An Outstanding Letter of Credit is a fundamental trade finance instrument used in international commerce, particularly relevant under Indian jurisdiction where it must comply with both the Banking Regulation Act 1949 and international UCP 600 guidelines. This document is typically used when there's a need for a secure payment mechanism in international trade transactions, providing assurance to sellers that they will receive payment and to buyers that their payment will only be released upon receipt of compliant documents. The Outstanding Letter of Credit includes crucial details such as the credit amount, validity period, required documents, shipping terms, and payment conditions. It's especially important in the Indian context due to the country's significant international trade volume and strict foreign exchange regulations under FEMA, serving as a vital tool for businesses engaging in cross-border transactions.
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1. Bank Header and Reference Number: Issuing bank's letterhead, contact details, and unique LC reference number
2. Date and Place of Issue: When and where the Letter of Credit was issued
3. Type of Credit: Specification that this is an irrevocable Letter of Credit
4. Beneficiary Details: Complete name and address of the party receiving the Letter of Credit
5. Applicant Details: Complete name and address of the party requesting the Letter of Credit
6. Credit Amount: Currency and amount of the Letter of Credit, including any tolerance levels
7. Expiry Date and Place: When and where the Letter of Credit expires
8. Available With/By: Specification of how and with which bank the credit is available
9. Partial Shipments/Transhipment: Whether partial shipments or transhipment are allowed or prohibited
10. Documents Required: List of all documents that must be presented for payment
11. Shipment Terms: Details of shipment including latest shipment date and destination
12. Payment Terms: Conditions and timing of payment
13. Special Conditions: Any specific conditions or requirements that must be met
14. Authentication: Bank official signatures and stamps
1. Confirmation Instructions: Used when confirmation from another bank is requested
2. Transferability Clause: Include when the Letter of Credit is transferable to another beneficiary
3. Red Clause: Used when advance payment to the beneficiary is allowed
4. Green Clause: Include when storage of goods is involved with advance payment
5. Revolving Credit Terms: Used when the Letter of Credit is revolving in value or time
6. Back-to-Back Provisions: Include when the LC supports a back-to-back credit arrangement
7. Standby Provisions: Used when the LC serves as a standby guarantee
8. Insurance Instructions: Include when specific insurance requirements need to be detailed
1. Schedule A - Document Requirements: Detailed list and format of required documents including specific wording requirements
2. Schedule B - Goods Description: Detailed description of the goods including specifications, quantity, and unit price
3. Schedule C - Banking Instructions: Specific instructions for presenting and negotiating banks
4. Appendix 1 - SWIFT Formats: Standard SWIFT message formats to be used in communication
5. Appendix 2 - Shipping Terms: Detailed shipping requirements and Incoterms
6. Appendix 3 - Amendment Format: Standard format for requesting and processing amendments to the LC
Relevant legal definitions
Advising Bank
Applicant
Banking Day
Beneficiary
Bill of Exchange
Bill of Lading
Clean Collection
Complying Presentation
Confirmation
Confirming Bank
Credit
Documentary Collection
Documents Required
Draft
Expiry Date
FEMA
Honour
Issuing Bank
Letter of Credit
Negotiating Bank
Negotiation
Outstanding Amount
Paying Bank
Presentation
Reimbursing Bank
Shipping Documents
SWIFT
Tender
Trade Terms
UCP 600
Undertaking
Usance
Validity Period
Applicant
Banking Day
Beneficiary
Bill of Exchange
Bill of Lading
Clean Collection
Complying Presentation
Confirmation
Confirming Bank
Credit
Documentary Collection
Documents Required
Draft
Expiry Date
FEMA
Honour
Issuing Bank
Letter of Credit
Negotiating Bank
Negotiation
Outstanding Amount
Paying Bank
Presentation
Reimbursing Bank
Shipping Documents
SWIFT
Tender
Trade Terms
UCP 600
Undertaking
Usance
Validity Period
Clauses
Credit Amount and Currency
Payment Terms
Document Requirements
Expiry and Presentation
Bank Obligations
Applicant Undertakings
Force Majeure
Governing Law
Jurisdiction
Document Examination
Bank Charges
Amendments
Assignment
Transfer Rights
Confirmation Terms
Disclaimer
Indemnification
Default Events
Notice Requirements
Compliance with Regulations
Anti-Money Laundering
Sanctions Compliance
Documentation Standards
Dispute Resolution
Severability
Applicable Rules
Foreign Exchange Regulations
Bank Communications
Payment Terms
Document Requirements
Expiry and Presentation
Bank Obligations
Applicant Undertakings
Force Majeure
Governing Law
Jurisdiction
Document Examination
Bank Charges
Amendments
Assignment
Transfer Rights
Confirmation Terms
Disclaimer
Indemnification
Default Events
Notice Requirements
Compliance with Regulations
Anti-Money Laundering
Sanctions Compliance
Documentation Standards
Dispute Resolution
Severability
Applicable Rules
Foreign Exchange Regulations
Bank Communications
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Retail
Commodities Trading
Shipping and Logistics
Insurance
Agriculture
Textiles
Pharmaceuticals
Heavy Industries
Technology Hardware
Relevant Teams
Trade Finance
International Banking
Treasury
Legal
Compliance
Risk Management
Finance
Procurement
Supply Chain
Operations
Documentary Credits
Banking Operations
Relevant Roles
Trade Finance Manager
Import/Export Manager
Letter of Credit Specialist
International Banking Officer
Compliance Officer
Treasury Manager
Chief Financial Officer
Banking Operations Manager
Trade Operations Analyst
Documentary Credits Specialist
International Trade Specialist
Risk Management Officer
Supply Chain Manager
Procurement Manager
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