The At Sight Letter of Credit is a fundamental trade finance instrument used in international commerce when immediate payment upon document presentation is required. It serves as a secure payment method where the issuing bank commits to pay the beneficiary as soon as compliant documents are presented, providing certainty for cross-border transactions. Under Canadian jurisdiction, these documents must comply with both the UCP 600 international rules and Canadian banking regulations, including the Bank Act and relevant financial services legislation. The At Sight LC is particularly valuable in situations where parties may not have established trading relationships or when local regulations require formal bank guarantees for international trade. It includes detailed specifications about the transaction, required documentation, payment terms, and compliance requirements, ensuring all parties have clear understanding of their obligations and rights.

1. LC Number and Type: Unique identification number and clear indication that this is an irrevocable At Sight Letter of Credit

2. Issue Date and Place: Date and location of LC issuance

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. Currency and Amount: LC amount in numbers and words, including currency specification

6. Expiry Date and Place: Clear indication of when and where the LC expires

7. Available With: Name of nominated bank where LC is available

8. Payment Terms: Specification of at sight payment upon presentation of compliant documents

9. Required Documents: Detailed list of documents required for presentation

10. Shipment Terms: Latest shipment date and delivery conditions

11. Presentation Period: Time period within which documents must be presented after shipment

12. Governing Law: Specification of Canadian law as governing law

13. UCP Reference: Statement that LC is subject to UCP 600