Non Negotiable Letter Of Credit for Singapore

Non Negotiable Letter Of Credit Template for Singapore

A Non-Negotiable Letter of Credit under Singapore law is a binding financial instrument issued by a bank that provides an irrevocable undertaking to pay a specified sum to a beneficiary upon presentation of compliant documents. Governed by Singapore's Banking Act and the UCP 600, it offers security in international trade while restricting transfer rights. The document must comply with Monetary Authority of Singapore regulations and international banking practices.

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What is a Non Negotiable Letter Of Credit?

The Non-Negotiable Letter of Credit is a crucial trade finance instrument used when parties seek payment security with restricted transferability. Under Singapore law, it provides a bank's commitment to pay against compliant documents while preventing the beneficiary from transferring their rights. This document type is particularly relevant in situations where the applicant wants to ensure the payment reaches only the intended beneficiary. It incorporates specific requirements under Singapore's banking regulations, UCP 600, and international banking practices, making it a robust tool for international trade finance.

What sections should be included in a Non Negotiable Letter Of Credit?

1. Letter Header: Bank letterhead, reference number, and date

2. Issuing Bank Details: Full name, address, and contact information of the issuing bank

3. Beneficiary Details: Complete name, address, and reference details of the credit beneficiary

4. Credit Amount and Currency: Specified amount of the credit and currency denomination

5. Expiry Details: Date and place of expiry of the credit

6. Required Documents: Comprehensive list of documents required for credit utilization

7. Payment Terms: Specific conditions and timing for payment execution

8. Applicable Rules: Reference to UCP 600 and other applicable rules

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

1. Partial Shipments Clause: Clause specifying whether partial shipments are allowed or prohibited, used in trade-related credits

2. Transhipment Terms: Terms specifying whether transhipment is permitted, required for international trade transactions

3. Transfer Restrictions: Specific limitations on transfer rights of the credit

4. Special Conditions: Any additional terms or conditions specific to the transaction

What schedules should be included in a Non Negotiable Letter Of Credit?

1. Document Requirements Schedule: Detailed specifications for each required document including format, content, and presentation requirements

2. Commercial Terms Appendix: Detailed commercial terms and conditions governing the credit

3. Bank Forms: Standard forms and formats required by the issuing bank for credit utilization

4. Fee Schedule: Breakdown of all applicable banking charges and fees

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
Banking & Finance
Manufacturing
Logistics

Relevant Teams

Trade Finance
International Banking
Legal
Operations
Compliance

Relevant Roles

Trade Finance Manager
Documentary Credits Specialist
International Trade Manager
Banking Operations 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 Non Negotiable Letter Of Credit?

What sections should be included in a Non Negotiable Letter Of Credit?

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

What schedules should be included in a Non Negotiable Letter Of Credit?

Authors

Alex Denne

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