Legal Templates
Irrevocable Confirmed Lc At Sight

Irrevocable Confirmed Lc At Sight for Canada

Irrevocable Confirmed Lc At Sight Template for Canada

An Irrevocable Confirmed Letter of Credit at Sight is a financial instrument used in Canadian international trade transactions, governed by federal banking laws and provincial regulations, while adhering to UCP 600 rules. This document represents a bank's irrevocable commitment to pay the beneficiary a specified amount upon presentation of compliant documents, with the added security of a second bank's confirmation. The 'at sight' feature ensures immediate payment upon document verification, making it particularly attractive for exporters seeking payment security and importers establishing credibility in international transactions.

Your data doesn't train Genie's AI

You keep IP ownership of your information

Generate a Bespoke Document

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Download a Standard Template

Get our Canada-compliant Irrevocable Confirmed Lc At Sight

4.6 / 5
4.8 / 5
Access for free
OR

Alternatively: Run an advanced review of an existing
Irrevocable Confirmed Lc At Sight

Let Genie AI's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.
Upload your Doc

What is a Irrevocable Confirmed Lc At Sight?

The Irrevocable Confirmed LC at Sight is a crucial document in Canadian international trade finance, designed to provide maximum security for cross-border transactions. It represents an irrevocable undertaking by both the issuing bank and a confirming bank to pay the beneficiary upon presentation of compliant documents, governed by Canadian federal banking laws, provincial regulations, and international UCP 600 rules. This instrument is particularly valuable when dealing with new trading partners, high-value transactions, or politically/economically unstable regions. The confirmation adds an additional layer of security, while the 'at sight' feature ensures prompt payment, making it especially attractive for exporters who require immediate access to funds. The document typically includes detailed specifications about the underlying trade transaction, required documentation, payment terms, and banking arrangements.

What sections should be included in a Irrevocable Confirmed Lc At Sight?

1. LC Number and Date: Unique identification number and issuance date of the Letter of Credit

2. Form of Credit: Specification that this is an irrevocable confirmed letter of credit at sight

3. Issuing Bank Details: Complete name, address, and SWIFT code of the issuing bank

4. Confirming Bank Details: Complete name, address, and SWIFT code of the confirming bank

5. Applicant Details: Full name and address of the party requesting the LC

6. Beneficiary Details: Full name and address of the party in whose favor the LC is issued

7. Currency and Amount: Currency denomination and amount of the LC in both figures and words

8. Available With/By: Specification of payment terms (at sight) and where the credit is available

9. Expiry Date and Place: Clear statement of when and where the LC expires

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

11. Shipment Terms: Details of shipment including latest shipment date and partial shipments/transshipment permissions

12. Description of Goods/Services: Clear description of the goods or services covered by the LC

13. Special Conditions: Any specific conditions or requirements particular to this LC

14. Bank Charges: Specification of which party bears which bank charges

15. Period for Presentation: Timeframe within which documents must be presented after shipment

16. UCP 600 Reference: Statement incorporating UCP 600 rules

What sections are optional to include in a Irrevocable Confirmed Lc At Sight?

1. Transfer Conditions: Include when the LC needs to be transferable to another beneficiary

2. Back-to-Back Provisions: Include when the LC may be used as collateral for another LC

3. Revolving Terms: Include when the LC has revolving value or quantity provisions

4. Red Clause Provisions: Include when advance payment provisions are required

5. Green Clause Provisions: Include when storage provisions are required

6. Confirmation Instructions: Include specific confirmation requirements when multiple confirming banks are involved

7. Reimbursement Instructions: Include when specific reimbursement arrangements between banks are required

What schedules should be included in a Irrevocable Confirmed Lc At Sight?

1. Schedule A - Document Requirements: Detailed checklist of required documents and their specific requirements

2. Schedule B - Goods Specification: Detailed technical specifications of goods when complex products are involved

3. Schedule C - Special Payment Terms: Any special payment arrangements or conditions

4. Appendix 1 - Standard Banking Forms: Standard forms required for document presentation

5. Appendix 2 - SWIFT Message Formats: Required SWIFT message formats for communication

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image

Jurisdiction

Canada

Publisher

Genie AI

Document Type

Letter of Credit

Sector

International Trade

Cost

Free to use
Relevant legal definitions
Advising Bank
Applicant
At Sight
Banking Day
Beneficiary
Bill of Lading
Certificate of Origin
Commercial Invoice
Complying Presentation
Confirmation
Confirming Bank
Credit
Discrepancy
Documentary Credit
Documents
Draft
Expiry Date
Honour
Insurance Certificate
Issuing Bank
Letter of Credit
Negotiation
Nominated Bank
Original Documents
Packing List
Place for Presentation
Presentation
Reimbursing Bank
Shipping Documents
SWIFT
Trade Terms
UCP 600
Underlying Transaction
Banking Day
Clean Documents
Compliant Documents
Document Examination Period
Force Majeure
Irrevocable
Notice of Refusal
Payment at Sight
Presentation Period
Reasonable Time
Required Documents
Relevant Industries

