The At Sight LC is a fundamental trade finance instrument used to facilitate secure international trade transactions under Australian jurisdiction. It is particularly useful when immediate payment is required upon presentation of compliant documents, providing security to sellers while offering buyers documentary control over the transaction. The document combines elements of Australian banking law with international banking practices (UCP 600), making it suitable for cross-border transactions where the seller requires payment assurance and the buyer needs documentary control. This type of Letter of Credit is commonly used in various international trade scenarios, from simple import/export transactions to complex trading arrangements, providing a balanced solution for both parties' interests while ensuring regulatory compliance.
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1. LC Number and Date: Unique identification number and issuance date of the Letter of Credit
2. Applicant Details: Full name and address of the party requesting the LC (usually the buyer)
3. Beneficiary Details: Full name and address of the party in whose favor the LC is issued (usually the seller)
4. Issuing Bank Details: Name and address of the bank issuing the LC
5. Amount and Currency: The credit amount and currency specification
6. Expiry Date: The date and place of expiry of the LC
7. Payment Terms: Specification of 'At Sight' payment terms and any specific conditions
8. Required Documents: List of documents required for presentation
9. Shipment Terms: Details of shipment including latest shipment date and partial shipments allowance
10. Presentation Period: Time period within which documents must be presented after shipment
11. Governing Law: Specification of Australian law as governing law
1. Advising Bank Details: Details of the advising bank when LC is advised through another bank
2. Confirmation Instructions: Used when confirmation is requested from another bank
3. Transhipment Conditions: Include when specific transhipment requirements need to be specified
4. Special Conditions: Any additional terms or conditions specific to the transaction
5. Insurance Requirements: Specific insurance requirements beyond standard coverage
6. Transfer Conditions: Include when the LC is transferable
1. Schedule A - Document Requirements: Detailed list of required documents and their specifications
2. Schedule B - Goods Description: Detailed description of goods or services covered by the LC
3. Schedule C - Banking Instructions: Specific instructions for document handling and payment processing
4. Appendix 1 - UCP 600 References: Relevant articles of UCP 600 applicable to this LC
5. Appendix 2 - Standard Banking Forms: Standard forms required for LC processing
Relevant legal definitions
Advising Bank
Applicant
At Sight
Banking Day
Beneficiary
Bills of Exchange
Clean Documents
Complying Presentation
Confirmation
Credit
Discrepancy
Documents
Documentary Credit
Draft
Expiry Date
Force Majeure
Governing Law
Issuing Bank
Letter of Credit
Negotiating Bank
Negotiation
Non-complying Presentation
Notification
Original Documents
Payment at Sight
Presentation
Reimbursing Bank
Required Documents
Shipment
Sight Draft
Transport Documents
UCP 600
Banking Hours
Business Day
Commercial Invoice
Bill of Lading
Packing List
Certificate of Origin
Insurance Document
Shipping Documents
Applicant
At Sight
Banking Day
Beneficiary
Bills of Exchange
Clean Documents
Complying Presentation
Confirmation
Credit
Discrepancy
Documents
Documentary Credit
Draft
Expiry Date
Force Majeure
Governing Law
Issuing Bank
Letter of Credit
Negotiating Bank
Negotiation
Non-complying Presentation
Notification
Original Documents
Payment at Sight
Presentation
Reimbursing Bank
Required Documents
Shipment
Sight Draft
Transport Documents
UCP 600
Banking Hours
Business Day
Commercial Invoice
Bill of Lading
Packing List
Certificate of Origin
Insurance Document
Shipping Documents
Clauses
Credit Amount and Currency
Payment Terms
Document Requirements
Expiry and Presentation
Bank Obligations
Compliance Requirements
Documentary Conditions
Shipping Terms
Force Majeure
Governing Law and Jurisdiction
Amendment Conditions
Bank Charges
Reimbursement
Notice Requirements
Document Examination
Disclaimers and Limitations
Transfer Rights
Anti-Money Laundering
Sanctions Compliance
Document Authenticity
Assignment
Dispute Resolution
Partial Shipments
Transhipment
Insurance Coverage
Bank Communications
Payment Terms
Document Requirements
Expiry and Presentation
Bank Obligations
Compliance Requirements
Documentary Conditions
Shipping Terms
Force Majeure
Governing Law and Jurisdiction
Amendment Conditions
Bank Charges
Reimbursement
Notice Requirements
Document Examination
Disclaimers and Limitations
Transfer Rights
Anti-Money Laundering
Sanctions Compliance
Document Authenticity
Assignment
Dispute Resolution
Partial Shipments
Transhipment
Insurance Coverage
Bank Communications
Relevant Industries
International Trade
Banking and Financial Services
Manufacturing
Import/Export
Retail
Commodities Trading
Agriculture
Mining
Energy
Construction
Shipping and Logistics
Relevant Teams
Trade Finance
International Banking
Legal
Treasury
Risk Management
Compliance
Commercial Banking
Operations
Documentary Credits
International Trade Operations
Relevant Roles
Trade Finance Manager
International Trade Specialist
Documentary Credits Officer
Finance Director
Treasury Manager
Import Manager
Export Manager
Compliance Officer
Banking Operations Manager
Chief Financial Officer
Trade Operations Specialist
Legal Counsel
Risk Manager
Commercial Banking Officer
International Business Development Manager
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