A Letter of Credit Amendment is utilized when parties need to modify the terms of an existing Letter of Credit without canceling and reissuing a new one. This document is essential in international trade transactions where circumstances require changes to the original terms, such as shipment dates, credit amounts, or documentary requirements. In the Canadian context, these amendments must comply with the Bank Act and other federal regulations while following international banking practices such as the UCP 600. The document provides a secure way to modify trade finance arrangements while maintaining the original Letter of Credit's integrity and legal framework. It's particularly important in situations where commercial circumstances change during the course of a transaction, requiring quick but formal adjustments to the existing credit terms.
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1. Original Letter of Credit Reference: Clear identification of the original LC including number, date of issuance, and issuing bank
2. Amendment Number: Sequential number of the amendment
3. Parties Identification: Names and details of all relevant parties (issuing bank, beneficiary, applicant)
4. Amendment Details: Clear and specific details of what is being amended in the original LC
5. Confirmation of Other Terms: Statement that all other terms and conditions remain unchanged
6. Effective Date: When the amendment becomes effective
7. Authorization: Signature blocks and authorization details
1. Beneficiary Acceptance: Section for beneficiary to indicate acceptance of the amendment - required when beneficiary's acceptance is necessary
2. Extension Request Details: Used when the amendment involves extending the validity or shipment date
3. Amount Modification Details: Used when the amendment involves changes to the LC amount or tolerance
4. Documentary Requirements Changes: Used when modifying the required documentation under the LC
5. Bank Charges: Section detailing any additional charges related to the amendment - included when there are cost implications
1. Schedule A - Revised Terms: Detailed listing of all terms being modified, showing both original and amended versions
2. Schedule B - Modified Documentary Requirements: Detailed changes to documentary requirements, if applicable
3. Appendix 1 - Supporting Documents: Any additional documents supporting the amendment (e.g., revised price lists, updated shipping schedules)
4. Appendix 2 - Authorization Evidence: Evidence of authority to request/approve the amendment, if required
Relevant legal definitions
Original Letter of Credit
Amendment Number
Issuing Bank
Advising Bank
Beneficiary
Applicant
Amendment Effective Date
Expiry Date
Documentary Requirements
Banking Day
Place of Expiry
Credit Amount
Tolerance
Available With
Presentation Period
Shipping Terms
Port of Loading
Port of Discharge
Partial Shipment
Transhipment
Documents Required
Amendment Fee
Confirmation
Transfer
UCP 600
Negotiation
Acceptance
Clean Collection
Amendment Number
Issuing Bank
Advising Bank
Beneficiary
Applicant
Amendment Effective Date
Expiry Date
Documentary Requirements
Banking Day
Place of Expiry
Credit Amount
Tolerance
Available With
Presentation Period
Shipping Terms
Port of Loading
Port of Discharge
Partial Shipment
Transhipment
Documents Required
Amendment Fee
Confirmation
Transfer
UCP 600
Negotiation
Acceptance
Clean Collection
Clauses
Identification
Amendment Details
Amount Modification
Expiry Date
Documentary Requirements
Shipping Terms
Bank Charges
Confirmation Requirements
Governing Law
Authorization
Acceptance
Presentation Period
Transfer Rights
Validity Conditions
Non-Amendment Confirmation
Communication Methods
Bank Disclaimers
Force Majeure
Amendment Details
Amount Modification
Expiry Date
Documentary Requirements
Shipping Terms
Bank Charges
Confirmation Requirements
Governing Law
Authorization
Acceptance
Presentation Period
Transfer Rights
Validity Conditions
Non-Amendment Confirmation
Communication Methods
Bank Disclaimers
Force Majeure
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Retail
Commodities Trading
Energy
Agriculture
Mining
Construction
Shipping and Logistics
Relevant Teams
Trade Finance
International Banking
Treasury
Operations
Legal
Compliance
Risk Management
Corporate Banking
Trade Operations
Documentary Credits
Relevant Roles
Trade Finance Manager
International Banking Officer
Credit Manager
Treasury Manager
Trade Operations Officer
Import/Export Manager
Financial Controller
Documentary Credits Specialist
Corporate Banking Manager
Trade Finance Analyst
Relationship Manager
Compliance Officer
Legal Counsel
Risk Manager
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