The Letter of Credit is a crucial trade finance instrument used in international commerce to mitigate payment risks. When using an LC Letter of Credit under Singapore jurisdiction, the document provides a bank's commitment to pay the seller upon presentation of compliant documents, regardless of disputes between buyer and seller. It's particularly relevant in Singapore's position as a major trade hub, operating under both local banking regulations and international standards like UCP 600. The document typically includes detailed terms about payment conditions, required documentation, timeframes, and compliance requirements, offering security to both parties in cross-border transactions.
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1. LC Number and Date: Unique identifier for the Letter of Credit and date of issuance
2. Issuing Bank Details: Complete details of the bank issuing the LC including name, address, SWIFT code, and contact information
3. Applicant Details: Full information about the buyer/importer including company name, registration number, address, and contact details
4. Beneficiary Details: Complete information about the seller/exporter including company name, registration number, address, and contact details
5. Currency and Amount: Specified currency and value of the LC, including both numerical and words format
6. Expiry Details: Expiry date and place of the LC
7. Required Documents: Comprehensive list of documents required for LC execution, including specific requirements for each document
8. Payment Terms: Detailed terms of payment including timing and conditions
1. Advising Bank Details: Details of the beneficiary's bank when different from issuing bank
2. Transferability Clause: Terms and conditions for LC transfer to another beneficiary, if applicable
3. Partial Shipments Clause: Terms regarding whether partial shipments are allowed or prohibited
4. Transhipment Clause: Terms specifying whether transhipment is permitted or prohibited
5. Confirmation Instructions: Instructions regarding confirmation of the LC by another bank, if required
1. Commercial Invoice Requirements: Detailed specifications and template for commercial invoice presentation
2. Transport Document Requirements: Specific requirements and formats for bills of lading or airway bills
3. Insurance Document Requirements: Detailed specifications for required insurance documentation
4. Amendment Form: Standard template for requesting amendments to LC terms
5. Regulatory Compliance Checklist: Checklist ensuring compliance with Singapore banking and trade regulations
Relevant legal definitions
Letter of Credit (LC)
Issuing Bank
Applicant
Beneficiary
Advising Bank
Confirming Bank
Documents Against Payment
Documents Against Acceptance
Sight Payment
Usance Payment
Bill of Lading
Commercial Invoice
Certificate of Origin
Packing List
Insurance Certificate
Presentation
Expiry Date
Latest Shipment Date
Place of Expiry
Available With
Negotiation
Partial Shipment
Transhipment
UCP 600
Banking Day
Clean Collection
Documentary Collection
Red Clause
Green Clause
Transferable Credit
Back-to-Back Credit
Revolving Credit
Standby Letter of Credit
Draft
Discrepancy
Force Majeure
Issuing Bank
Applicant
Beneficiary
Advising Bank
Confirming Bank
Documents Against Payment
Documents Against Acceptance
Sight Payment
Usance Payment
Bill of Lading
Commercial Invoice
Certificate of Origin
Packing List
Insurance Certificate
Presentation
Expiry Date
Latest Shipment Date
Place of Expiry
Available With
Negotiation
Partial Shipment
Transhipment
UCP 600
Banking Day
Clean Collection
Documentary Collection
Red Clause
Green Clause
Transferable Credit
Back-to-Back Credit
Revolving Credit
Standby Letter of Credit
Draft
Discrepancy
Force Majeure
Clauses
Amount and Currency
Payment Terms
Documentary Requirements
Expiration and Presentation
Shipment Terms
Transfer Rights
Bank Charges
Partial Shipments
Transhipment
Insurance Coverage
Force Majeure
Governing Law
Dispute Resolution
Amendment Conditions
Confirmation Requirements
Discrepancy Handling
Reimbursement Terms
Notice Requirements
Document Examination Period
Bank's Undertaking
Applicant's Obligations
Beneficiary's Rights
Cancellation Terms
Assignment Rights
Compliance Standards
Payment Terms
Documentary Requirements
Expiration and Presentation
Shipment Terms
Transfer Rights
Bank Charges
Partial Shipments
Transhipment
Insurance Coverage
Force Majeure
Governing Law
Dispute Resolution
Amendment Conditions
Confirmation Requirements
Discrepancy Handling
Reimbursement Terms
Notice Requirements
Document Examination Period
Bank's Undertaking
Applicant's Obligations
Beneficiary's Rights
Cancellation Terms
Assignment Rights
Compliance Standards
Relevant Industries
Relevant Teams
Relevant Roles
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