The Import Letter of Credit (LC) is a crucial financial instrument in international trade, providing security and payment assurance to both importers and exporters. This document is particularly relevant when conducting trade under U.S. jurisdiction, where it must comply with both federal banking regulations and international banking practices. The Import LC serves as a bank's irrevocable commitment to pay the exporter upon presentation of specified documents, typically including bills of lading, commercial invoices, and inspection certificates. It is governed by U.S. law, particularly the Uniform Commercial Code Article 5, while also adhering to international standards such as UCP 600. The document is essential for businesses engaging in international trade where direct payment terms are not practical due to distance, different legal systems, or lack of established business relationships.
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1. Letter of Credit Number and Date: Unique identification number and issuance date of the LC
2. Applicant Details: Full name, address, and contact information of the import buyer requesting the LC
3. Beneficiary Details: Full name, address, and contact information of the export seller receiving the LC
4. Issuing Bank Details: Name and details of the bank issuing the LC
5. Amount and Currency: The credit amount and currency of payment
6. Expiry Date and Place: Date and location where the LC expires
7. Available With/By: Specifies which bank the LC is available with and how it is available (sight, acceptance, etc.)
8. Partial Shipments: Whether partial shipments are allowed or prohibited
9. Transhipment: Whether transhipment is allowed or prohibited
10. Loading/Dispatch From: Port or place of departure
11. Delivery/Destination: Final destination or port of discharge
12. Latest Date of Shipment: Final date by which shipment must be made
13. Description of Goods: Detailed description of the merchandise being traded
14. Required Documents: List of all documents required for presentation
15. Additional Conditions: Any special conditions or requirements
1. Advising Bank Details: Details of the bank advising the LC, used when there's an intermediary bank
2. Confirmation Instructions: Used when confirmation is requested from another bank
3. Reimbursing Bank: Include when a separate reimbursing bank is involved
4. Insurance Coverage: Required when insurance is to be arranged by a specific party
5. Transfer Conditions: Include when the LC is transferable
6. Back-to-Back Provisions: Used when the LC supports a back-to-back arrangement
7. Deferred Payment Terms: Include when payment is not at sight but deferred
8. Red Clause Provisions: Used when advance payment provisions are included
1. Schedule A - Goods Specification: Detailed technical specifications of the goods being imported
2. Schedule B - Required Documents List: Comprehensive list of required documents with specific formatting requirements
3. Schedule C - Banking Charges: Breakdown of all banking charges and party responsible for each
4. Schedule D - Shipping Terms: Detailed shipping instructions and requirements
5. Schedule E - Testing/Inspection Requirements: If applicable, specifications for pre-shipment inspection or testing
6. Appendix 1 - UCP 600 References: Relevant articles of UCP 600 applicable to this LC
7. Appendix 2 - Document Formats: Sample formats for required documents
8. Appendix 3 - Amendment Procedures: Procedures for requesting and processing LC amendments
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