The Letter of Credit 90 Days is a fundamental trade finance instrument used in international commerce involving Saudi Arabian entities. It is particularly relevant when importers require extended payment terms while ensuring sellers receive guaranteed payment security through banking channels. This document type is essential in Saudi Arabia's international trade landscape, where compliance with both international standards (UCP 600) and local regulations is mandatory. The 90-day payment term allows importers to better manage their cash flow while maintaining the confidence of international trading partners. The document must incorporate Shariah-compliant principles, as required under Saudi Arabian law, and includes specific provisions for document presentation, payment mechanisms, and compliance with SAMA regulations. It is commonly used in large-scale trade transactions, particularly in sectors crucial to Saudi Arabia's economy such as oil and gas, manufacturing, and construction materials.
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1. Letter Reference and Date: Unique LC reference number and issuance date
2. Issuing Bank Details: Complete name and address of the issuing bank
3. Beneficiary Details: Full name and address of the seller/exporter
4. Applicant Details: Full name and address of the buyer/importer
5. LC Amount and Currency: Specified amount and currency of the Letter of Credit
6. Expiry Date: 90-day validity period with specific expiry date and place
7. Payment Terms: Specification of payment at sight or 90 days after sight/shipment
8. Required Documents: List of all required shipping and commercial documents
9. Shipment Details: Latest shipment date, port of loading/discharge, and partial shipments clause
10. Goods Description: Detailed description of goods, quantity, and unit price
11. Presentation Period: Time period for document presentation after shipment
12. Governing Law Statement: Reference to Saudi Arabian law and UCP 600
1. Transferability Clause: Include when the LC needs to be transferable to a second beneficiary
2. Confirmation Instructions: Include when confirmation from another bank is required
3. Back-to-Back LC Provisions: Include for back-to-back LC arrangements
4. Red Clause: Include when advance payment to beneficiary is permitted
5. Islamic Finance Compliance: Include specific Shariah compliance declarations if required
6. Insurance Requirements: Include when specific insurance coverage needs to be specified
7. Special Conditions: Include any additional terms specific to the trade transaction
1. Commercial Invoice Template: Prescribed format for commercial invoice presentation
2. Shipping Documents Checklist: Detailed list of required shipping documents and their specifications
3. Product Specifications: Detailed technical specifications of goods being traded
4. Document Presentation Schedule: Timeline and requirements for document presentation
5. Bank Charges Schedule: Breakdown of all applicable banking charges and fees
6. SAMA Compliance Checklist: Checklist ensuring compliance with Saudi Arabian Monetary Authority requirements
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Oil and Gas
Petrochemicals
Construction Materials
Agriculture and Food
Pharmaceuticals
Automotive
Consumer Goods
Industrial Equipment
Mining and Minerals
Textiles and Clothing
Electronics and Technology
Relevant Teams
Trade Finance
International Banking
Credit Administration
Treasury
Legal
Compliance
Risk Management
Finance
Procurement
Supply Chain
Operations
Documentary Credits
International Sales
Shariah Advisory
Relevant Roles
Trade Finance Manager
International Business Development Manager
Import/Export Coordinator
Credit Manager
Treasury Manager
Financial Controller
Trade Operations Officer
Compliance Officer
Letter of Credit Specialist
Banking Relationship Manager
Supply Chain Manager
Chief Financial Officer
Documentary Credits Manager
International Sales Manager
Procurement Manager
Risk Management Officer
Shariah Compliance Officer
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