The Confirmed LC is a specialized trade finance instrument used when additional payment security is required in international trade transactions. While a standard LC provides the undertaking of the issuing bank, a Confirmed LC adds a second layer of protection through the confirming bank's independent commitment to pay. This structure is particularly valuable when trading with parties in countries with higher economic or political risk. Under Singapore law, these instruments benefit from the jurisdiction's sophisticated financial regulatory framework and strong enforcement mechanisms, making them particularly attractive for Asia-Pacific trade flows.
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Key Requirements PROMPT example:
Confirmed LC
"Need a Confirmed LC for importing industrial machinery from Japan worth USD 2.5 million, with partial shipments allowed and presentation period of 21 days after shipment, to be issued by DBS Bank Singapore with confirmation from MUFG Bank."
1. LC Number and Date: Unique identification number of the Letter of Credit and date of issuance
2. Bank Details: Full details of the issuing bank and confirming bank, including addresses and reference numbers
3. Applicant Details: Full name, address and contact details of the buyer/importer requesting the LC
4. Beneficiary Details: Full name, address and contact details of the seller/exporter who will receive payment under the LC
5. Amount and Currency: The monetary value and currency of the LC, including any tolerance levels if applicable
6. Available With/By: Terms of availability and method of payment (sight, deferred payment, acceptance, or negotiation)
7. Expiry Details: Date and place of expiry for the LC
8. Required Documents: Comprehensive list of all documents required for presentation under the LC
9. Shipment Terms: Details of shipment including latest shipment date, port of loading and discharge
1. Partial Shipments: Clause indicating whether partial shipments are allowed or prohibited
2. Transhipment: Clause specifying whether transhipment is permitted or prohibited
3. Transfer Conditions: Terms and conditions under which the LC may be transferred to another beneficiary
4. Additional Conditions: Any special conditions or requirements specific to this LC
5. Reimbursement Instructions: Special instructions for reimbursement between banks
1. Schedule A - Document Requirements: Detailed specifications for each required document including format, content, and number of copies
2. Schedule B - Goods Description: Detailed description of the goods, including quantity, unit price, and specifications
3. Schedule C - Banking Charges: Breakdown of all banking charges and which party is responsible for each
4. Appendix 1 - Document Ƶ: Standard templates for required documents such as commercial invoice, packing list, etc.
5. Appendix 2 - UCP 600 References: Relevant articles of UCP 600 applicable to this LC
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