Lc 60 Days for the Netherlands

Lc 60 Days Template for Netherlands

A Letter of Credit with 60-day payment terms is a formal documentary credit instrument governed by Dutch law and international banking regulations (UCP 600). This document serves as a bank-issued guarantee of payment, where the payment is to be made 60 days after the presentation of compliant documents or bill of lading date. Operating under Dutch jurisdiction, it incorporates local financial regulations while adhering to international trade finance standards, providing security for cross-border transactions and managing payment risks for both importers and exporters.

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What is a Lc 60 Days?

The LC 60 Days document is a specialized form of documentary credit used in international trade finance when parties require a deferred payment structure. It is particularly useful when buyers need extended payment terms while providing sellers with bank-backed payment security. This document, governed by Dutch law and international banking practices, represents a bank's irrevocable commitment to pay the beneficiary 60 days after document presentation or shipment date, provided all conditions are met. The instrument combines the security of a traditional Letter of Credit with extended payment terms, making it valuable for working capital management in international trade. It includes detailed specifications for document presentation, payment calculations, and compliance requirements under both Dutch financial regulations and UCP 600 rules.

What sections should be included in a Lc 60 Days?

1. LC Number and Date: Unique reference number and issuance date of the Letter of Credit

2. Form of Documentary Credit: Specification that this is an irrevocable 60-day Letter of Credit

3. Applicant Details: Full name, address, and contact information of the party requesting the LC (buyer/importer)

4. Beneficiary Details: Full name, address, and contact information of the party receiving the LC (seller/exporter)

5. Issuing Bank Details: Name, address, and SWIFT code of the bank issuing the LC

6. Amount and Currency: Maximum credit amount and currency specification

7. Expiry Date and Place: Final date and location for document presentation

8. Payment Terms: Specification of 60-day payment terms and calculation method from bill of lading date or presentation date

9. Required Documents: Detailed list of all required shipping and commercial documents

10. Shipment Terms: Latest shipment date, partial shipments, transhipment provisions

11. Goods Description: Detailed description of goods, quantity, unit price, and trade terms (Incoterms)

What sections are optional to include in a Lc 60 Days?

1. Advising Bank: Include when a separate advising bank is used to authenticate and forward the LC to the beneficiary

2. Confirmation Instructions: Include when the LC needs to be confirmed by another bank

3. Transferability Clause: Include when the LC needs to be transferable to another beneficiary

4. Back-to-Back Provisions: Include when the LC may be used as collateral for issuing another LC

5. Special Conditions: Include when there are additional requirements or conditions specific to the transaction

6. Reimbursing Bank Details: Include when a separate reimbursing bank is involved in the settlement process

What schedules should be included in a Lc 60 Days?

1. Schedule A - Document Requirements: Detailed checklist of required documents and their specific requirements

2. Schedule B - Goods Specification: Detailed technical specifications of the goods being traded

3. Schedule C - Payment Calculation: Detailed explanation of payment terms, including calculation of the 60-day period

4. Appendix 1 - UCP 600 References: Specific UCP 600 articles applicable to this LC

5. Appendix 2 - Bank Format Requirements: Specific formatting requirements for banking documents

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

Cost

Free to use

Relevant legal definitions

Clauses

Relevant Industries

International Trade

Banking & Financial Services

Manufacturing

Import/Export

Logistics & Supply Chain

Commodities Trading

Retail

Agriculture

Technology & Electronics

Automotive

Textiles & Apparel

Chemical & Pharmaceuticals

Relevant Teams

Treasury

International Trade Operations

Finance

Legal

Compliance

Risk Management

Procurement

Supply Chain

Sales

Banking Operations

Trade Finance

Documentary Credits

International Business

Relevant Roles

Trade Finance Manager

International Business Development Manager

Import/Export Coordinator

Financial Controller

Treasury Manager

Trade Operations Officer

Credit Risk Manager

Documentary Credits Specialist

Supply Chain Manager

Chief Financial Officer

Procurement Manager

Commercial Banking Officer

International Sales Manager

Legal Counsel

Compliance Officer

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Notice Of Credit

A Dutch-compliant formal document notifying the recipient of a credit applied to their account, including essential credit and reference information.

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What is a Lc 60 Days?

What sections should be included in a Lc 60 Days?

What sections are optional to include in a Lc 60 Days?

What schedules should be included in a Lc 60 Days?

Authors

Alex Denne

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