The Irrevocable Letter of Credit is a fundamental instrument in international trade finance, particularly crucial in Pakistan's import-export landscape. It serves as a secure payment mechanism where a bank irrevocably guarantees payment to a seller upon presentation of compliant documents, typically including shipping documents, commercial invoices, and certificates of origin. The document is governed by Pakistani banking laws, particularly the Banking Companies Ordinance and State Bank of Pakistan regulations, while also adhering to international UCP 600 rules. This instrument is especially valuable in cross-border transactions where parties seek payment security and risk mitigation. The irrevocable nature means that once issued, the terms cannot be modified or cancelled without the agreement of all involved parties, providing robust protection for international trade transactions.

1. Reference Number and Date: Unique LC number and issuance date for identification and tracking

2. Issuing Bank Details: Complete name, address, and SWIFT code of the issuing bank

3. Beneficiary Details: Full name and address of the seller/exporter receiving payment

4. Applicant Details: Full name and address of the buyer/importer requesting the LC

5. Currency and Amount: Specified currency and maximum amount of the credit

6. Expiry Date and Place: Date and location where the LC expires

7. Available With/By: Specification of where and how the credit is available (payment, acceptance, negotiation)

8. Partial Shipments/Transhipment: Whether partial shipments or transhipment are allowed or prohibited

9. Loading/Dispatch/Taking in Charge: Place of taking in charge, dispatch, or loading

10. Port of Discharge/Final Destination: Final destination or port where goods are to be delivered

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

12. Description of Goods: Detailed description of the merchandise being traded

13. Required Documents: List of documents required for presentation

14. Additional Conditions: Any specific conditions or terms that must be met

15. Charges: Specification of which party bears which bank charges

16. Presentation Period: Time period after shipment within which documents must be presented