Banking and Financial Services

International Trade

Import/Export

Manufacturing

Commodities Trading

Shipping and Logistics

Insurance

Agriculture

Mining

Oil and Gas

Retail

Wholesale Distribution

Technology Hardware

Industrial Equipment

Textiles and Apparel

Relevant Teams

Trade Finance

International Banking

Documentary Credits

Global Transaction Banking

Treasury

Risk Management

Trade Operations

Legal and Compliance

Supply Chain Finance

Credit Administration

Trade Documentation

International Operations

Relevant Roles

Trade Finance Manager

International Banking Officer

Documentary Credits Specialist

Export Finance Manager

Import Operations Manager

Trade Compliance Officer

Letter of Credit Specialist

Global Transaction Banking Manager

Chief Financial Officer

Treasury Manager

International Trade Specialist

Banking Operations Manager

Credit Risk Officer

Trade Documentation Officer

Supply Chain Finance Manager

Industries
UCP 600 (Uniform Customs and Practice for Documentary Credits): The international rules governing the operation of Letters of Credit, published by the International Chamber of Commerce. While not legislation, these rules are universally incorporated into LCs and recognized by Canadian courts.
Bank Act (S.C. 1991, c. 46): Federal legislation governing banking operations in Canada, including the issuance of letters of credit by Canadian banks.
Bills of Exchange Act (R.S.C., 1985, c. B-4): Federal legislation that governs negotiable instruments and certain aspects of documentary credits in Canada.
International Sale of Goods Contracts Convention Act (S.C. 1991, c. 13): Implementation of the UN Convention on Contracts for the International Sale of Goods (CISG) in Canada, relevant for international trade transactions involving LCs.
Provincial Sale of Goods Acts: Provincial legislation governing sales transactions, which may be relevant depending on the province where the LC is issued and the underlying transaction takes place.
Proceeds of Crime (Money Laundering) and Terrorist Financing Act (S.C. 2000, c. 17): Federal legislation requiring financial institutions to verify and report certain transactions, including international payments via LCs.
SWIFT Regulations and Standards: While not legislation, these are mandatory standards for international banking communications used in LC transactions.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

Find the exact document you need

No matches found.

Import Bill Under Lc

A Canadian-law governed agreement establishing terms and conditions for import transactions using Letters of Credit, defining rights and obligations of all parties involved in international trade transactions.

find out more

Standby Letter Of Credit Cost

A Canadian-compliant document detailing the complete fee structure and costs associated with issuing and maintaining a standby letter of credit.

find out more

Letter Of Credit Project (Finance)

A Canadian-law governed Letter of Credit facility agreement for project finance transactions, establishing terms, conditions, and security arrangements under federal and provincial regulations.

find out more

Lc Sight And Usance

A Canadian-law governed Letter of Credit document combining immediate (sight) and deferred (usance) payment options for international trade transactions.

find out more

Letter Of Credit Limit

A Canadian law-governed agreement establishing a bank facility for issuing letters of credit up to a specified limit, outlining terms, conditions, and compliance requirements.

find out more

Lc Invoice

A Canadian-compliant commercial invoice specifically formatted to support Letter of Credit requirements in international trade transactions, adhering to federal banking and trade regulations.

find out more

Irrevocable Unconfirmed Letter Of Credit

A Canadian-governed banking instrument providing irrevocable payment commitment in international trade, subject to document compliance and UCP 600 rules.

find out more

Lc Payment Terms In Export

Canadian-law governed Letter of Credit payment terms document specifying conditions and requirements for export transactions.

find out more

SBLC Dlc

A Canadian-law governed banking instrument providing payment security in international trade transactions, following both domestic and international banking standards.

find out more

Irrevocable Letter Of Credit Cost

A Canadian banking document detailing the costs and fees associated with an irrevocable letter of credit, governed by Canadian banking laws and UCP 600.

find out more

Cash Backed SBLC

Canadian law-governed agreement for a cash-backed Standby Letter of Credit, establishing terms, conditions, and obligations for all parties involved.

find out more

SBLC Transferable

A Canadian law-governed Transferable Standby Letter of Credit document that establishes terms for a transferable bank guarantee, incorporating federal banking and provincial securities regulations.

find out more

Export Lc Discounting

A Canadian law-governed agreement for discounting export letters of credit, enabling exporters to obtain immediate financing against their LC receivables.

find out more

SBLC Non Recourse Loan

Canadian law-governed non-recourse loan agreement secured by SBLC, establishing terms for limited-recourse financing with specific collateral provisions.

find out more

SBLC Trade Program

Canadian-law governed agreement establishing terms and conditions for a Standby Letter of Credit (SBLC) Trade Program, including issuance, maintenance, and drawing conditions.

