The LC Sight and Usance document is essential for international trade transactions conducted under Saudi Arabian jurisdiction, providing a secure payment mechanism for both importers and exporters. It is used when parties need flexibility in payment terms, offering both immediate payment options (Sight) and deferred payment arrangements (Usance). The document must comply with Saudi Arabian Monetary Authority (SAMA) regulations, Islamic banking principles, and international UCP 600 rules. It includes comprehensive details about the trade transaction, including parties involved, goods description, shipping terms, document requirements, and payment conditions. This type of LC is particularly valuable when dealing with high-value international transactions or when trading partners require formal bank guarantees for payment security.
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1. LC Number and Date: Unique identification number of the LC and issuance date
2. Form of Credit: Specification of credit type (Sight/Usance) and whether it's irrevocable
3. Parties Details: Full details of applicant, beneficiary, issuing bank, and advising bank
4. Credit Amount and Currency: Specification of LC amount, currency, and any tolerance levels
5. Documents Required: List of all required documents including commercial invoice, transport documents, certificates etc.
6. Shipment Terms: Details of goods, shipment date, port of loading/discharge, latest shipment date
7. Payment Terms: Specification of payment timing (at sight or usance period) and conditions
8. Expiry Date and Place: Validity period of the LC and location where documents must be presented
9. Partial Shipments/Transhipment: Whether partial shipments or transhipment is allowed or prohibited
10. Description of Goods: Detailed description of goods being traded
1. Confirmation Instructions: Used when confirmation by another bank is requested
2. Transfer Conditions: Include when the LC needs to be transferable
3. Special Conditions: Any additional terms or conditions specific to the transaction
4. Islamic Finance Compliance: Specific terms ensuring Shariah compliance for Islamic banking requirements
5. Back-to-Back LC Terms: Include when the LC is part of a back-to-back arrangement
6. Red Clause Provisions: Used when advance payment terms are included
7. Green Clause Provisions: Include when storage of goods provisions are needed
1. Schedule A - Goods Specification: Detailed technical specifications of the goods
2. Schedule B - Document Requirements: Detailed format and content requirements for each required document
3. Schedule C - Payment Schedule: For usance LCs, detailed payment installment schedule if applicable
4. Schedule D - Shipping Terms: Detailed shipping requirements and Incoterms
5. Appendix 1 - Bank Forms: Standard forms required by the issuing bank
6. Appendix 2 - Compliance Certificates: Format of required compliance certificates
7. Appendix 3 - Islamic Finance Declaration: Declaration of Shariah compliance where required
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Logistics and Transportation
Commodities Trading
Retail
Oil and Gas
Construction
Agricultural Products
Relevant Teams
Trade Finance
International Banking
Compliance
Treasury
Risk Management
Documentary Credits
Islamic Banking
Operations
Legal
Supply Chain
Finance
Credit Administration
Relevant Roles
Trade Finance Manager
International Banking Officer
Letter of Credit Specialist
Compliance Officer
Import/Export Manager
Treasury Manager
Documentary Credits Officer
Trade Operations Manager
Risk Management Officer
Islamic Banking Specialist
Financial Controller
Supply Chain Manager
Chief Financial Officer
Banking Relationship Manager
International Trade Specialist
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