Direct Letter Of Credit for Singapore

Direct Letter Of Credit Template for Singapore

A Direct Letter of Credit under Singapore law is a formal undertaking by a bank to make payment to a beneficiary upon presentation of compliant documents. It operates under the UCP 600 rules and Singapore's regulatory framework, providing a secure method of payment in international trade. The document represents an irrevocable commitment by the issuing bank, subject to Singapore jurisdiction and banking regulations, offering protection to both buyers and sellers in cross-border transactions.

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What is a Direct Letter Of Credit?

The Direct Letter of Credit is a crucial trade finance instrument used in Singapore and international commerce. It provides a secure payment mechanism where the issuing bank commits to pay the beneficiary upon presentation of specified documents. Under Singapore law and banking regulations, Direct Letters of Credit are commonly used when parties seek a reliable payment method independent of the underlying commercial contract. The document incorporates UCP 600 rules and typically includes detailed requirements for document presentation, payment terms, and compliance conditions. It's particularly valuable in situations where parties lack established trading relationships or seek additional payment security.

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

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

2. Applicant Details: Full legal name and address of the party requesting the LC

3. Beneficiary Details: Full legal name and address of the party in whose favor the LC is issued

4. Currency and Amount: Specified currency and maximum amount available under the LC

5. Expiry Date: Date and place of expiry of the LC

6. Documents Required: Detailed list of documents required for presentation

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

1. Partial Shipments: Clause specifying whether partial shipments are allowed under the LC

2. Transhipment: Clause specifying whether transhipment is permitted during transportation

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

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

1. Commercial Invoice Template: Standard format and requirements for commercial invoices to be presented under the LC

2. Bill of Lading Requirements: Detailed specifications for acceptable shipping documents and bills of lading

3. Insurance Certificate Requirements: Specific requirements for insurance documentation including coverage types and amounts

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
Commodity Trading
Shipping and Logistics

Relevant Teams

Treasury
Trade Finance
International Operations
Legal
Compliance
Risk Management

Relevant Roles

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

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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 Direct Letter Of Credit?

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

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

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

Authors

Alex Denne

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