An Irrevocable Letter of Credit is commonly used in international trade transactions where parties seek secure payment arrangements. It provides assurance to sellers that they will receive payment and to buyers that payment will only be made against specified documents. Under Singapore law, these instruments are governed by UCP 600 and local banking regulations, providing a robust framework for international trade finance. The document specifies payment terms, documentation requirements, and conditions that must be met for payment to be released.
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1. Letter Reference Number: Unique identifier for the Letter of Credit, including bank reference and date of issuance
2. Issuing Bank Details: Full name, address, and contact information of the issuing bank
3. Applicant Details: Complete name, address, and contact information of the party requesting the Letter of Credit
4. Beneficiary Details: Complete name, address, and contact information of the party in whose favor the LC is issued
5. Amount and Currency: Specified credit amount, currency, and any tolerance levels if applicable
6. Available With/By: Specifies where and how the credit is available (e.g., by sight payment, deferred payment, acceptance, or negotiation)
7. Expiry Details: Expiry date and place of the Letter of Credit
8. Documentation Requirements: List of required documents that must be presented for drawing under the LC
1. Transferability Clause: Optional clause to be included when the Letter of Credit needs to be transferable to another beneficiary
2. Revolving Credit Terms: Optional section specifying terms for automatic renewal of the credit, if applicable
3. Red Clause Provisions: Optional clause allowing advance payment before document presentation
4. Back-to-Back Provisions: Optional section for when the LC is issued against another LC
1. Document Requirements Schedule: Detailed specifications of required documents including format, content, and presentation requirements
2. Commercial Terms Schedule: Detailed trading terms including shipment details, Incoterms, and other commercial requirements
3. Bank Forms Schedule: Standard banking forms required for LC processing and amendments
4. Fee Schedule: Breakdown of all applicable banking charges and fees
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