find out more

Loan Against Lc

A Canadian-law governed agreement establishing a loan facility secured by a Letter of Credit, incorporating federal and provincial banking regulations.

find out more

Application For Letter Of Credit

A Canadian-compliant formal application document used to request a bank to issue a letter of credit for international trade transactions.

find out more

SBLC Buyers

A Canadian-law governed agreement establishing terms for SBLC issuance between a buyer and issuing bank, incorporating federal banking and provincial contract law requirements.

find out more

Transferring Bank In Lc

A Canadian-law governed agreement for transferring rights under a Letter of Credit from the first beneficiary to a second beneficiary, executed by a transferring bank.

find out more

Revolving SBLC

A Canadian-law governed Revolving Standby Letter of Credit providing a renewable guarantee facility, structured under federal banking regulations and international banking practices.

find out more

Payment Terms Dlc

Canadian-law governed payment terms document for Documentary Letter of Credit arrangements, detailing requirements and obligations for international trade transactions.

find out more

Non Transferable SBLC

A Canadian law-governed Non-Transferable Standby Letter of Credit providing payment guarantee from a bank to a beneficiary, with explicit prohibition on transfer or assignment.

find out more

Negotiation Bank In Lc

A Canadian-law governed Negotiation Bank Letter of Credit document establishing terms for secure international trade payment through bank negotiation.

find out more

Freely Negotiable Letter Of Credit

A Canadian-law governed, bank-issued payment guarantee document that provides security in trade transactions while allowing negotiation and transfer of payment rights.

find out more

Time Letter Of Credit

A Canadian-law governed bank-issued document guaranteeing payment to a seller at a specified future date upon presentation of compliant documents.

find out more

Straight Letter Of Credit

A Canadian-law governed banking instrument providing secure payment in international trade through bank-guaranteed payment upon presentation of compliant documents.

find out more

Non Operative Letter Of Credit

A Canadian-compliant banking instrument that provides a guaranteed payment commitment from a bank to a beneficiary upon meeting specified documentary conditions.

find out more

Letter Of Credit 90 Days

A Canadian-compliant banking instrument providing payment assurance in trade transactions, valid for 90 days, governed by federal banking laws and UCP 600.

find out more

Letter Of Credit 60 Days

A Canadian-law governed Letter of Credit providing a 60-day payment deferral period, issued by a bank as a secure payment mechanism for international trade transactions.

find out more

Letter Of Credit 30 Days

A Canadian-law governed Letter of Credit providing 30-day deferred payment terms, where a bank guarantees payment to a seller upon document compliance.

find out more

Irrevocable Confirmed Lc At Sight

A Canadian-compliant financial instrument providing guaranteed payment at sight in international trade, backed by both issuing and confirming banks under federal banking laws and UCP 600 rules.

find out more

Domestic Letter Of Credit

A Canadian bank-issued payment guarantee instrument for domestic transactions, governed by Canadian banking laws and regulations, providing payment security between domestic buyers and sellers.

find out more

Digital Letter Of Credit

A Canadian-compliant digital banking instrument that guarantees payment in international trade transactions, subject to electronic document presentation under Canadian law.

find out more

Unsecured Letter Of Credit

A Canadian-governed bank instrument providing payment guarantee to a seller without requiring security from the buyer, governed by Canadian banking laws and UCP 600.

find out more

Unconditional Letter Of Credit

A Canadian-law governed bank undertaking providing unconditional payment assurance to a beneficiary upon presentation of complying documents.

find out more

Transit Letter Of Credit

A Canadian-compliant banking instrument that guarantees payment for goods in transit, combining domestic banking regulations with international trade practices.

find out more

Synthetic Letter Of Credit

A Canadian-law governed financial instrument combining traditional letter of credit features with synthetic structures to provide enhanced flexibility in trade finance transactions.

find out more

Syndicated Letter Of Credit

Canadian law-governed agreement establishing terms for a multi-bank letter of credit facility with shared risk and commitment structures.

find out more

Surety Backed Letter Of Credit

A Canadian-law governed financial instrument combining a letter of credit with surety protection, providing enhanced security for complex commercial transactions.

find out more

Structured Letter Of Credit

A Canadian-law governed banking instrument providing secured payment commitment with structured terms for complex commercial transactions, following UCP 600 rules and Canadian banking regulations.

find out more
See more related templates

Genie’s Security Promise

Genie is the safest place to draft. Here’s how we prioritise your privacy and security.

Your documents are private:

We do not train on your data; Genie’s AI improves independently

All data stored on Genie is private to your organisation

Your documents are protected:

Your documents are protected by ultra-secure 256-bit encryption

We are ISO27001 certified, so your data is secure

Organizational security:

You retain IP ownership of your documents and their information

You have full control over your data and who gets to see it

Generate Legal Docs Free

Create your first 2 documents for free
You keep IP ownership of your information
Your data doesn't train Genie's AI
2 Docs LeftAccess Now
*No registration required