The Letter of Credit Negotiable Instrument is a fundamental document in Philippine international trade finance, combining the security of a letter of credit with the flexibility of a negotiable instrument. This document type is particularly relevant when parties seek a secure payment method in cross-border transactions while maintaining the ability to transfer or negotiate the payment rights. Under Philippine law, these instruments are governed by the Negotiable Instruments Law (Act No. 2031), the General Banking Law, and BSP regulations, while also adhering to international standards like the UCP 600. The document is typically used in situations where the buyer and seller are in different countries, and there's a need for a bank-guaranteed payment mechanism that can also be transferred or negotiated. It includes detailed specifications about the transaction, payment terms, required documentation, and conditions that must be met for payment, while incorporating necessary safeguards to protect all parties involved in the international trade transaction.

1. Letter of Credit Number: Unique identification number assigned to the LC

2. Date of Issue: The date when the LC is issued

3. Type of Credit: Specification of whether it's irrevocable, confirmed, transferable, etc.

4. Applicant Details: Complete name and address of the party requesting the LC (usually the buyer)

5. Beneficiary Details: Complete name and address of the party in whose favor the LC is issued (usually the seller)

6. Issuing Bank Details: Name and address of the bank issuing the LC

7. Amount and Currency: The credit amount and currency specification

8. Expiry Date and Place: When and where the LC expires

9. Available With/By: Specifies the bank with which the credit is available and manner of availability

10. Partial Shipments/Transhipment: Whether partial shipments or transhipment is allowed or prohibited

11. Port of Loading/Discharge: Shipping details including ports and destinations

12. Latest Date of Shipment: Final date by which shipment must be made

13. Description of Goods/Services: Detailed description of the goods or services covered by the LC

14. Documents Required: List of documents that must be presented for payment

15. Additional Conditions: Any special conditions or terms applicable to the LC

16. Charges: Specification of which party bears which banking charges