The Domestic LC is a crucial financial instrument used in Qatar's internal trade transactions, providing payment security and risk mitigation for domestic commercial operations. When using this document type, parties must ensure compliance with Qatar Central Bank regulations, the Qatar Commercial Code, and applicable banking laws. The Domestic LC includes specific terms regarding payment conditions, document requirements, and time frames, all governed by Qatar law. It serves as a binding commitment from the issuing bank to pay the beneficiary upon presentation of compliant documents, typically used in situations where parties seek additional security in domestic trade transactions. The document must address both conventional banking requirements and, where applicable, Islamic finance principles, reflecting Qatar's dual banking system.
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1. Letter of Credit Number and Date: Unique identification number and issuance date of the LC
2. Parties: Details of the issuing bank, applicant (buyer), and beneficiary (seller)
3. Amount and Currency: Specification of the credit amount and currency of payment
4. Type and Form of Credit: Specification that this is a domestic LC and whether it's irrevocable/revocable
5. Expiry Date and Place: Clear statement of when and where the LC expires
6. Available With/By: Specifies how and where the credit is available (payment, acceptance, negotiation)
7. Documents Required: Detailed list of required documents for LC processing
8. Goods Description: Brief but clear description of the goods or services covered
9. Shipment/Delivery Terms: Specifications for delivery including location and deadline
10. Presentation Period: Time period within which documents must be presented
11. Governing Law: Confirmation of Qatar law as governing law
1. Partial Shipments/Drawings: Include when partial deliveries or drawings are permitted/prohibited
2. Transhipment: Include when specific transhipment conditions need to be addressed
3. Insurance Coverage: Include when specific insurance requirements need to be detailed
4. Special Conditions: Include when there are additional terms specific to the transaction
5. Islamic Banking Compliance: Include when the LC needs to comply with Sharia principles
6. Bank Charges: Include when there's a need to specify the allocation of banking charges
7. Confirmation Instructions: Include when confirmation from another bank is required
1. Schedule A - Commercial Invoice Requirements: Detailed requirements for the format and content of commercial invoices
2. Schedule B - Transport Document Requirements: Specific requirements for transport/delivery documentation
3. Schedule C - Additional Document Requirements: Requirements for any additional documents specific to the transaction
4. Appendix 1 - Standard Banking Forms: Standard forms required by the issuing bank
5. Appendix 2 - Fee Schedule: Detailed breakdown of all applicable banking fees and charges
Relevant legal definitions
Advising Bank
Applicant
Banking Day
Beneficiary
Compliant Presentation
Credit
Documents
Expiry Date
Governing Law
Issuing Bank
Letter of Credit
Nominated Bank
Payment Terms
Presentation
Presentation Period
Qatar Central Bank
Required Documents
Sharia Compliance
Shipping Documents
Trade Finance
Transport Documents
UCP 600
Underlying Transaction
Banking Hours
Place of Expiry
Goods
Services
Commercial Invoice
Acceptance
Negotiation
Sight Payment
Deferred Payment
Force Majeure
Business Day
Documentary Requirements
Discrepancy
Bank Charges
Reimbursement
Default
Material Adverse Change
Applicant
Banking Day
Beneficiary
Compliant Presentation
Credit
Documents
Expiry Date
Governing Law
Issuing Bank
Letter of Credit
Nominated Bank
Payment Terms
Presentation
Presentation Period
Qatar Central Bank
Required Documents
Sharia Compliance
Shipping Documents
Trade Finance
Transport Documents
UCP 600
Underlying Transaction
Banking Hours
Place of Expiry
Goods
Services
Commercial Invoice
Acceptance
Negotiation
Sight Payment
Deferred Payment
Force Majeure
Business Day
Documentary Requirements
Discrepancy
Bank Charges
Reimbursement
Default
Material Adverse Change
Clauses
Issuance
Amount and Currency
Availability
Expiry and Presentation
Document Requirements
Payment Terms
Bank Obligations
Applicant Obligations
Beneficiary Rights
Document Examination
Discrepancy Handling
Amendment
Force Majeure
Governing Law
Dispute Resolution
Notices
Bank Charges
Default
Compliance
Anti-Money Laundering
Islamic Banking Compliance
Representations and Warranties
Confidentiality
Assignment
Severability
Entire Agreement
Counterparts
Language
Indemnification
Termination
Amount and Currency
Availability
Expiry and Presentation
Document Requirements
Payment Terms
Bank Obligations
Applicant Obligations
Beneficiary Rights
Document Examination
Discrepancy Handling
Amendment
Force Majeure
Governing Law
Dispute Resolution
Notices
Bank Charges
Default
Compliance
Anti-Money Laundering
Islamic Banking Compliance
Representations and Warranties
Confidentiality
Assignment
Severability
Entire Agreement
Counterparts
Language
Indemnification
Termination
Relevant Industries
Banking and Financial Services
Manufacturing
Trading and Commerce
Construction
Oil and Gas
Retail
Logistics and Transportation
Professional Services
Real Estate
Industrial Products
Technology and Telecommunications
Relevant Teams
Legal
Finance
Treasury
Trade Finance
Risk Management
Compliance
Corporate Banking
Operations
Documentary Credits
Islamic Banking
Commercial Operations
Procurement
Supply Chain
Relevant Roles
Trade Finance Manager
Corporate Banking Officer
Credit Risk Officer
Compliance Officer
Treasury Manager
Financial Controller
Commercial Director
Procurement Manager
Legal Counsel
Chief Financial Officer
Banking Operations Manager
Documentary Credits Specialist
Islamic Banking Officer
Account Relationship Manager
Supply Chain Manager
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