A Letter For Credit Terms document is essential in establishing the framework for letter of credit facilities between a bank and its client in Canada. This document is typically used when a company requires regular access to letter of credit facilities for their international trade operations or domestic commercial transactions. It sets out the fundamental relationship between the bank and the applicant, including credit limits, fees, documentation requirements, and compliance obligations. The document must comply with Canadian banking regulations, including the Bank Act and relevant provincial legislation, while also considering international banking practices such as the UCP 600. It serves as the master agreement under which individual letters of credit can be issued, providing clarity on the rights, obligations, and procedures for all parties involved in the letter of credit process.
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1. Letter Header and Date: Bank letterhead, date, and reference numbers
2. Addressee Details: Full details of the beneficiary including name, address, and reference numbers
3. Credit Amount and Currency: Specific amount of the letter of credit and currency denomination
4. Type of Credit: Specification of whether it's irrevocable, confirmed, transferable, etc.
5. Expiry Details: Expiration date and place for presentation of documents
6. Transaction Details: Description of the underlying commercial transaction
7. Required Documents: List of documents required for presentation
8. Payment Terms: Specific conditions and timing of payment
9. Governing Law Statement: Reference to applicable Canadian law and jurisdiction
10. Authorization: Bank officer's signature and authorization details
1. Partial Shipments/Drawings: Include when multiple shipments or drawings are permitted
2. Transhipment Terms: Include when goods may need to be transhipped during transport
3. Special Conditions: Include when there are additional requirements or conditions specific to the transaction
4. Transfer Restrictions: Include when the credit has specific transfer limitations or permissions
5. Back-to-Back Provisions: Include when the credit may be used as collateral for another letter of credit
6. Foreign Exchange Provisions: Include when currency conversion terms need to be specified
1. Schedule A - Document Requirements: Detailed list of required documents and their specifications
2. Schedule B - Shipping Terms: Specific shipping requirements and deadlines if applicable
3. Schedule C - Fee Schedule: Breakdown of all applicable fees and charges
4. Appendix 1 - Standard Banking Practice: Reference to applicable UCP 600 or other banking practice rules
5. Appendix 2 - Amendment Procedures: Procedures for requesting and processing amendments to the letter of credit
Relevant legal definitions
Advising Bank
Applicant
Banking Day
Beneficiary
Bill of Lading
Commercial Invoice
Confirmation
Credit Facility
Credit Limit
Documentary Credit
Drawing
Expiry Date
Facility Period
Force Majeure
Governing Law
Incoterms
Issuing Bank
Letter of Credit
Negotiating Bank
Negotiation
Notification
Presentation
Reimbursing Bank
Security Interest
Shipping Documents
Standby Letter of Credit
Transaction Documents
UCP 600
Underlying Transaction
Unutilized Amount
Applicant
Banking Day
Beneficiary
Bill of Lading
Commercial Invoice
Confirmation
Credit Facility
Credit Limit
Documentary Credit
Drawing
Expiry Date
Facility Period
Force Majeure
Governing Law
Incoterms
Issuing Bank
Letter of Credit
Negotiating Bank
Negotiation
Notification
Presentation
Reimbursing Bank
Security Interest
Shipping Documents
Standby Letter of Credit
Transaction Documents
UCP 600
Underlying Transaction
Unutilized Amount
Clauses
Credit Facility Terms
Fees and Charges
Payment Terms
Documentation Requirements
Representations and Warranties
Covenants
Events of Default
Security
Indemnification
Force Majeure
Governing Law
Dispute Resolution
Notices
Assignment
Amendment
Termination
Compliance
Anti-Money Laundering
Sanctions
Confidentiality
Set-Off Rights
Currency Provisions
Bank's Rights and Obligations
Applicant's Rights and Obligations
Document Examination
Liability Limitations
Communications
Account Operations
Fees and Charges
Payment Terms
Documentation Requirements
Representations and Warranties
Covenants
Events of Default
Security
Indemnification
Force Majeure
Governing Law
Dispute Resolution
Notices
Assignment
Amendment
Termination
Compliance
Anti-Money Laundering
Sanctions
Confidentiality
Set-Off Rights
Currency Provisions
Bank's Rights and Obligations
Applicant's Rights and Obligations
Document Examination
Liability Limitations
Communications
Account Operations
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Retail
Commodities Trading
Agriculture
Energy
Mining
Construction
Telecommunications
Automotive
Pharmaceutical
Technology Hardware
Relevant Teams
Finance
Treasury
International Trade
Procurement
Supply Chain
Legal
Compliance
Risk Management
Trade Operations
Documentary Credits
Relevant Roles
Trade Finance Manager
Chief Financial Officer
Treasury Manager
Import/Export Manager
Finance Director
Credit Manager
Banking Relationship Manager
International Trade Specialist
Compliance Officer
Financial Controller
Supply Chain Manager
Procurement Director
Risk Manager
Documentary Credits Specialist
Corporate Banking Officer
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