Letters of Credit with 60-day payment terms (LC 60 Days) are essential trade finance instruments used in international commerce under Pakistani jurisdiction. These documents are particularly utilized when buyers require deferred payment terms while ensuring security for sellers through bank guarantees. The document is structured according to the Uniform Customs and Practice for Documentary Credits (UCP 600), Pakistani banking regulations, and foreign exchange laws. It specifies all terms, conditions, and documentation requirements for the trade transaction, including the 60-day payment period calculated from document presentation. This type of LC is commonly used in Pakistani trade finance to balance cash flow requirements for importers while providing payment security to international exporters, subject to compliance with State Bank of Pakistan guidelines and foreign exchange regulations.
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1. LC Number and Date: Unique identification number of the LC and issuance date
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 importer/buyer
4. Beneficiary Details: Full name, address, and contact information of the exporter/seller
5. LC Amount and Currency: The maximum amount and currency of the LC
6. Expiry Date and Place: The date and location where the LC expires
7. Payment Terms: Specification of 60-day payment terms and calculation method
8. Required Documents: List of documents required for LC presentation
9. Shipment Terms: Detailed shipping instructions, latest shipment date, and partial shipment rules
10. Port Details: Port of loading and discharge information
11. Goods Description: Detailed description of goods being traded
12. Presentation Period: Timeframe for document presentation after shipment
1. Transferability Clause: Include when LC needs to be transferable to another beneficiary
2. Red Clause: Include when advance payment to beneficiary is required
3. Green Clause: Include when storage-related advance payment is needed
4. Revolving Terms: Include for recurring shipments under same LC
5. Back-to-Back Provisions: Include when LC will be used to open another LC
6. Tolerance Limits: Include when quantity/amount variations are permitted
7. Insurance Requirements: Include when specific insurance coverage is required
1. Commercial Invoice Template: Prescribed format for commercial invoice presentation
2. Packing List Requirements: Detailed specifications for packing list preparation
3. Transport Document Requirements: Specific requirements for bills of lading or airway bills
4. Product Specifications: Detailed technical specifications of goods
5. Inspection Certificate Requirements: Format and requirements for inspection certificates
6. Bank SWIFT Codes: List of relevant bank SWIFT codes and contact details
7. Required Certifications: List and format of required certificates (origin, quality, etc.)
Relevant legal definitions
Advising Bank
Applicant
Banking Day
Beneficiary
Bill of Exchange
Bill of Lading
Business Day
Commercial Invoice
Complying Presentation
Confirmation
Confirming Bank
Credit
Documents
Draft
Expiry Date
Honour
Issuing Bank
Letter of Credit
Maturity Date
Negotiating Bank
Negotiation
Nominated Bank
Payment Terms
Presentation
Presentation Period
Reimbursing Bank
Shipping Documents
Sight Payment
SWIFT
Trade Terms
UCP 600
Usance Period
Applicant
Banking Day
Beneficiary
Bill of Exchange
Bill of Lading
Business Day
Commercial Invoice
Complying Presentation
Confirmation
Confirming Bank
Credit
Documents
Draft
Expiry Date
Honour
Issuing Bank
Letter of Credit
Maturity Date
Negotiating Bank
Negotiation
Nominated Bank
Payment Terms
Presentation
Presentation Period
Reimbursing Bank
Shipping Documents
Sight Payment
SWIFT
Trade Terms
UCP 600
Usance Period
Clauses
Payment Terms
Document Requirements
Expiry and Presentation
Bank Obligations
Compliance Requirements
Force Majeure
Amendments
Transferability
Governing Law
Dispute Resolution
Documentary Requirements
Shipment Terms
Insurance Requirements
Bank Charges
Reimbursement
Disclaimer
Default
Notice Requirements
Anti-Money Laundering
Foreign Exchange Compliance
Document Examination
Discrepancy Handling
Cancellation Terms
Assignment
Document Requirements
Expiry and Presentation
Bank Obligations
Compliance Requirements
Force Majeure
Amendments
Transferability
Governing Law
Dispute Resolution
Documentary Requirements
Shipment Terms
Insurance Requirements
Bank Charges
Reimbursement
Disclaimer
Default
Notice Requirements
Anti-Money Laundering
Foreign Exchange Compliance
Document Examination
Discrepancy Handling
Cancellation Terms
Assignment
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Logistics and Transportation
Commodity Trading
Textile Industry
Agricultural Products
Industrial Equipment
Consumer Goods
Energy and Resources
Pharmaceuticals
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Risk Management
Compliance
Treasury
Foreign Exchange
Trade Operations
Corporate Banking
Legal
Supply Chain
Finance
Relevant Roles
Trade Finance Manager
Import Manager
Export Manager
LC Operations Officer
Compliance Officer
Treasury Manager
International Business Development Manager
Trade Operations Specialist
Credit Risk Officer
Documentary Credits Manager
Supply Chain Manager
Chief Financial Officer
Banking Relationship Manager
International Trade Specialist
Finance Director
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