Confirmed LC for Singapore

Confirmed LC Template for Singapore

A Confirmed Letter of Credit under Singapore law is a bank-issued payment instrument where both the issuing bank and a second bank (confirming bank) provide an irrevocable undertaking to pay the beneficiary upon compliant document presentation. It operates under Singapore's robust financial framework and incorporates UCP 600 rules, providing enhanced security for international trade transactions through dual bank payment guarantees.

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What is a Confirmed LC?

The Confirmed LC is a specialized trade finance instrument used when additional payment security is required in international trade transactions. While a standard LC provides the undertaking of the issuing bank, a Confirmed LC adds a second layer of protection through the confirming bank's independent commitment to pay. This structure is particularly valuable when trading with parties in countries with higher economic or political risk. Under Singapore law, these instruments benefit from the jurisdiction's sophisticated financial regulatory framework and strong enforcement mechanisms, making them particularly attractive for Asia-Pacific trade flows.

What sections should be included in a Confirmed LC?

1. LC Number and Date: Unique identification number of the Letter of Credit and date of issuance

2. Bank Details: Full details of the issuing bank and confirming bank, including addresses and reference numbers

3. Applicant Details: Full name, address and contact details of the buyer/importer requesting the LC

4. Beneficiary Details: Full name, address and contact details of the seller/exporter who will receive payment under the LC

5. Amount and Currency: The monetary value and currency of the LC, including any tolerance levels if applicable

6. Available With/By: Terms of availability and method of payment (sight, deferred payment, acceptance, or negotiation)

7. Expiry Details: Date and place of expiry for the LC

8. Required Documents: Comprehensive list of all documents required for presentation under the LC

9. Shipment Terms: Details of shipment including latest shipment date, port of loading and discharge

What sections are optional to include in a Confirmed LC?

1. Partial Shipments: Clause indicating whether partial shipments are allowed or prohibited

2. Transhipment: Clause specifying whether transhipment is permitted or prohibited

3. Transfer Conditions: Terms and conditions under which the LC may be transferred to another beneficiary

4. Additional Conditions: Any special conditions or requirements specific to this LC

5. Reimbursement Instructions: Special instructions for reimbursement between banks

What schedules should be included in a Confirmed LC?

1. Schedule A - Document Requirements: Detailed specifications for each required document including format, content, and number of copies

2. Schedule B - Goods Description: Detailed description of the goods, including quantity, unit price, and specifications

3. Schedule C - Banking Charges: Breakdown of all banking charges and which party is responsible for each

4. Appendix 1 - Document Templates: Standard templates for required documents such as commercial invoice, packing list, etc.

5. Appendix 2 - UCP 600 References: Relevant articles of UCP 600 applicable to this LC

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
Commodities Trading
Banking and Finance
Shipping and Logistics

Relevant Teams

Finance
Treasury
International Trade Operations
Legal
Compliance

Relevant Roles

Trade Finance Manager
Chief Financial Officer
Treasury Manager
Import/Export Manager
Documentary Credits Specialist

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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 Confirmed LC?

What sections should be included in a Confirmed LC?

What sections are optional to include in a Confirmed LC?

What schedules should be included in a Confirmed LC?

Authors

Alex Denne

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