The Irrevocable At Sight Letter of Credit is a fundamental instrument in international trade finance, particularly crucial in the Pakistani market where it provides security for cross-border transactions. This document is typically used when parties seek immediate payment upon document presentation, offering a balance between the seller's need for payment security and the buyer's desire to ensure proper shipment of goods. It is governed by Pakistani law while following international UCP 600 guidelines and State Bank of Pakistan regulations. The document specifies all terms of the credit, including required documents, shipment details, and payment conditions. It's particularly relevant in Pakistan's major export sectors such as textiles, agriculture, and manufacturing, where international trade requires secure payment mechanisms. The irrevocable nature ensures that once issued, the terms cannot be modified without consent from all parties, providing additional security to the transaction.
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1. Letter of Credit Number and Date: Unique reference number and issuance date of the LC
2. Issuing Bank Details: Complete name, address, and SWIFT code of the issuing bank
3. Applicant Details: Full name, address, and contact information of the buyer/importer
4. Beneficiary Details: Full name, address, and contact information of the seller/exporter
5. Currency and Amount: Currency denomination and amount of the Letter of Credit in both figures and words
6. Availability and Expiry: Specification that the LC is available at sight and the expiry date and place
7. Shipment Terms: Latest shipment date, partial shipments/transhipment permissions or restrictions
8. Required Documents: Detailed list of all required documents for presentation (commercial invoice, transport documents, etc.)
9. Goods Description: Precise description of the goods, quantity, unit price, and trade terms
10. Payment Terms: Specification of at sight payment upon compliant document presentation
11. Bank Charges: Distribution of banking charges between parties
12. Governing Law and UCP Declaration: Statement that the LC is subject to UCP 600 and relevant local laws
1. Advising Bank Details: Details of the intermediary bank, used when LC is advised through another bank
2. Confirmation Instructions: Instructions regarding confirmation, used when confirmation is requested from another bank
3. Special Conditions: Any additional terms or conditions specific to the transaction
4. Reimbursement Instructions: Special instructions for reimbursement between banks, if applicable
5. Insurance Requirements: Specific insurance requirements beyond standard documentation, if needed
6. Pre-Shipment Inspection: Requirements for pre-shipment inspection, if required by buyer or regulations
7. Transfer Conditions: Terms for transferability of the LC, if it is transferable
1. Commercial Invoice Format: Template or specific requirements for the commercial invoice presentation
2. Packing List Requirements: Detailed specifications for packing list preparation
3. Technical Specifications: Detailed technical specifications of the goods, if complex products are involved
4. Document Presentation Schedule: Timeframes and specific requirements for document presentation
5. Bank Draft Format: Specific format requirements for bank drafts if required
6. Shipping Schedule: Detailed shipping schedule and requirements if specific timing is crucial
Relevant legal definitions
Advising Bank
Applicant
At Sight
Banking Day
Beneficiary
Clean Collection
Complying Presentation
Confirmation
Confirming Bank
Credit
Documents
Draft
Expiry Date
Honour
Issuing Bank
Negotiation
Nominated Bank
Presentation
Presenter
Reimbursing Bank
Shipment
Trade Terms
Transport Document
UCP 600
Documentary Credit
Commercial Invoice
Bill of Lading
Incoterms
Letter of Credit Amount
Maturity Date
Negotiating Bank
Non-Complying Presentation
Original Documents
Partial Shipment
Place of Expiry
Port of Loading
Port of Discharge
Transhipment
Banking Charges
Force Majeure
Governing Law
SWIFT
State Bank of Pakistan
Foreign Exchange Regulations
Applicant
At Sight
Banking Day
Beneficiary
Clean Collection
Complying Presentation
Confirmation
Confirming Bank
Credit
Documents
Draft
Expiry Date
Honour
Issuing Bank
Negotiation
Nominated Bank
Presentation
Presenter
Reimbursing Bank
Shipment
Trade Terms
Transport Document
UCP 600
Documentary Credit
Commercial Invoice
Bill of Lading
Incoterms
Letter of Credit Amount
Maturity Date
Negotiating Bank
Non-Complying Presentation
Original Documents
Partial Shipment
Place of Expiry
Port of Loading
Port of Discharge
Transhipment
Banking Charges
Force Majeure
Governing Law
SWIFT
State Bank of Pakistan
Foreign Exchange Regulations
Clauses
Amount and Currency
Availability
Bank Charges
Beneficiary Identification
Confirmation Instructions
Document Presentation
Document Requirements
Expiry Conditions
Force Majeure
Governing Law
Goods Description
Insurance Requirements
Irrevocability
Issuing Bank Undertaking
Negotiation Terms
Notice Requirements
Payment Terms
Reimbursement Instructions
Shipping Terms
Transferability
UCP Compliance
Validity Period
Amendment Conditions
Dispute Resolution
Documentary Requirements
Foreign Exchange Compliance
Regulatory Compliance
Anti-Money Laundering
Sanctions Compliance
Banking Hours
Availability
Bank Charges
Beneficiary Identification
Confirmation Instructions
Document Presentation
Document Requirements
Expiry Conditions
Force Majeure
Governing Law
Goods Description
Insurance Requirements
Irrevocability
Issuing Bank Undertaking
Negotiation Terms
Notice Requirements
Payment Terms
Reimbursement Instructions
Shipping Terms
Transferability
UCP Compliance
Validity Period
Amendment Conditions
Dispute Resolution
Documentary Requirements
Foreign Exchange Compliance
Regulatory Compliance
Anti-Money Laundering
Sanctions Compliance
Banking Hours
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Textiles
Agriculture
Pharmaceuticals
Electronics
Automotive
Energy
Mining
Chemical Industry
Construction
Food and Beverage
Retail
Relevant Teams
Trade Finance
International Banking
Corporate Banking
Legal
Compliance
Risk Management
Operations
Treasury
Supply Chain
Documentary Credits
Financial Control
Trade Operations
Relevant Roles
Trade Finance Manager
International Banking Officer
Documentary Credits Specialist
Import/Export Manager
Treasury Manager
Compliance Officer
Trade Operations Manager
Risk Manager
Financial Controller
Banking Relationship Manager
Letter of Credit Specialist
Trade Finance Analyst
Corporate Banking Officer
International Business Development Manager
Supply Chain Manager
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