Legal Templates
At Sight Lc

At Sight Lc for Switzerland

At Sight Lc Template for Switzerland

A Letter of Credit (LC) At Sight is a crucial trade finance instrument governed by Swiss law, representing a bank's irrevocable commitment to pay the beneficiary upon presentation of compliant documents. This document, operating under Swiss jurisdiction and incorporating UCP 600 rules, provides a secure payment mechanism in international trade by guaranteeing immediate payment to the seller upon presentation of specified documents that comply with the LC terms. The Swiss legal framework provides additional security and reliability to the instrument, given Switzerland's reputation as a leading financial center with robust banking regulations and established trade finance practices.

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What is a At Sight Lc?

The At Sight LC is a fundamental trade finance instrument used to facilitate secure international trade transactions under Swiss law. It represents a bank's irrevocable undertaking to pay the beneficiary (typically the seller/exporter) immediately upon presentation of compliant documents specified in the LC terms. The document is particularly valuable when parties seek immediate payment security in cross-border transactions, combining the reliability of the Swiss banking system with international UCP 600 standards. At Sight LCs are preferred when sellers require prompt payment and don't wish to extend credit to buyers, making them especially important in new trading relationships or when dealing with unfamiliar markets. The Swiss jurisdiction adds an extra layer of security and predictability, given its sophisticated financial regulations and extensive experience in international banking.

What sections should be included in a At Sight Lc?

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

2. Issuing Bank Details: Complete name and address of the issuing bank

3. Beneficiary Details: Full name and address of the beneficiary

4. Applicant Details: Full name and address of the LC applicant

5. Currency and Amount: LC amount in figures and words, including currency

6. Expiry Date and Place: Clear statement of expiry date and location for document presentation

7. Documentary Requirements: Detailed list of required documents for LC payment

8. Goods Description: Brief but precise description of the goods or services

9. Payment Terms: Specification of 'At Sight' payment terms and any additional payment conditions

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

11. Governing Law: Statement of Swiss law as governing law and UCP 600 application

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

1. Partial Shipments: Include when specifying whether partial shipments are allowed or prohibited

2. Transhipment: Include when specifying whether transhipment is allowed or prohibited

3. Insurance Coverage: Include when LC requires specific insurance coverage details

4. Special Conditions: Include when there are additional terms or conditions specific to the transaction

5. Transfer Provisions: Include when the LC is transferable

6. Confirmation Instructions: Include when confirmation by another bank is required

7. Reimbursement Instructions: Include when specific reimbursement arrangements are needed

What schedules should be included in a At Sight Lc?

1. Document Presentation Checklist: Standard form listing all required documents and verification points

2. Standard Banking Forms: Forms required for document presentation and payment processing

3. Specimen Signatures: Authentication specimens for relevant parties if required

4. SWIFT Message Format: Standard format for SWIFT MT700 series message when LC is issued via SWIFT

5. Document Examination Guidelines: Specific guidelines for document examination based on UCP 600 and ISBP

6. Amendments Format: Standard format for any future amendments to the LC

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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Jurisdiction

Switzerland

Publisher

Genie AI

Document Type

Letter of Credit

Sector

International Trade

Cost

Free to use
Relevant Industries

Banking & Financial Services

International Trade

Import/Export

Shipping & Logistics

Manufacturing

Commodities Trading

Retail

Wholesale

Agriculture

Energy

Mining

Textile Industry

Electronics

Automotive

Relevant Teams

Trade Finance

International Banking

Credit Risk

Legal

Compliance

Treasury

Operations

Documentary Credits

Commercial Banking

Global Transaction Services

Trade Operations

Supply Chain Finance

Relevant Roles

Trade Finance Manager

International Banking Officer

Documentary Credits Specialist

Export Finance Manager

Import Operations Manager

Trade Operations Officer

Compliance Officer

Credit Risk Manager

Banking Relationship Manager

Treasury Manager

Chief Financial Officer

Finance Director

International Trade Specialist

Supply Chain Manager

Commercial Banking Officer

Documentary Collections Officer

Industries
UCP 600: The Uniform Customs and Practice for Documentary Credits (2007 Revision) - Essential for defining the rules and standards for Letters of Credit operations internationally
Swiss Code of Obligations (OR/CO): The primary source of Swiss contract law governing contractual relationships and obligations between parties
Swiss Federal Banking Act: Regulates banking activities in Switzerland, including the issuance of Letters of Credit by Swiss banks
Swiss Federal Act on Combating Money Laundering and Terrorist Financing (AMLA): Relevant for compliance requirements in international banking transactions and documentary credits
ISBP 745: International Standard Banking Practice for the Examination of Documents under UCP 600 - Provides detailed guidelines for document checking
Swiss Financial Market Supervision Act (FINMASA): Establishes the framework for financial market supervision, affecting banking operations including Letters of Credit
Swiss Federal Act on International Private Law (IPRG): Relevant for determining applicable law and jurisdiction in international trade 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

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