Letter Of Credit 90 Days for Singapore

Letter Of Credit 90 Days Template for Singapore

A Letter of Credit (LC) with 90-day terms is a financial instrument governed by Singapore law, providing a guarantee of payment for international trade transactions. It represents a bank's commitment to pay the seller (beneficiary) on behalf of the buyer (applicant) within 90 days, subject to the presentation of compliant documents. Under Singapore's legal framework, particularly the Bills of Exchange Act and UCP 600 rules, this document provides security and risk mitigation for international trade transactions.

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What is a Letter Of Credit 90 Days?

The 90-day Letter of Credit is a crucial trade finance instrument in Singapore's robust financial system. It is typically used when businesses need extended payment terms while maintaining security for all parties involved. This document, governed by Singapore law and international banking practices, provides a structured framework for international trade transactions. The LC specifies payment obligations, document requirements, and the 90-day payment timeline, offering protection to both buyers and sellers while facilitating smooth international commerce.

What sections should be included in a Letter Of Credit 90 Days?

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

2. Parties Information: Complete details of the applicant (buyer), beneficiary (seller), and issuing bank including full legal names, addresses, and registration numbers

3. Credit Amount and Currency: Specification of the LC amount in figures and words, along with currency denomination

4. Expiry Date: 90-day validity period specification including place of expiry

5. Required Documents: Comprehensive list of required documents including commercial invoice, transport documents, insurance documents, and certificates

6. Payment Terms: Detailed conditions for payment including timing, method, and applicable banking charges

What sections are optional to include in a Letter Of Credit 90 Days?

1. Transferability Clause: Optional clause specifying whether the LC can be transferred to another beneficiary and under what conditions

2. Partial Shipment Terms: Optional terms specifying whether partial shipments are allowed or prohibited

3. Special Conditions: Additional terms and conditions specific to the transaction or requirements of the parties

4. Force Majeure Clause: Optional provisions dealing with unforeseen circumstances that may affect the LC transaction

What schedules should be included in a Letter Of Credit 90 Days?

1. Document Requirements Checklist: Detailed checklist of all required documents with specific requirements for each document

2. Bank Forms: Standard forms required by the issuing bank for LC processing

3. Specimen Signatures: Authorized signatures of all relevant parties for verification purposes

4. UCP 600 Compliance Checklist: Checklist ensuring compliance with UCP 600 requirements

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
Shipping and Logistics
Banking and Finance
Commodities Trading

Relevant Teams

Finance
Treasury
International Trade
Legal
Operations

Relevant Roles

Trade Finance Manager
Credit Controller
Finance Director
International Sales Manager
Treasury Manager

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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 Letter Of Credit 90 Days?

What sections should be included in a Letter Of Credit 90 Days?

What sections are optional to include in a Letter Of Credit 90 Days?

What schedules should be included in a Letter Of Credit 90 Days?

Authors

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