The At Sight LC is a fundamental trade finance instrument used in international commerce, particularly relevant in the UAE's dynamic trading environment. It provides immediate payment to the seller upon presentation of compliant documents, offering a secure payment mechanism for cross-border transactions. The document must comply with UAE Federal Laws, particularly the Commercial Code (Federal Law No. 18 of 1993) and Banking Law, while also adhering to international standards such as UCP 600. At Sight LCs are especially crucial in the UAE's trade-focused economy, where they facilitate secure international transactions across various sectors, from oil and gas to general commodities. The document incorporates specific requirements for document presentation, payment terms, and bank obligations, while ensuring alignment with both international banking practices and local UAE regulatory requirements.
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1. Letter of Credit Number: Unique identification number assigned to the LC
2. Date of Issue: Date when the LC is issued
3. Applicant Details: Full name and address of the party requesting the LC (buyer/importer)
4. Beneficiary Details: Full name and address of the party in whose favor the LC is issued (seller/exporter)
5. Issuing Bank Details: Name and address of the bank issuing the LC
6. Amount and Currency: LC value and currency specification, including words and figures
7. Available With/By: Specifies where and how the credit is available (payment, acceptance, or negotiation)
8. Expiry Date and Place: Final date and location for presentation of documents
9. Description of Goods/Services: Precise description of the goods or services being traded
10. Documents Required: List of all documents required for presentation
11. Shipment Terms: Latest shipment date and shipment details
12. Presentation Period: Time period within which documents must be presented after shipment
1. Advising Bank Details: Details of the bank advising the credit, used when there's an intermediary bank
2. Confirmation Instructions: Instructions regarding confirmation, used when confirmation is requested
3. Transhipment Conditions: Used when specific transhipment requirements need to be specified
4. Partial Shipment Instructions: Include when partial shipments need to be explicitly allowed or prohibited
5. Special Conditions: Any additional terms or conditions specific to the transaction
6. Bank Charges: Specification of which party bears which bank charges, if different from standard practice
1. Schedule A - Document Requirements: Detailed list and format of required documents including any specific requirements for each document
2. Schedule B - Goods Specification: Detailed technical specifications of goods when the description is too lengthy for the main LC text
3. Appendix 1 - Special Instructions: Any special handling instructions or additional requirements
4. Appendix 2 - Form of Commercial Invoice: Template or specific format requirements for the commercial invoice
Relevant legal definitions
Advising Bank
Applicant
At Sight
Banking Day
Beneficiary
Bill of Lading
Clean Documents
Commercial Invoice
Complying Presentation
Confirmation
Correspondent Bank
Credit
Discrepancy
Documents
Draft
Expiry Date
Goods
Incoterms
Insurance Certificate
Insurance Policy
Issuing Bank
Letter of Credit
Negotiating Bank
Negotiation
Nomination
Packing List
Place of Expiry
Presentation
Reimbursing Bank
Shipping Documents
Tender
Transport Document
UCP 600
Undertaking
Applicant
At Sight
Banking Day
Beneficiary
Bill of Lading
Clean Documents
Commercial Invoice
Complying Presentation
Confirmation
Correspondent Bank
Credit
Discrepancy
Documents
Draft
Expiry Date
Goods
Incoterms
Insurance Certificate
Insurance Policy
Issuing Bank
Letter of Credit
Negotiating Bank
Negotiation
Nomination
Packing List
Place of Expiry
Presentation
Reimbursing Bank
Shipping Documents
Tender
Transport Document
UCP 600
Undertaking
Clauses
Credit Amount and Currency
Availability and Expiry
Document Presentation
Payment Terms
Required Documents
Shipping Terms
Bank Obligations
Document Examination
Discrepancy Handling
Force Majeure
Governing Law
Bank Charges
Amendment Conditions
Confirmation Requirements
Document Authenticity
Disclaimer and Limitation of Liability
Assignment Restrictions
Compliance with Regulations
Anti-Money Laundering
Sanctions Compliance
Notice Requirements
Dispute Resolution
Language of Documents
Severability
Entire Understanding
Availability and Expiry
Document Presentation
Payment Terms
Required Documents
Shipping Terms
Bank Obligations
Document Examination
Discrepancy Handling
Force Majeure
Governing Law
Bank Charges
Amendment Conditions
Confirmation Requirements
Document Authenticity
Disclaimer and Limitation of Liability
Assignment Restrictions
Compliance with Regulations
Anti-Money Laundering
Sanctions Compliance
Notice Requirements
Dispute Resolution
Language of Documents
Severability
Entire Understanding
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Retail
Commodities Trading
Oil and Gas
Construction
Agriculture
Automotive
Electronics
Textiles
Shipping and Logistics
Relevant Teams
Trade Finance
Treasury
International Sales
Procurement
Supply Chain
Legal
Compliance
Risk Management
Finance
Operations
Commercial
Relevant Roles
Trade Finance Manager
Import Manager
Export Manager
Treasury Manager
Financial Controller
Commercial Director
Supply Chain Manager
Procurement Manager
Documentary Credit Specialist
Trade Operations Officer
Compliance Officer
Risk Manager
Chief Financial Officer
International Sales Manager
Banking Relationship Manager
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