Clean Letters of Credit are crucial financial instruments in Singapore's banking landscape, primarily used when parties require a secure payment mechanism without the complexities of commercial documentation. A Clean Letter of Credit differs from commercial LCs as it requires only basic documents like payment drafts or simple demands for payment, making it particularly suitable for financial guarantees, advance payments, or standby arrangements. Under Singapore jurisdiction, these instruments are governed by strict banking regulations and international protocols, providing a robust framework for financial transactions while maintaining Singapore's position as a leading financial center.
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1. LC Number and Date: Unique identifier for the Letter of Credit and date of issuance
2. Bank Details: Complete identification of the issuing bank including address, SWIFT code, and contact details
3. Beneficiary Information: Full details of the party receiving payment including name, address, and bank account information
4. Applicant Information: Complete details of the party requesting the LC including name, address, and contact information
5. Amount and Currency: Specified value of the LC in numbers and words, along with currency denomination
6. Validity and Expiry: Effective date, expiry date, and place of expiry
7. Payment Terms: Specifications for when and how payment will be made, including any sight or term requirements
8. Document Requirements: List of required documents for presentation and payment
1. Transferability Clause: Terms and conditions for transfer of LC rights to another beneficiary, if applicable
2. Revolving Terms: Conditions for automatic renewal of the LC, including reinstatement periods and terms
3. Partial Shipments/Drawings: Terms allowing or prohibiting partial shipments or drawings under the LC
4. Special Conditions: Any additional terms, conditions, or requirements specific to this LC
1. Bank Format Requirements: Specific formatting requirements and templates required by the issuing bank
2. SWIFT Message Format: Standard MT700 series format specifications if LC is to be transmitted via SWIFT
3. Required Documents Checklist: Detailed checklist of all required documents and their specifications
4. Compliance Requirements: List of regulatory compliance requirements including AML/CFT checks and sanctions screening
Relevant legal definitions
Letter of Credit (LC)
Issuing Bank
Beneficiary
Applicant
Advising Bank
Banking Day
Date of Issuance
Expiry Date
Place of Expiry
Credit Amount
Available Amount
Presentation
Complying Presentation
UCP 600
SWIFT
Demand for Payment
Payment Draft
Non-Commercial Documents
Force Majeure
Governing Law
Clean Drawing
Original
Business Day
Place of Presentation
Bank Reference Number
Authorized Signatory
Notice of Dishonor
Payment Undertaking
Banking Hours
Issuing Bank
Beneficiary
Applicant
Advising Bank
Banking Day
Date of Issuance
Expiry Date
Place of Expiry
Credit Amount
Available Amount
Presentation
Complying Presentation
UCP 600
SWIFT
Demand for Payment
Payment Draft
Non-Commercial Documents
Force Majeure
Governing Law
Clean Drawing
Original
Business Day
Place of Presentation
Bank Reference Number
Authorized Signatory
Notice of Dishonor
Payment Undertaking
Banking Hours
Clauses
Irrevocable Undertaking
Amount and Currency
Availability and Expiry
Payment Terms
Presentation Requirements
Document Examination
Bank Obligations
Transfer Rights
Force Majeure
Representations and Warranties
Governing Law
Jurisdiction
Notices
Amendment Provisions
Assignment
Severability
Compliance with Laws
Anti-Money Laundering
Sanctions Compliance
Bank Charges
Default Events
Dispute Resolution
Confidentiality
Entire Agreement
Waiver
Time Limits
Language of Documents
Electronic Presentations
Amount and Currency
Availability and Expiry
Payment Terms
Presentation Requirements
Document Examination
Bank Obligations
Transfer Rights
Force Majeure
Representations and Warranties
Governing Law
Jurisdiction
Notices
Amendment Provisions
Assignment
Severability
Compliance with Laws
Anti-Money Laundering
Sanctions Compliance
Bank Charges
Default Events
Dispute Resolution
Confidentiality
Entire Agreement
Waiver
Time Limits
Language of Documents
Electronic Presentations
Relevant Industries
Relevant Teams
Relevant Roles
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