The Non-Operative Letter of Credit is a crucial instrument in international trade finance, particularly under Singapore's robust financial framework. It provides a secure payment mechanism where banks act as intermediaries between buyers and sellers, reducing transaction risks. This document type is commonly used when parties require a formal bank guarantee for cross-border transactions but haven't yet activated the credit facility. The document must comply with UCP 600 guidelines and Singapore banking regulations, typically including specific terms for document presentation, payment conditions, and validity periods.
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Key Requirements PROMPT example:
Non Operative Letter Of Credit
"Need a Non Operative Letter of Credit for a first-time export of manufacturing equipment to Malaysia, value USD 500,000, with presentation period of 21 days and expiry date of March 15, 2025, allowing partial shipments but no transhipment."
1. Bank Details: Issuing bank's complete details including name, branch, SWIFT code, and reference numbers
2. Beneficiary Information: Complete details of the party receiving the letter of credit including full legal name, address, and account information
3. Amount and Currency: Specified credit amount in numbers and words, currency denomination, and any tolerance levels
4. Validity Period: Expiry date of the credit and last date for document presentation, including place of presentation
5. Required Documents: Comprehensive list of documents required for credit activation including specific requirements for each document
1. Transhipment Terms: Specific conditions and requirements for transhipment of goods during transit, including permitted ports and timeframes
2. Partial Shipment Clause: Terms and conditions governing whether partial shipments are permitted and any specific requirements for such shipments
3. Transfer Rights: Conditions under which the letter of credit may be transferred to another beneficiary and the process for such transfers
1. Document Requirements Schedule: Detailed specifications for all required documents including format, content, and certification requirements
2. Bank Forms: Collection of standard banking forms required for processing the letter of credit
3. Commercial Invoice Template: Standardized template showing required format and content for commercial invoices
4. Transport Document Requirements: Specific requirements and formats for bills of lading or other transport documents
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