The Cancellation of Letter of Credit document is essential in international trade finance when parties need to terminate an existing LC arrangement. This document becomes necessary in various scenarios, such as when the underlying commercial transaction is cancelled, terms cannot be met, or by mutual agreement between parties. Operating under Pakistani jurisdiction, it must comply with local banking laws, State Bank of Pakistan regulations, and international banking practices (UCP 600). The document requires specific details including the original LC reference, party information, and explicit cancellation instructions. It's particularly important in Pakistan's context where international trade plays a significant role in the economy and LCs are a preferred method of trade finance. The cancellation request must be properly authorized and may require additional supporting documentation, especially for cross-border transactions.
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1. Bank Details: Complete name and address of the issuing bank and branch handling the LC
2. Letter of Credit Reference: Full LC number, date of issuance, and amount of the original LC
3. Applicant Information: Complete details of the LC applicant including name, address, and account information
4. Beneficiary Information: Complete details of the LC beneficiary including name and address
5. Cancellation Request: Clear and explicit instruction requesting the cancellation of the LC
6. Reason for Cancellation: Brief explanation of why the LC is being cancelled
7. Authorization: Statement confirming the applicant's authority to request the cancellation
8. Signature Block: Area for authorized signatories to execute the cancellation request
1. Amendment References: Include when the LC has been previously amended, listing all amendment numbers and dates
2. Partial Shipment Details: Required when partial shipments have been made under the LC, detailing what has been utilized
3. Beneficiary Consent: Include when beneficiary's written consent is available for the cancellation
4. Outstanding Presentations: Include when there are any pending or rejected presentations under the LC
5. Return of Original LC: Include when the original LC was issued in physical form and needs to be returned
1. Original LC Document: Copy of the original Letter of Credit being cancelled
2. Authorization Evidence: Corporate resolutions or power of attorney proving authority to cancel
3. Beneficiary's Consent Letter: If available, the written consent from the beneficiary agreeing to the cancellation
4. Amendment History: List of all amendments made to the LC since issuance
5. Outstanding Claims Statement: Bank statement showing any outstanding claims or presentations under the LC
Relevant legal definitions
Letter of Credit
Issuing Bank
Advising Bank
Applicant
Beneficiary
UCP 600
Original LC
Amendment
Cancellation Date
Outstanding Presentations
Banking Day
Confirmation
Confirming Bank
LC Number
Expiry Date
Available Amount
Utilized Amount
Unused Balance
Documentary Credit
Notice of Cancellation
Authorization
Governing Law
Authorized Signatory
Supporting Documents
Force Majeure
Issuing Bank
Advising Bank
Applicant
Beneficiary
UCP 600
Original LC
Amendment
Cancellation Date
Outstanding Presentations
Banking Day
Confirmation
Confirming Bank
LC Number
Expiry Date
Available Amount
Utilized Amount
Unused Balance
Documentary Credit
Notice of Cancellation
Authorization
Governing Law
Authorized Signatory
Supporting Documents
Force Majeure
Clauses
Identification of LC
Cancellation Request
Authorization
Bank Instructions
Outstanding Obligations
Indemnification
Regulatory Compliance
Governing Law
Notice
Force Majeure
Acknowledgment
Representations and Warranties
Supporting Documentation
Fee Payment
Release of Liability
Beneficiary Rights
Amendment History
Dispute Resolution
Cancellation Request
Authorization
Bank Instructions
Outstanding Obligations
Indemnification
Regulatory Compliance
Governing Law
Notice
Force Majeure
Acknowledgment
Representations and Warranties
Supporting Documentation
Fee Payment
Release of Liability
Beneficiary Rights
Amendment History
Dispute Resolution
Relevant Industries
Banking & Financial Services
International Trade
Import/Export
Manufacturing
Retail
Commodities Trading
Shipping & Logistics
Agriculture
Textiles
Energy & Resources
Construction
Relevant Teams
Trade Finance
International Banking
Credit Operations
Treasury
Finance
Compliance
Risk Management
Legal
Trade Operations
Documentary Credits
Corporate Banking
Relevant Roles
Trade Finance Manager
International Banking Officer
Credit Operations Manager
Treasury Manager
Import/Export Manager
Compliance Officer
Documentary Credits Specialist
Chief Financial Officer
Finance Director
Banking Relationship Manager
Trade Operations Supervisor
Risk Management Officer
Company Secretary
Financial Controller
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