Letter Of Credit 90 Days for Canada

Letter Of Credit 90 Days Template for Canada

A Letter of Credit with 90-day validity is a formal banking instrument governed by Canadian federal banking laws and international trade regulations, particularly the UCP 600. This document represents a bank's irrevocable commitment to pay the beneficiary a specified amount upon presentation of compliant documents within the 90-day timeframe. The document is structured according to Canadian banking requirements while incorporating international standard practices, providing security and payment assurance for international trade transactions. It includes detailed terms for document presentation, payment conditions, and specific requirements for all parties involved.

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What is a Letter Of Credit 90 Days?

A Letter of Credit 90 Days is a fundamental trade finance instrument used to facilitate secure commercial transactions in Canada and international trade. This document is particularly valuable when parties seek a balanced approach to payment security and operational flexibility, providing a 90-day window for document presentation and payment completion. It's commonly used in situations where the buyer needs to provide payment assurance to the seller, while maintaining control through documentary conditions. The document operates under Canadian federal banking regulations, provincial commercial laws, and typically incorporates UCP 600 rules. It includes essential elements such as payment terms, document requirements, and specific conditions that must be met within the 90-day validity period. This instrument is particularly useful for new trading relationships, high-value transactions, or when dealing with international counterparties where payment security is paramount.

What sections should be included in a Letter Of Credit 90 Days?

1. Letter of Credit Number: Unique reference number assigned by the issuing bank

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

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

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

5. Issuing Bank Details: Name and address of the bank issuing the Letter of Credit

6. Amount and Currency: The specific amount and currency of the Letter of Credit, stated in both figures and words

7. Expiry Date: Clear statement of the 90-day validity period and exact expiry date

8. Payment Terms: Specific conditions under which payment will be made, including required documents

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

10. Shipment Terms: Details of shipment including latest shipment date and partial shipments if applicable

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

What sections are optional to include in a Letter Of Credit 90 Days?

1. Advising Bank Details: Details of the bank advising the Letter of Credit, used when there's an intermediary bank

2. Confirming Bank Details: Details of the bank confirming the Letter of Credit, included when additional bank guarantee is required

3. Transferability Clause: Include when the Letter of Credit needs to be transferable to another beneficiary

4. Red Clause: Include when advance payment is permitted before document presentation

5. Green Clause: Include when partial advance payment is permitted against warehouse receipts

6. Back-to-Back Provisions: Include when this Letter of Credit will be used to support another Letter of Credit

7. Revolving Terms: Include when the Letter of Credit is intended to revolve in value or time

What schedules should be included in a Letter Of Credit 90 Days?

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

2. Schedule B - Special Payment Conditions: Any special conditions or requirements for payment

3. Schedule C - Shipping Documents Specifications: Detailed specifications for shipping documents

4. Appendix 1 - Bank Forms: Standard forms required by the issuing bank for document presentation

5. Appendix 2 - UCP 600 Reference: Relevant articles of UCP 600 specifically applicable to this Letter of Credit

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

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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.

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What is a Letter Of Credit 90 Days?

What sections should be included in a Letter Of Credit 90 Days?

What sections are optional to include in a Letter Of Credit 90 Days?

What schedules should be included in a Letter Of Credit 90 Days?

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Alex Denne

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