Legal Templates
Advised Letter Of Credit

Advised Letter Of Credit for Singapore

Advised Letter Of Credit Template for Singapore

An Advised Letter of Credit is a formal banking document issued under Singapore law, where a bank (the advising bank) authenticates and communicates the terms of a Letter of Credit to the beneficiary. It operates under the UCP 600 rules and Singapore's Banking Act, providing assurance to the beneficiary about the authenticity of the LC while protecting all parties involved in the international trade transaction. The document serves as official confirmation that the LC is genuine and that its terms and conditions have been verified by a reliable banking institution in the beneficiary's country.

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What is a Advised Letter Of Credit?

The Advised Letter of Credit is a crucial document in international trade finance, particularly relevant under Singapore's robust financial regulatory framework. It is used when a beneficiary requires local bank verification of an LC's authenticity and terms. The document includes detailed information about the LC's conditions, the parties involved, and the advising bank's authentication statement. The Advised Letter of Credit is especially important in Singapore's context as a major trading hub, where it helps facilitate secure international trade transactions while providing legal certainty under both local law and international banking practices.

What sections should be included in a Advised Letter Of Credit?

1. Advising Bank Details: Full name, address, SWIFT code and contact details of the advising bank

2. Letter of Credit Reference: Unique identification number and date of the LC being advised

3. Issuing Bank Details: Complete information of the bank that issued the LC including name, address and SWIFT code

4. Beneficiary Details: Complete information of the beneficiary including name, address and contact information

5. LC Terms and Conditions: Essential terms including amount, currency, expiry date, place of expiry, and required documents

6. Authentication Statement: Formal confirmation of the authenticity verification of the LC

What sections are optional to include in a Advised Letter Of Credit?

1. Confirmation Statement: Statement confirming the LC when the advising bank is also acting as confirming bank

2. Transfer Provisions: Terms and conditions regarding the transferability of the LC, if applicable

3. Special Instructions: Any additional instructions or specific requirements from the issuing bank

4. Disclaimer Clauses: Standard disclaimers and limitations of liability of the advising bank

What schedules should be included in a Advised Letter Of Credit?

1. Original LC Copy: Authenticated copy of the original Letter of Credit as received from the issuing bank

2. Document Checklist: Comprehensive list of all documents required under the LC with specific requirements

3. Fee Schedule: Detailed breakdown of all applicable banking charges and fees

4. Authentication Certificate: Official certificate confirming the verification of LC authenticity

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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Jurisdiction

Singapore

Publisher

Genie AI

Document Type

Letter of Credit

Sector

International Trade

Cost

Free to use
Industries

UCP 600: Uniform Customs and Practice for Documentary Credits - The primary international rules governing Letters of Credit operations and standards

ISBP 745: International Standard Banking Practice - Detailed guidelines for examining documents under UCP 600

Bills of Exchange Act: Singapore Chapter 23 - Legislation governing negotiable instruments including bills of exchange and related banking documents

Banking Act: Singapore Chapter 19 - Primary legislation regulating banking business and operations in Singapore

Electronic Transactions Act: Singapore Chapter 88 - Laws governing electronic transactions and digital signatures, relevant for electronic L/Cs

Monetary Authority of Singapore Act: Singapore Chapter 186 - Establishes regulatory framework for financial institutions including letter of credit operations

Singapore Contract Law: Common law principles governing contractual relationships and obligations in Singapore

Sale of Goods Act: Singapore Chapter 393 - Legislation governing the sale of goods, relevant for underlying transactions in L/Cs

International Enterprise Singapore Board Act: Legislation governing international trade promotion and regulation in Singapore

Currency Act: Singapore Chapter 69 - Laws governing currency transactions and foreign exchange aspects

MAS Guidelines: Monetary Authority of Singapore's Guidelines on Risk Management Practices for financial institutions

ABS Guidelines: Association of Banks in Singapore Guidelines for banking practices and standards

SWIFT Standards: International messaging standards for banking communications including L/C transactions

ICC Rules: International Chamber of Commerce rules and guidelines for international trade

Singapore Customs Regulations: Regulations governing import/export and related documentary requirements in Singapore

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