The Advised Letter of Credit is a crucial document in international trade finance, particularly when conducting business under Canadian jurisdiction. It is typically used when a seller requires additional security in a trade transaction and wants local bank verification of a foreign bank's Letter of Credit. The document includes detailed information about payment terms, required documentation, shipping conditions, and goods description, all structured to comply with both Canadian banking regulations and international standards. The Advised Letter of Credit provides an extra layer of security as a local bank confirms the authenticity of the credit, making it especially valuable when parties are in different countries or unfamiliar with each other's banks. This document type follows strict compliance principles under UCP 600 rules and Canadian federal banking laws, ensuring clarity and enforceability in international trade transactions.
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1. Letter Reference Number: Unique identification number of the Letter of Credit
2. Date of Issue: Date when the Letter of Credit is issued
3. Advising Bank Details: Complete name and address of the advising bank
4. Issuing Bank Details: Complete name and address of the issuing bank
5. Beneficiary Details: Full name and address of the beneficiary (seller/exporter)
6. Applicant Details: Full name and address of the applicant (buyer/importer)
7. Credit Amount: Currency and amount of the Letter of Credit
8. Form of Credit: Whether irrevocable or irrevocable and confirmed
9. Expiry Date: Date and place of expiry of the Letter of Credit
10. Payment Terms: When and how payment will be made (at sight, deferred payment, etc.)
11. Required Documents: Detailed list of documents required for presentation
12. Shipment Terms: Details of shipment including latest shipment date and partial shipments
13. Description of Goods: Detailed description of the goods being traded
1. Transfer Conditions: Include when the Letter of Credit is transferable
2. Confirmation Instructions: Include when confirmation is requested from the advising bank
3. Special Conditions: Any additional terms or conditions specific to the transaction
4. Reimbursement Instructions: Include when specific reimbursement arrangements are required
5. Insurance Requirements: Include when specific insurance requirements need to be detailed
6. Pre-Shipment Inspection: Include when pre-shipment inspection is required
1. Schedule A - Commercial Invoice Requirements: Detailed requirements for the format and content of commercial invoices
2. Schedule B - Transport Document Requirements: Specific requirements for bills of lading or other transport documents
3. Schedule C - Product Specifications: Detailed specifications of the goods being traded
4. Schedule D - Shipping Schedule: Detailed timeline for shipment and delivery
5. Appendix 1 - Document Presentation Guidelines: Guidelines for how documents should be presented to the bank
6. Appendix 2 - Bank Contact Details: Complete contact information for all banks involved in the transaction
Relevant legal definitions
Advising Bank
Applicant
Banking Day
Beneficiary
Bill of Lading
Clean Documents
Complying Presentation
Confirmation
Credit
Discrepancy
Documents Required
Expiry Date
Honour
Issuing Bank
Letter of Credit
Negotiation
Nomination
Original Documents
Place of Expiry
Presentation
Reimbursing Bank
Shipment
Sight Payment
SWIFT
Trade Terms
Transferable Credit
UCP 600
Unclean Documents
Usance
Validity Period
Applicant
Banking Day
Beneficiary
Bill of Lading
Clean Documents
Complying Presentation
Confirmation
Credit
Discrepancy
Documents Required
Expiry Date
Honour
Issuing Bank
Letter of Credit
Negotiation
Nomination
Original Documents
Place of Expiry
Presentation
Reimbursing Bank
Shipment
Sight Payment
SWIFT
Trade Terms
Transferable Credit
UCP 600
Unclean Documents
Usance
Validity Period
Clauses
Credit Amount and Currency
Availability and Expiry
Document Presentation
Payment Terms
Banking Charges
Document Requirements
Shipping Terms
Insurance Requirements
Force Majeure
Assignment
Transfer Rights
Amendment Conditions
Governing Law
Dispute Resolution
Bank Obligations
Confirmation Terms
Reimbursement Terms
Document Examination
Discrepancy Handling
Notices
Partial Shipments
Transhipment
Description of Goods
Bank Communications
Compliance Requirements
Availability and Expiry
Document Presentation
Payment Terms
Banking Charges
Document Requirements
Shipping Terms
Insurance Requirements
Force Majeure
Assignment
Transfer Rights
Amendment Conditions
Governing Law
Dispute Resolution
Bank Obligations
Confirmation Terms
Reimbursement Terms
Document Examination
Discrepancy Handling
Notices
Partial Shipments
Transhipment
Description of Goods
Bank Communications
Compliance Requirements
Relevant Industries
Banking & Financial Services
International Trade
Import/Export
Manufacturing
Commodities Trading
Retail
Wholesale
Agriculture
Mining
Energy
Textiles
Automotive
Electronics
Shipping & Logistics
Relevant Teams
Trade Finance
International Banking
Legal
Compliance
Treasury
Financial Operations
Risk Management
International Sales
Procurement
Supply Chain
Shipping & Logistics
Documentary Credits
Export Administration
Import Administration
Relevant Roles
Trade Finance Manager
International Business Development Manager
Export Manager
Import Manager
Banking Operations Manager
Documentary Credits Specialist
Trade Finance Officer
Compliance Officer
Treasury Manager
Financial Controller
Supply Chain Manager
Procurement Manager
Shipping Manager
Credit Risk Manager
International Sales Director
Chief Financial Officer
Legal Counsel
Documentary Collections Officer
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