A Usance Letter of Credit is essential in international trade finance where sellers grant buyers extended payment terms while maintaining payment security. This document type is particularly relevant when German companies or banks are involved in international trade transactions, as it must comply with both German banking regulations and international banking practices. The document provides a deferred payment commitment from a bank, typically used for high-value international transactions where the buyer needs time to pay but the seller requires payment security. It includes detailed specifications about payment terms, document requirements, and compliance conditions, all structured within the framework of German law while adhering to international UCP 600 rules. The Usance Letter of Credit helps manage credit risk, ensures regulatory compliance, and facilitates smooth international trade operations.
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1. Letter of Credit Number and Reference: Unique identification number and reference details of the L/C
2. Date of Issuance: The date when the Letter of Credit is issued
3. Issuing Bank Details: Complete name, address, and SWIFT code of the issuing bank
4. Applicant Details: Full name, address, and contact information of the buyer/importer
5. Beneficiary Details: Full name, address, and contact information of the seller/exporter
6. Currency and Amount: The currency and maximum amount of the credit
7. Credit Availability: How and where the credit is available (e.g., by deferred payment at XX days from bill of lading date)
8. Shipment Terms: Latest shipment date, partial shipments, transhipment provisions
9. Document Requirements: List of required documents (commercial invoice, transport documents, insurance documents, etc.)
10. Goods Description: Detailed description of the goods being traded
11. Expiry Date and Place: When and where the credit expires
12. Payment Terms: Specific terms of the usance period and payment conditions
1. Advising Bank Details: Details of the advising bank if different from the issuing bank, used when there's an intermediary bank
2. Confirmation Instructions: Instructions regarding confirmation, needed when a confirmed L/C is requested
3. Transfer Conditions: Terms for transferring the L/C, included when the credit is transferable
4. Special Conditions: Any additional terms or conditions specific to the transaction
5. Reimbursement Instructions: Details about reimbursement arrangements between banks, included for international transactions
6. Pre-shipment Inspection: Requirements for pre-shipment inspection, if required by buyer or regulations
1. Schedule A - Document Requirements: Detailed list and format of all required documents and their specifications
2. Schedule B - Goods Specifications: Detailed technical specifications of the goods being traded
3. Schedule C - Special Payment Terms: Detailed breakdown of payment terms including usance period calculations
4. Appendix 1 - UCP 600 Disclaimers: Standard disclaimers and provisions as per UCP 600
5. Appendix 2 - Bank Forms: Standard forms required by the issuing bank for document presentation
6. Appendix 3 - Shipping Schedule: Detailed shipping timeline and requirements if multiple shipments are involved
Relevant legal definitions
Advising Bank
Applicant
Banking Day
Beneficiary
Bill of Exchange
Bill of Lading
Commercial Invoice
Confirmation
Confirming Bank
Credit
Documents
Draft
Expiry Date
Force Majeure
Goods
Incoterms
Insurance Certificate
Insurance Policy
Issuing Bank
Letter of Credit
Maturity Date
Negotiating Bank
Negotiation
Packing List
Partial Shipment
Payment at Sight
Place of Expiry
Presentation
Reimbursing Bank
Shipment
Shipping Documents
Tender
Trade Terms
Transhipment
UCP 600
Usance Period
Valid Document
Verification
Waybill
Working Day
Applicant
Banking Day
Beneficiary
Bill of Exchange
Bill of Lading
Commercial Invoice
Confirmation
Confirming Bank
Credit
Documents
Draft
Expiry Date
Force Majeure
Goods
Incoterms
Insurance Certificate
Insurance Policy
Issuing Bank
Letter of Credit
Maturity Date
Negotiating Bank
Negotiation
Packing List
Partial Shipment
Payment at Sight
Place of Expiry
Presentation
Reimbursing Bank
Shipment
Shipping Documents
Tender
Trade Terms
Transhipment
UCP 600
Usance Period
Valid Document
Verification
Waybill
Working Day
Clauses
Credit Amount and Currency
Availability
Expiry and Presentation
Documents Required
Payment Terms
Usance Period
Shipping Terms
Documentary Compliance
Bank Obligations
Amendment Conditions
Force Majeure
Governing Law
Dispute Resolution
Transferability
Confirmation Terms
Document Examination
Reimbursement
Bank Charges
Disclaimers
Notices
Assignment
Anti-Money Laundering
Sanctions Compliance
Authorization
Communication Methods
Default Events
Indemnification
Partial Shipments
Transhipment
Insurance Requirements
Availability
Expiry and Presentation
Documents Required
Payment Terms
Usance Period
Shipping Terms
Documentary Compliance
Bank Obligations
Amendment Conditions
Force Majeure
Governing Law
Dispute Resolution
Transferability
Confirmation Terms
Document Examination
Reimbursement
Bank Charges
Disclaimers
Notices
Assignment
Anti-Money Laundering
Sanctions Compliance
Authorization
Communication Methods
Default Events
Indemnification
Partial Shipments
Transhipment
Insurance Requirements
Relevant Industries
Banking & Financial Services
International Trade
Manufacturing
Import/Export
Logistics & Transportation
Agriculture & Commodities
Retail
Automotive
Textiles
Electronics
Energy
Chemical Industry
Heavy Machinery
Relevant Teams
Trade Finance
International Banking
Credit Operations
Risk Management
Legal
Treasury
Compliance
Supply Chain Operations
Financial Control
Documentary Credits
International Trade Operations
Relevant Roles
Trade Finance Manager
International Banking Officer
Credit Manager
Trade Operations Specialist
Documentary Credits Manager
Import/Export Manager
Treasury Manager
Compliance Officer
Risk Manager
Finance Director
Supply Chain Manager
Chief Financial Officer
Banking Relationship Manager
International Trade Specialist
Legal Counsel
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