The LC in Shipping document is essential for facilitating secure international trade transactions under Pakistani jurisdiction. It is typically used when businesses engage in cross-border trade and require a secure payment mechanism that protects both the buyer's and seller's interests. The document incorporates requirements from multiple Pakistani regulatory frameworks, including the Banking Companies Ordinance, Foreign Exchange Regulation Act, and maritime laws, while also adhering to international UCP 600 guidelines. A Letter of Credit in shipping provides detailed instructions regarding payment conditions, required documentation, shipping terms, and timeline requirements, serving as a crucial tool for risk mitigation in international trade transactions. The document is particularly relevant in Pakistan's context where foreign exchange transactions are closely regulated by the State Bank of Pakistan.
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1. LC Number and Date: Unique identifier for the LC and date of issuance
2. Issuing Bank Details: Complete name, address, and SWIFT code of the issuing bank
3. Beneficiary Details: Full name and address of the exporter/seller
4. Applicant Details: Full name and address of the importer/buyer
5. Amount and Currency: LC value and currency specification
6. Expiry Date and Place: Validity period and location where LC expires
7. Shipment Terms: Latest shipment date, partial shipments, transhipment permissions
8. Port Details: Port of loading and discharge
9. Document Requirements: List of required shipping and commercial documents
10. Goods Description: Detailed description of merchandise including quantity and unit price
11. Payment Terms: Specification of when and how payment will be made
12. Governing Law: Reference to Pakistani law and UCP 600
1. Advising Bank Details: Required when LC is advised through a bank in beneficiary's country
2. Confirming Bank Details: Included when LC requires confirmation from another bank
3. Special Instructions: Any additional requirements or conditions specific to the transaction
4. Insurance Requirements: Detailed when LC requires specific insurance coverage
5. Transferability Clause: Included when LC needs to be transferable to another beneficiary
6. Back-to-Back LC Provisions: Required for back-to-back LC arrangements
7. Red Clause Provisions: When advance payment facilities are to be provided to the beneficiary
1. Schedule A - Commercial Invoice Requirements: Detailed specifications for commercial invoice preparation
2. Schedule B - Required Shipping Documents: Comprehensive list and format of required shipping documents
3. Schedule C - Technical Specifications: Detailed technical description of goods and quality requirements
4. Schedule D - Inspection Requirements: Pre-shipment inspection details and certificates required
5. Appendix 1 - Bank Format Requirements: Specific formatting requirements for banking documents
6. Appendix 2 - Document Presentation Timeline: Detailed timeline for document presentation and processing
Relevant legal definitions
Advising Bank
Applicant
Beneficiary
Bill of Lading
Commercial Invoice
Confirming Bank
Credit
Documents
Draft
Expiry Date
Goods
Issuing Bank
Letter of Credit
Negotiation
Nomination
Presentation
Shipping Documents
Sight Payment
SWIFT
Transport Document
UCP 600
Undertaking
Banking Day
Clean Documents
Complying Presentation
Confirmation
Credit Amount
Discrepancy
Documentary Requirements
Honour
Incoterms
Issuing Date
Marine Insurance Policy
Negotiating Bank
Notice of Rejection
Original Documents
Packing List
Port of Discharge
Port of Loading
Reimbursing Bank
Shipment
Tender
Terms and Conditions
Transhipment
Usance
Applicant
Beneficiary
Bill of Lading
Commercial Invoice
Confirming Bank
Credit
Documents
Draft
Expiry Date
Goods
Issuing Bank
Letter of Credit
Negotiation
Nomination
Presentation
Shipping Documents
Sight Payment
SWIFT
Transport Document
UCP 600
Undertaking
Banking Day
Clean Documents
Complying Presentation
Confirmation
Credit Amount
Discrepancy
Documentary Requirements
Honour
Incoterms
Issuing Date
Marine Insurance Policy
Negotiating Bank
Notice of Rejection
Original Documents
Packing List
Port of Discharge
Port of Loading
Reimbursing Bank
Shipment
Tender
Terms and Conditions
Transhipment
Usance
Clauses
Document Presentation
Payment Terms
Bank Obligations
Expiry and Validity
Shipping Terms
Document Requirements
Amendment Procedures
Force Majeure
Compliance Requirements
Governing Law
Dispute Resolution
Bank Charges
Currency Provisions
Documentation Timeline
Insurance Requirements
Transfer Rights
Confirmation Terms
Discrepancy Handling
Notice Requirements
Default Provisions
Jurisdiction
Severability
Entire Agreement
Assignment Rights
Waiver
Foreign Exchange Compliance
Anti-Money Laundering
Sanctions Compliance
Payment Terms
Bank Obligations
Expiry and Validity
Shipping Terms
Document Requirements
Amendment Procedures
Force Majeure
Compliance Requirements
Governing Law
Dispute Resolution
Bank Charges
Currency Provisions
Documentation Timeline
Insurance Requirements
Transfer Rights
Confirmation Terms
Discrepancy Handling
Notice Requirements
Default Provisions
Jurisdiction
Severability
Entire Agreement
Assignment Rights
Waiver
Foreign Exchange Compliance
Anti-Money Laundering
Sanctions Compliance
Relevant Industries
Banking and Financial Services
International Trade
Shipping and Maritime
Manufacturing
Agriculture
Textiles
Mining and Minerals
Consumer Goods
Industrial Equipment
Chemical Industry
Automotive
Electronics
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Shipping and Logistics
Legal and Compliance
Treasury Operations
Risk Management
Supply Chain
Commercial Operations
Global Trade Operations
Relevant Roles
Trade Finance Manager
Import/Export Manager
International Business Development Manager
Shipping Manager
Documentary Credit Specialist
Treasury Manager
Banking Operations Manager
Compliance Officer
Supply Chain Manager
Finance Director
Chief Financial Officer
International Trade Specialist
Logistics Coordinator
Trade Documentation Officer
Risk Management Officer
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