A Business Letter of Credit serves as a crucial financial instrument in international trade, providing payment security to sellers while offering buyers credit support. When using this document in Singapore, parties must comply with both local banking regulations and international standards such as the UCP 600. The Business Letter of Credit typically includes detailed terms regarding payment conditions, required documentation, timeframes, and compliance requirements. It is particularly valuable in situations where parties are in different countries or unfamiliar with each other's business practices, providing a structured framework for secure international transactions under Singapore's robust financial system.
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1. Letter Credit Number and Date: Unique identification number and issuance date of the Letter of Credit
2. Issuing Bank Details: Complete details of the bank issuing the Letter of Credit
3. Applicant Details: Full name, address, and contact information of the party requesting the Letter of Credit
4. Beneficiary Details: Full name, address, and contact information of the party in whose favor the LC is issued
5. Amount and Currency: Specific value of the Letter of Credit and the currency in which it is issued
6. Expiry Date and Place: Validity period of the Letter of Credit and the place where it expires
7. Documentation Requirements: Detailed list of required documents for the Letter of Credit activation and payment
8. Shipment Terms: Specific requirements regarding shipment, including latest shipment date and partial shipments
9. Payment Terms: Conditions and timing of payment under the Letter of Credit
1. Transferability Clause: Optional clause allowing the LC to be transferred to another beneficiary
2. Red Clause Provisions: Optional provisions for advance payment to the beneficiary
3. Back-to-Back Provisions: Optional terms allowing the LC to be used as security for another LC
4. Revolving Credit Terms: Optional terms for automatically renewing credit facility
5. Standby Provisions: Optional terms for using the LC as a standby facility
1. Schedule A - Required Documents: Detailed specification of all required documents including commercial invoice, bill of lading, insurance documents, etc.
2. Schedule B - Payment Schedule: Detailed schedule of payments if the LC involves installment payments
3. Schedule C - Shipping Requirements: Detailed shipping terms, timelines, and requirements
4. Appendix 1 - UCP 600 References: Specific articles of UCP 600 applicable to this Letter of Credit
5. Appendix 2 - Bank Forms: Standard forms required by the issuing bank for LC operations
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