The Letter of Credit 60 Days is a crucial financial instrument used in international trade transactions where deferred payment terms are required. Under Swiss law, this document serves as a bank's irrevocable undertaking to pay the seller after a 60-day period, provided that compliant documents are presented. It offers security to sellers by substituting the bank's creditworthiness for that of the buyer, while giving buyers a 60-day payment window. The document must comply with Swiss banking regulations, the Swiss Code of Obligations, and typically incorporates UCP 600 rules. It includes detailed specifications about the transaction, required documents, payment terms, and conditions that must be met for the payment to be released. This type of LC is particularly useful in industries with longer cash conversion cycles or where extended payment terms are standard practice.
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1. Issuing Bank Details: Complete name and address of the issuing bank in Switzerland
2. LC Number and Date: Unique letter of credit reference number and date of issuance
3. LC Type: Specification that this is a 60-day usance letter of credit
4. Applicant Details: Full name and address of the party requesting the LC (buyer/importer)
5. Beneficiary Details: Full name and address of the party receiving the LC (seller/exporter)
6. Currency and Amount: Specified currency and maximum amount of the LC
7. Expiry Date and Place: Clear statement of when and where the LC expires
8. Payment Terms: Specification of 60-day payment terms and when this period begins
9. Required Documents: Detailed list of documents required for presentation
10. Shipment Terms: Specifications for shipment including latest shipment date
11. Document Presentation: Period within which documents must be presented
12. Governing Law: Statement that Swiss law governs the LC
1. Transferability Clause: Include when the LC needs to be transferable to another beneficiary
2. Revolving Terms: Include for LCs that automatically renew under specified conditions
3. Red Clause: Include when advance payment to beneficiary is permitted
4. Back-to-Back Provisions: Include when LC is issued against another LC
5. Partial Shipment Terms: Include when partial shipments are allowed or prohibited
6. Transhipment Terms: Include when specific transhipment conditions apply
1. Schedule A - Document Requirements: Detailed checklist of required documents and their specifications
2. Schedule B - Goods Description: Detailed description of goods being traded
3. Schedule C - Banking Instructions: Specific instructions for handling documents and payments
4. Appendix 1 - UCP 600 Incorporation: Standard terms incorporating UCP 600 rules
5. Appendix 2 - Amendment Format: Standard format for future amendments to the LC
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