The Confirmed Irrevocable Letter of Credit is a crucial document in international trade finance, particularly when parties seek enhanced payment security. It is typically used when the beneficiary (seller) requires additional security beyond the undertaking of the issuing bank alone, or when they prefer the commitment of a bank in their own country. Under Swiss law, which is widely respected in international banking, this document provides one of the highest levels of payment security in cross-border transactions. The confirmation by a second bank adds an independent undertaking to honor the credit, making it particularly valuable in transactions involving emerging markets or when there are concerns about the issuing bank's country risk. The document must comply with both Swiss banking regulations and international standards, particularly the UCP 600, and typically includes detailed specifications about required documents, payment terms, and conditions for the transfer of funds.
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1. Letter Reference and Date: Unique reference number and issuance date of the Letter of Credit
2. Form of Credit: Clear statement that this is an irrevocable and confirmed Letter of Credit
3. Applicant Details: Full name, address, and contact information of the party requesting the Letter of Credit
4. Beneficiary Details: Full name, address, and contact information of the party in whose favor the Letter of Credit is issued
5. Issuing Bank Details: Full name, address, and SWIFT code of the bank issuing the Letter of Credit
6. Confirming Bank Details: Full name, address, and SWIFT code of the bank confirming the Letter of Credit
7. Amount and Currency: The maximum amount and currency of the Letter of Credit, written in both figures and words
8. Expiry Date: The expiration date and place for presentation of documents
9. Available With/By: Specification of where and how the credit is available (payment, acceptance, negotiation)
10. Required Documents: Detailed list of all documents required for presentation
11. Shipment Terms: Details of shipment including latest shipment date, partial shipments, transhipment
12. Description of Goods/Services: Precise description of the goods or services covered by the Letter of Credit
13. Special Conditions: Any additional terms, conditions, or instructions that apply to the Letter of Credit
1. Revolving Conditions: Include when the Letter of Credit is revolving, specifying the revolving terms and conditions
2. Red Clause: Include when advance payment is permitted, specifying the terms of advance payment
3. Green Clause: Include when storage of goods is involved, specifying warehouse arrangements
4. Transferability Clause: Include when the Letter of Credit is transferable, specifying transfer conditions
5. Back-to-Back Provisions: Include when the Letter of Credit is part of a back-to-back arrangement
6. Deferred Payment Terms: Include when payment is to be made at a future date after document presentation
7. Insurance Requirements: Include when specific insurance arrangements are required beyond standard terms
1. Schedule A - Document Requirements: Detailed checklist of required documents and their specific requirements
2. Schedule B - Commercial Invoice Requirements: Specific requirements for the format and content of commercial invoices
3. Schedule C - Transport Document Requirements: Detailed requirements for bills of lading or other transport documents
4. Schedule D - Insurance Document Requirements: Specific requirements for insurance certificates or policies
5. Appendix 1 - Bank Contact Details: Complete contact information for all banks involved in the transaction
6. Appendix 2 - Sample Document Formats: Templates or examples of acceptable document formats
7. Appendix 3 - Fee Schedule: Detailed breakdown of all applicable banking fees and charges
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