The Restricted Letter of Credit is a crucial financial instrument used in international trade transactions where limiting the transferability of the credit is essential. This document type is particularly relevant in the Saudi Arabian context, where it must align with both international banking practices (UCP 600) and Islamic finance principles. It provides security to both buyers and sellers in international trade while ensuring that only the original beneficiary can draw upon the credit. The document includes comprehensive details about the transaction, including payment terms, document requirements, and specific restrictions on negotiation. This type of Letter of Credit is commonly used when the applicant wants to ensure that the payment is made only to a specific beneficiary, making it particularly valuable in scenarios where the identity of the selling party is crucial to the transaction.
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1. Issuing Bank Details: Complete details of the issuing bank including name, branch, SWIFT code, and contact information
2. Applicant Information: Full details of the applicant (buyer) including name, address, and account information
3. Beneficiary Information: Complete details of the beneficiary (seller) including name, address, and banking information
4. Letter of Credit Number: Unique identification number of the Letter of Credit
5. Currency and Amount: Specification of the credit amount and currency
6. Validity and Expiry: Clear statement of the validity period and expiry date of the credit
7. Form of Credit: Specification that this is a restricted, irrevocable documentary credit
8. Available With/By: Details of how and where the credit is available (payment, acceptance, or negotiation)
9. Restriction Clause: Specific terms describing the restrictions on transfer and negotiation
10. Required Documents: Detailed list of all required documents and their specifications
11. Shipment Terms: Details of shipment including latest shipment date, partial shipments, transshipment
12. Description of Goods: Precise description of the goods or services covered by the credit
13. Payment Terms: Specific conditions and timing of payment
14. Bank Charges: Allocation of banking charges between parties
1. Insurance Requirements: Additional insurance requirements beyond standard coverage, used when specific risks need to be addressed
2. Special Conditions: Any additional terms or conditions specific to the transaction
3. Sharia Compliance Declaration: Specific declaration of compliance with Islamic banking principles, used when explicitly required by parties
4. Additional Confirmations: Details of confirming bank when confirmation is requested
5. Document Presentation Instructions: Special instructions for document presentation, used when standard procedures are modified
6. Force Majeure Provisions: Specific provisions for force majeure events, used when operating in high-risk regions
1. Schedule A - Document Requirements: Detailed specifications for each required document including format, content, and number of copies
2. Schedule B - Goods Specification: Detailed technical specifications of the goods or services
3. Schedule C - Payment Schedule: If applicable, breakdown of payment terms and installments
4. Appendix 1 - UCP 600 Applicable Articles: Reference to specific UCP 600 articles applicable to this credit
5. Appendix 2 - SAMA Compliance Checklist: Checklist ensuring compliance with Saudi Arabian Monetary Authority requirements
6. Appendix 3 - Required Forms: Standard forms required for document presentation
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Commodities Trading
Oil and Gas
Construction
Agriculture
Retail
Wholesale Distribution
Mining
Telecommunications
Industrial Equipment
Automotive
Textiles
Relevant Teams
Legal
Finance
Treasury
International Trade Operations
Compliance
Risk Management
Procurement
Supply Chain
Credit Administration
Trade Documentation
Banking Operations
Relevant Roles
Trade Finance Manager
International Banking Officer
Chief Financial Officer
Treasury Manager
Import/Export Manager
Trade Operations Manager
Compliance Officer
Legal Counsel
Credit Manager
Risk Manager
Documentary Credits Specialist
Banking Relationship Manager
Financial Controller
Trade Finance Analyst
Procurement Manager
Supply Chain Manager
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