The Small Business Letter of Credit is a crucial financial instrument in Singapore's commercial landscape, designed to facilitate secure international trade transactions for small and medium enterprises. It provides a bank-backed guarantee of payment to sellers while allowing buyers to demonstrate their creditworthiness and commitment to the transaction. Governed by Singapore law and international banking practices (UCP 600), this document specifies payment terms, documentation requirements, and compliance conditions. It's particularly valuable when parties are in different countries or unfamiliar with each other's business practices.
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1. Letter Date and Reference: Date of issuance and unique reference number for the Letter of Credit
2. Issuing Bank Details: Complete name and address of the bank issuing the Letter of Credit
3. Beneficiary Details: Full name, address and banking details of the party receiving the Letter of Credit
4. Applicant Details: Full name, address and banking details of the party requesting the Letter of Credit
5. Credit Amount and Currency: Specified amount and currency of the Letter of Credit, including whether it is transferable
6. Validity and Expiry: Terms of validity including expiry date and place
7. Required Documents: Comprehensive list of documents required for credit claim including commercial invoice, transport documents, and certificates
8. Payment Terms: Specific conditions and timing under which payment will be made
1. Partial Shipments Clause: Terms regarding whether partial shipments are permitted and related conditions
2. Transhipment Terms: Conditions regarding transhipment of goods during transport
3. Insurance Requirements: Specific insurance coverage requirements and documentation
4. Special Conditions: Any additional terms or conditions specific to the transaction
1. Schedule A - Commercial Invoice Requirements: Detailed requirements and format for commercial invoices
2. Schedule B - Transport Document Requirements: Specific requirements for bills of lading or other transport documents
3. Schedule C - Amendment Form: Standard form for requesting amendments to the Letter of Credit
4. Schedule D - UCP 600 Application: Specific articles of UCP 600 applicable to this Letter of Credit
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