A Recourse Letter of Credit is a specialized financial instrument commonly used in international trade transactions under Singapore law. It provides security to sellers while protecting the issuing bank's interests through maintained recourse rights against the applicant. This document is particularly relevant when banks require additional security in trade finance transactions, incorporating specific terms for reimbursement and clearly outlining the conditions under which the bank can exercise its recourse rights. The document adheres to Singapore's stringent financial regulations and international banking practices, making it a preferred choice for trade finance in the Asia-Pacific region.
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1. Reference Details: Letter reference number, date, and bank identification details
2. Issuing Bank Information: Complete legal name, address, and contact details of the issuing bank
3. Beneficiary Information: Full legal name, address, and contact details of the beneficiary
4. Credit Amount and Currency: Specified amount of the Letter of Credit and currency denomination
5. Recourse Terms and Conditions: Detailed conditions under which the bank maintains recourse rights against the applicant
6. Payment Terms: Specific conditions and timing for payment, including presentation requirements
1. Partial Shipments Clause: Terms regarding whether partial shipments are permitted (used for trade-related L/Cs)
2. Transhipment Terms: Conditions governing allowed transhipment arrangements (used for international trade L/Cs)
3. Insurance Requirements: Specific insurance requirements and conditions (used when additional security is required)
4. Electronic Presentation: Terms for electronic presentation of documents (used when e-presentation is permitted)
1. Schedule A - Required Documents: Comprehensive list of documents that must be presented for payment
2. Schedule B - Fee Schedule: Detailed breakdown of all applicable fees, charges, and commission
3. Schedule C - Standard Terms and Conditions: Bank's standard Letter of Credit terms and conditions
4. Schedule D - Security Documentation: Details of any related security or collateral arrangements
5. Appendix 1 - UCP 600 Incorporation: Specific reference to and incorporation of UCP 600 rules
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