The Confirmed Irrevocable Letter of Credit is a crucial financial instrument in international trade transactions, particularly relevant under Australian banking and trade practices. It is used when parties seek additional security in their international trade dealings, with one bank issuing and another bank confirming the credit, thereby providing dual payment assurance. This document type is especially valuable when trading with partners in different jurisdictions or when dealing with high-value transactions. The confirmation adds an additional layer of security, particularly beneficial when the beneficiary seeks assurance beyond the issuing bank's commitment or when trading with countries perceived as higher risk. The document must comply with both Australian banking regulations and international standards such as UCP 600, containing specific details about payment terms, document requirements, and shipping conditions.

1. Letter Reference Number: Unique identification number assigned by the issuing bank

2. Date of Issue: The date when the Letter of Credit is issued

3. Type of Credit: Specification that this is an irrevocable and confirmed Letter of Credit

4. Applicant Details: Full name and address of the party requesting the Letter of Credit (typically the buyer)

5. Beneficiary Details: Full name and address of the party in whose favor the Letter of Credit is issued (typically the seller)

6. Issuing Bank Details: Name, address, and SWIFT code of the bank issuing the Letter of Credit

7. Confirming Bank Details: Name, address, and SWIFT code of the bank confirming the Letter of Credit

8. Currency and Amount: The currency and maximum amount available under the Letter of Credit

9. Expiry Date and Place: The date and location where the Letter of Credit expires

10. Available With/By: Specification of where and how the credit is available (sight, deferred payment, acceptance, or negotiation)

11. Required Documents: Detailed list of documents that must be presented for payment

12. Shipment Terms: Details of shipment including latest shipment date, partial shipments, and transhipment conditions

13. Description of Goods/Services: Precise description of the goods or services covered by the Letter of Credit

14. Payment Terms: Specific conditions and timing of payment

15. Bank Charges: Allocation of banking charges between parties