The Beneficiary Certificate Letter of Credit is essential in international trade finance transactions governed by Singapore law. It is typically required when a beneficiary seeks to draw payment under a Letter of Credit, serving as their formal declaration that all conditions have been met. This document is particularly important in Singapore's role as a major trading hub, where it helps facilitate secure international transactions while ensuring compliance with both UCP 600 rules and local banking regulations. The certificate includes detailed confirmations about shipment, documentation, and compliance with Letter of Credit terms.
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1. Letter of Credit Reference: Specific LC number, date, and issuing bank details
2. Beneficiary Declaration: Formal statement by beneficiary confirming compliance with LC terms and conditions
3. Shipment Details: Specific information about goods shipped or services rendered including quantities, descriptions, and dates
4. Document Compliance: Declaration confirming that all documents presented comply with LC requirements
5. Payment Terms: Confirmation of amount claimed and payment instructions, including bank details
1. Partial Shipment Declaration: Additional section used when LC allows for partial shipments, detailing the portion being claimed
2. Quality Certification: Optional section when LC requires specific quality standards confirmation or certifications
3. Origin Declaration: Used when LC requires specific country of origin confirmation for goods
1. Commercial Invoice Copy: Attached copy of the commercial invoice related to the shipment
2. Transport Documents: Copies of bills of lading, airway bills, or other relevant shipping documentation
3. Inspection Certificates: Third-party inspection certificates when required by LC terms
4. Insurance Documents: Insurance certificates or policies when insurance coverage proof is required by LC
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