The Direct Letter of Credit is a crucial trade finance instrument used in Singapore and international commerce. It provides a secure payment mechanism where the issuing bank commits to pay the beneficiary upon presentation of specified documents. Under Singapore law and banking regulations, Direct Letters of Credit are commonly used when parties seek a reliable payment method independent of the underlying commercial contract. The document incorporates UCP 600 rules and typically includes detailed requirements for document presentation, payment terms, and compliance conditions. It's particularly valuable in situations where parties lack established trading relationships or seek additional payment security.
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Key Requirements PROMPT example:
Direct Letter Of Credit
"Need a Direct Letter of Credit for importing industrial machinery from Germany worth EUR 500,000, with partial shipments allowed and expiry date of March 15, 2025, requiring standard shipping documentation and quality inspection certificates."
1. LC Number and Date: Unique identifier and issuance date of the Letter of Credit
2. Applicant Details: Full legal name and address of the party requesting the LC
3. Beneficiary Details: Full legal name and address of the party in whose favor the LC is issued
4. Currency and Amount: Specified currency and maximum amount available under the LC
5. Expiry Date: Date and place of expiry of the LC
6. Documents Required: Detailed list of documents required for presentation
1. Partial Shipments: Clause specifying whether partial shipments are allowed under the LC
2. Transhipment: Clause specifying whether transhipment is permitted during transportation
3. Transfer Provisions: Terms and conditions under which the LC may be transferred to another beneficiary
1. Commercial Invoice Template: Standard format and requirements for commercial invoices to be presented under the LC
2. Bill of Lading Requirements: Detailed specifications for acceptable shipping documents and bills of lading
3. Insurance Certificate Requirements: Specific requirements for insurance documentation including coverage types and amounts
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