The International Letter of Credit is a fundamental instrument in international trade finance, providing security and payment assurance to parties involved in cross-border transactions. Under New Zealand law, this document incorporates both local banking regulations and international standards, particularly the UCP 600. It is typically used when businesses engage in international trade and require a secure payment method that protects both the buyer's and seller's interests. The document contains specific details about the transaction, including payment terms, shipping requirements, and document presentation conditions. It is particularly relevant in situations where parties don't have established trading relationships or when the transaction value is significant. The involvement of banks as intermediaries provides additional security and credibility to the transaction, making it a preferred method for international trade finance.
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1. Issuing Bank Details: Complete name, address, and SWIFT code of the issuing bank
2. Letter of Credit Number: Unique reference number assigned by the issuing bank
3. Date of Issue: Date when the letter of credit is issued
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: Specified currency and maximum amount of the credit
7. Expiry Date: Date and place of expiry for the letter of credit
8. Shipment Terms: Latest shipment date, partial shipments, transhipment permissions
9. Payment Terms: Sight payment, deferred payment, or acceptance terms
10. Required Documents: Detailed list of all documents required for presentation
11. Goods Description: Precise description of the goods, quantity, and unit price
12. Incoterms: Specified international commercial terms (e.g., FOB, CIF)
1. Transferability Clause: Include when the letter of credit needs to be transferable to a second beneficiary
2. Red Clause: Include when advance payment to the beneficiary is permitted
3. Green Clause: Include when storage of goods at destination is part of the arrangement
4. Revolving Credit Terms: Include for recurring shipments where the credit reinstates automatically
5. Back-to-Back Provisions: Include when the letter of credit supports a back-to-back arrangement
6. Confirmation Instructions: Include when confirmation by another bank is requested or authorized
1. Document Requirements Schedule: Detailed checklist of required documents with specific format requirements
2. Goods Specification Schedule: Detailed technical specifications of the goods being traded
3. Price Schedule: Breakdown of prices, units, and total amount if multiple items are involved
4. Special Conditions Appendix: Any additional terms, conditions, or requirements specific to the transaction
5. Bank Charges Schedule: Detailed breakdown of banking charges and their allocation between parties
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