The Acceptance LC (Letter of Credit) is a crucial trade finance instrument used in international commerce under South African jurisdiction. It is particularly utilized when parties seek to combine the security of a letter of credit with the flexibility of time drafts for payment. This document type is essential when the exporter requires a bank's acceptance of time drafts, which can then be discounted to obtain immediate financing. The Acceptance LC differs from a standard LC as it involves the accepting bank's commitment to pay at maturity rather than make an immediate payment. It typically includes detailed terms regarding the acceptance process, maturity period, document requirements, and compliance with both South African banking regulations and international trade practices. This instrument is commonly used in transactions involving commodity trades, capital equipment purchases, and other international commercial dealings where extended payment terms are desired while maintaining bank-grade security.
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1. Issuing Bank Details: Complete details of the issuing bank including name, branch, contact information and reference numbers
2. Beneficiary Information: Full details of the beneficiary including name, address, and account information
3. Credit Amount and Currency: Specific amount of the credit and currency denomination
4. Form of Credit: Specification that this is an acceptance credit and its specific form
5. Expiry Details: Clear statement of expiry date and place
6. Draft Requirements: Specifications for bills of exchange including tenor and drawee
7. Required Documents: Detailed list of all required documents for presentation
8. Shipment Terms: Shipment details including latest shipment date and partial shipment permissions
9. Presentation Period: Time period within which documents must be presented
10. Governing Law Statement: Clear statement that South African law governs the credit
1. Transferability Clause: To be included when the credit is transferable to other beneficiaries
2. Confirmation Instructions: Required when confirmation by another bank is requested
3. Special Conditions: Any additional conditions or requirements specific to this credit
4. Revolving Terms: Include when the credit is revolving rather than single-use
5. Red Clause Provisions: Required when advance payment facilities are to be included
6. Back-to-Back Arrangements: Include when the credit is part of a back-to-back LC structure
1. Schedule A - Document Requirements: Detailed checklist of required documents and their specifications
2. Schedule B - Commercial Invoice Requirements: Specific requirements for commercial invoice preparation
3. Schedule C - Transport Document Requirements: Detailed specifications for transport documents
4. Appendix 1 - Draft Format: Prescribed format for bills of exchange to be drawn
5. Appendix 2 - Bank Contact Details: Complete contact information for all banks involved
6. Appendix 3 - Presentation Schedule: Detailed timeline for document presentation and processing
Relevant legal definitions
Accepting Bank
Advising Bank
Applicant
Banking Day
Banker's Acceptance
Beneficiary
Bill of Exchange
Bill of Lading
Commercial Invoice
Confirming Bank
Credit
Draft
Documents
Expiry Date
Force Majeure
Governing Law
Insurance Certificate
Issuing Bank
Letter of Credit
Maturity Date
Negotiating Bank
Negotiation
Packing List
Presentation
Presenting Bank
Reimbursing Bank
Shipping Documents
Tenor
Trade Terms
UCP 600
Underlying Transaction
Advising Bank
Applicant
Banking Day
Banker's Acceptance
Beneficiary
Bill of Exchange
Bill of Lading
Commercial Invoice
Confirming Bank
Credit
Draft
Documents
Expiry Date
Force Majeure
Governing Law
Insurance Certificate
Issuing Bank
Letter of Credit
Maturity Date
Negotiating Bank
Negotiation
Packing List
Presentation
Presenting Bank
Reimbursing Bank
Shipping Documents
Tenor
Trade Terms
UCP 600
Underlying Transaction
Clauses
Credit Amount and Currency
Credit Availability
Document Presentation
Acceptance Terms
Maturity Terms
Draft Requirements
Document Requirements
Shipping Terms
Insurance Requirements
Bank Obligations
Beneficiary Obligations
Applicant Undertakings
Assignment and Transfer
Force Majeure
Governing Law
Jurisdiction
Notices
Amendments
Expiry and Cancellation
Compliance and Sanctions
Banking Charges
Confirmation Terms
Reimbursement Provisions
Discrepancy Handling
Default Events
Dispute Resolution
Credit Availability
Document Presentation
Acceptance Terms
Maturity Terms
Draft Requirements
Document Requirements
Shipping Terms
Insurance Requirements
Bank Obligations
Beneficiary Obligations
Applicant Undertakings
Assignment and Transfer
Force Majeure
Governing Law
Jurisdiction
Notices
Amendments
Expiry and Cancellation
Compliance and Sanctions
Banking Charges
Confirmation Terms
Reimbursement Provisions
Discrepancy Handling
Default Events
Dispute Resolution
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Commodities Trading
Shipping and Logistics
Agriculture
Mining
Wholesale Distribution
Retail
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Risk Management
Legal and Compliance
Treasury Operations
Global Transaction Banking
Credit Administration
Trade Operations
Banking Operations
Relevant Roles
Trade Finance Manager
International Banking Officer
Documentary Credits Specialist
Export Finance Manager
Import Finance Manager
Treasury Manager
Credit Risk Officer
Trade Operations Manager
Banking Relationship Manager
Compliance Officer
Documentary Collections Officer
Trade Finance Product Manager
Global Transaction Banking Officer
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