Acceptance LC for Singapore

Acceptance LC Template for Singapore

An Acceptance Letter of Credit is a specialized financial instrument under Singapore law that provides a commitment by a bank to accept a time draft drawn by the beneficiary, effectively creating a banker's acceptance. It combines the security of a traditional LC with a credit mechanism, allowing for deferred payment. The document is governed by Singapore's banking regulations and international trade practices, particularly the UCP 600.

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What is a Acceptance LC?

The Acceptance LC is a crucial trade finance instrument used when parties require both payment security and credit extension. Under Singapore jurisdiction, this document type combines the role of a traditional Letter of Credit with a time-based payment mechanism. The Acceptance LC is particularly valuable in international trade scenarios where the seller requires a bank's guarantee of payment at a future date. It includes specific terms for acceptance, maturity dates, and document requirements, all governed by Singapore banking regulations and international trade practices.

What sections should be included in a Acceptance LC?

1. LC Number and Reference: Unique identification number and reference details of the Letter of Credit

2. Bank Details: Complete information of the issuing bank and accepting bank

3. Applicant Information: Full details of the party requesting the Letter of Credit including name, address, and contact information

4. Beneficiary Information: Complete details of the party in whose favor the LC is issued including name, address, and contact information

5. Amount and Currency: Specification of the LC value and currency denomination

6. Acceptance Terms: Detailed conditions and requirements for acceptance of the LC

7. Maturity Details: Specification of maturity date and payment terms

8. Governing Law: Statement that the LC is governed by Singapore law and UCP 600

What sections are optional to include in a Acceptance LC?

1. Partial Shipments Clause: Terms and conditions regarding partial shipments, to be included when dealing with multiple deliveries

2. Transhipment Terms: Conditions for transfer of goods between vessels, required for international shipping arrangements

3. Special Instructions: Any specific requirements or conditions unique to this LC

4. Amendment Provisions: Terms regarding possible future amendments to the LC

What schedules should be included in a Acceptance LC?

1. Schedule A - Required Documents: Comprehensive list of documents required for LC acceptance including commercial invoices, bills of lading, etc.

2. Schedule B - Payment Terms: Detailed schedule of payment terms and conditions including timeline for staged payments if applicable

3. Schedule C - Bank Processing Instructions: Specific instructions for handling bank procedures and documentation requirements

4. Appendix 1 - UCP 600 Compliance Checklist: Checklist ensuring compliance with UCP 600 requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Free to use

Relevant legal definitions

Clauses

Relevant Industries

International Trade
Manufacturing
Shipping and Logistics
Banking and Finance

Relevant Teams

Finance
Treasury
International Trade
Legal
Operations

Relevant Roles

Trade Finance Manager
Treasury Manager
Import/Export Manager
Credit Controller

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Freely Negotiable Letter Of Credit

A Singapore-law governed bank payment instrument that can be negotiated at any bank, providing secure payment in international trade.

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What is a Acceptance LC?

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What schedules should be included in a Acceptance LC?

Authors

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