A Letter of Credit On Sight is essential in international trade transactions where immediate payment is required upon document presentation. It provides security to sellers who don't want to ship goods without payment assurance, and to buyers who want to ensure they only pay for properly documented shipments. Under English and Welsh law, this document type is particularly robust due to the jurisdiction's extensive experience in international trade and banking. The Letter of Credit On Sight typically includes detailed specifications about required documents, payment terms, and compliance requirements, all governed by UCP 600 rules and English banking regulations.
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1. Letter of Credit Number: Unique identification number for the Letter of Credit
2. Date of Issue: Official date when the Letter of Credit is issued
3. Issuing Bank Details: Full name, address, and reference numbers of the issuing bank
4. Applicant Details: Complete name, address, and contact information of the buyer/importer
5. Beneficiary Details: Complete name, address, and contact information of the seller/exporter
6. Amount and Currency: Specified amount and currency of the Letter of Credit
7. Required Documents: Comprehensive list of documents required for presentation
8. Expiry Date and Place: Date and location where the Letter of Credit expires
1. Transhipment Terms: Terms and conditions regarding transhipment of goods during transit
2. Partial Shipments: Conditions and terms for allowing or prohibiting partial shipments
3. Transfer Provisions: Terms regarding whether the Letter of Credit is transferable and associated conditions
4. Special Conditions: Any additional terms, conditions, or requirements specific to this transaction
1. Commercial Invoice Template: Standardized format for presenting commercial invoices
2. Bill of Lading Requirements: Detailed specifications for shipping documentation
3. Insurance Documentation Requirements: Specific requirements for insurance certificates and coverage
4. UCP 600 Reference Guide: Key articles and provisions from UCP 600 applicable to this Letter of Credit
Relevant legal definitions
Advising Bank
Applicant
Banking Day
Beneficiary
Bill of Lading
Clean Documents
Commercial Invoice
Complying Presentation
Credit Amount
Documents Required
Expiry Date
Goods
Issuing Bank
Latest Shipment Date
Letter of Credit
Negotiating Bank
On Sight
Place of Expiry
Port of Discharge
Port of Loading
Presentation
Shipping Documents
Trade Terms
Transport Documents
UCP 600
Applicant
Banking Day
Beneficiary
Bill of Lading
Clean Documents
Commercial Invoice
Complying Presentation
Credit Amount
Documents Required
Expiry Date
Goods
Issuing Bank
Latest Shipment Date
Letter of Credit
Negotiating Bank
On Sight
Place of Expiry
Port of Discharge
Port of Loading
Presentation
Shipping Documents
Trade Terms
Transport Documents
UCP 600
Clauses
Document Presentation
Payment Terms
Expiry and Validity
Amendment Conditions
Force Majeure
Document Examination
Bank Obligations
Discrepancy Handling
Transfer Rights
Governing Law
Bank Charges
Notices
Assignment
Disclaimers
Document Requirements
Shipping Terms
Insurance Requirements
Compliance Requirements
Anti-Money Laundering
Sanctions Compliance
Payment Terms
Expiry and Validity
Amendment Conditions
Force Majeure
Document Examination
Bank Obligations
Discrepancy Handling
Transfer Rights
Governing Law
Bank Charges
Notices
Assignment
Disclaimers
Document Requirements
Shipping Terms
Insurance Requirements
Compliance Requirements
Anti-Money Laundering
Sanctions Compliance
Relevant Industries
Relevant Teams
Relevant Roles
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