Import Letter Of Credit for Indonesia

Import Letter Of Credit Template for Indonesia

An Import Letter of Credit is a critical banking instrument used in international trade transactions, governed by Indonesian banking regulations and international trade practices. This document represents a bank's irrevocable commitment to pay the exporter (beneficiary) a specified amount upon presentation of compliant documents, providing security to both the importer and exporter. Under Indonesian law, particularly Bank Indonesia regulations and the Trade Law No. 7 of 2014, the document must comply with specific local requirements while adhering to international standards such as UCP 600. It includes detailed terms regarding payment conditions, required documentation, shipping requirements, and compliance with Indonesian import regulations.

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What is a Import Letter Of Credit?

An Import Letter of Credit is essential for businesses engaged in importing goods into Indonesia, providing a secure payment mechanism in international trade. This document is particularly crucial when dealing with new trading partners or when required by Indonesian regulations for specific types of imports. The Import Letter of Credit, governed by Indonesian banking laws and international practices, outlines the terms under which the issuing bank will make payment to the exporter, typically including specifications about the goods, shipping requirements, and necessary documentation. It must comply with Bank Indonesia regulations, Indonesian import laws, and international standards like UCP 600. The document is commonly used when regulatory compliance, payment security, or trade finance requirements necessitate a formal bank guarantee in the transaction.

What sections should be included in a Import Letter Of Credit?

1. Letter of Credit Number and Date: Unique identification number and issuance date of the L/C

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

3. Applicant Details: Full name, address, and contact information of the importer/buyer

4. Beneficiary Details: Full name, address, and contact information of the exporter/seller

5. Credit Amount and Currency: Specified amount and currency of the L/C

6. Form of Credit: Whether irrevocable or irrevocable and confirmed

7. Expiry Date and Place: Validity period and location where documents must be presented

8. Shipment Terms: Latest shipment date, partial shipments, transhipment permissions

9. Port Details: Port of loading and discharge information

10. Goods Description: Detailed description of goods being imported

11. Required Documents: List of documents required for presentation

12. Payment Terms: Timing and conditions of payment (sight, deferred, acceptance)

13. Banking Instructions: Specific instructions for handling documents and payments

What sections are optional to include in a Import Letter Of Credit?

1. Advising Bank Details: Used when a local bank in beneficiary's country is involved in advising the L/C

2. Confirmation Instructions: Include when confirmation by another bank is requested

3. Transfer Conditions: Required if the L/C is transferable

4. Special Conditions: Any additional terms specific to the transaction

5. Back-to-Back Provisions: Include when the L/C is used as security for another L/C

6. Insurance Requirements: Detailed when specific insurance coverage is required

7. Pre-shipment Inspection: When inspection before shipment is required

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

What schedules should be included in a Import Letter Of Credit?

1. Schedule A - Commercial Invoice Requirements: Detailed requirements for the format and content of commercial invoices

2. Schedule B - Packing List Specifications: Specific requirements for packing lists

3. Schedule C - Technical Specifications: Detailed technical specifications of the goods

4. Schedule D - Shipping Marks: Required shipping marks and packaging details

5. Appendix 1 - Import License: Copy of relevant import license or permit

6. Appendix 2 - Insurance Certificate Requirements: Specific requirements for insurance documentation

7. Appendix 3 - Certificate of Origin Requirements: Requirements for certificate of origin

8. Appendix 4 - Bank SWIFT Codes: List of relevant bank SWIFT codes and contact details

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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Free to use

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Clauses

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Banking & Financial Services

International Trade

Manufacturing

Retail

Agriculture

Mining

Electronics

Textiles

Automotive

Consumer Goods

Energy

Pharmaceuticals

Chemical Industry

Construction Materials

Food & Beverage

Relevant Teams

Finance

International Trade Operations

Procurement

Treasury

Legal

Compliance

Supply Chain

Risk Management

Trade Documentation

Banking Relations

Relevant Roles

Trade Finance Manager

Import Manager

Procurement Director

International Trade Specialist

Treasury Manager

Finance Director

Supply Chain Manager

Compliance Officer

Banking Relationship Manager

Documentary Credits Specialist

Chief Financial Officer

Import Operations Coordinator

Trade Operations Manager

Risk Manager

Legal Counsel

Customs Compliance Manager

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An Indonesian law-governed agreement establishing terms for letter of credit facilities between a bank and borrower, complying with local banking regulations and international practices.

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What is a Import Letter Of Credit?

What sections should be included in a Import Letter Of Credit?

What sections are optional to include in a Import Letter Of Credit?

What schedules should be included in a Import Letter Of Credit?

Authors

Alex Denne

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