC is revolving in value or time
7. Reimbursement Instructions: Optional detailed instructions for reimbursement between banks
1. Schedule A - Document Checklist: Detailed checklist of all required documents and their specifications
2. Schedule B - Goods Specification: Detailed technical specifications of goods when too lengthy for main body
3. Schedule C - Price Schedule: Detailed breakdown of prices if multiple items or complex pricing involved
4. Appendix 1 - Sample Documents: Ƶ or samples of required documents
5. Appendix 2 - Bank's Standard Terms: Standard terms and conditions of the issuing bank
6. Appendix 3 - UCP 600 Reference: Relevant UCP 600 articles specifically applicable to this LC
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Commodities Trading
Retail
Wholesale
Agriculture
Textiles
Electronics
Automotive
Pharmaceuticals
Relevant Teams
Trade Finance
International Banking
Compliance
Treasury
Finance
Risk Management
Operations
Procurement
Supply Chain
Legal
Credit Administration
Relevant Roles
Trade Finance Manager
Import Manager
Export Manager
Documentary Credits Officer
International Banking Officer
Compliance Officer
Treasury Manager
Chief Financial Officer
Finance Director
Trade Operations Manager
Banking Relationship Manager
Credit Risk Officer
Supply Chain Manager
Procurement Manager
International Trade Specialist
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