The At Sight Letter of Credit is a fundamental trade finance instrument used in international commercial transactions where immediate payment security is required. This document is particularly relevant in the South African context, where it must comply with both the international UCP 600 rules and local banking regulations, including the Banks Act 94 of 1990 and Exchange Control Regulations. It provides a secure payment mechanism for international trade, offering the seller assurance of immediate payment upon presenting compliant documents, while giving the buyer confidence that payment will only be made when specified conditions are met. The document typically includes detailed requirements for document presentation, payment terms, and shipping conditions, making it essential for transactions requiring robust payment security and regulatory compliance.
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1. Letter of Credit Number and Date: Unique identification number and issuance date of the LC
2. Issuing Bank Details: Complete name, address, and SWIFT code of the issuing bank
3. Beneficiary Details: Full name and address of the beneficiary (seller/exporter)
4. Applicant Details: Full name and address of the applicant (buyer/importer)
5. Credit Amount and Currency: The amount and currency of the Letter of Credit
6. Form of Credit: Specification that this is an irrevocable at sight Letter of Credit
7. Available With/By: Details of where and how the credit is available (payment, acceptance, negotiation)
8. Expiry Date and Place: The expiry date of the LC and location where documents must be presented
9. Documentary Requirements: Detailed list of required documents for presentation
10. Goods Description: Brief description of goods, quantity, unit price
11. Payment Terms: Specification of at sight payment terms and conditions
12. Shipping Terms: Shipment details including latest shipment date and partial shipments/transhipment provisions
13. Presentation Period: Time period within which documents must be presented after shipment
1. Advising Bank Details: Details of the advising bank if different from the issuing bank - required when using an advising bank
2. Confirmation Instructions: Instructions regarding confirmation of the LC - required if confirmation is requested
3. Transfer Conditions: Terms for transferability of the LC - include only if the LC is transferable
4. Special Conditions: Any additional terms or conditions specific to the transaction
5. Reimbursement Instructions: Details for bank-to-bank reimbursement - required for international transactions with different currencies
6. Regulatory Compliance: Specific compliance requirements for certain jurisdictions or industries - include when dealing with regulated goods or specific country requirements
1. Schedule A - Document Checklist: Detailed checklist of all required documents with specific requirements for each
2. Schedule B - Goods Specification: Detailed specification of goods including technical details, standards, and packaging requirements
3. Schedule C - Price Schedule: Detailed breakdown of prices, quantities, and any applicable discounts or charges
4. Appendix 1 - Standard Banking Forms: Standard forms required for document presentation
5. Appendix 2 - Shipping Instructions: Detailed shipping and delivery instructions including marking requirements
Relevant legal definitions
Advising Bank
Applicant
At Sight
Banking Day
Beneficiary
Bill of Exchange
Bill of Lading
Certificate of Origin
Commercial Invoice
Compliant Presentation
Confirmation
Confirming Bank
Credit
Discrepancy
Documentary Credit
Documents
Draft
Expiry Date
Goods
Honour
INCOTERMS
Issuing Bank
Letter of Credit
Negotiating Bank
Negotiation
Notice of Dishonour
Original Documents
Packing List
Presentation
Presenting Bank
Reimbursing Bank
Shipping Documents
SWIFT
Trade Terms
Transport Documents
UCP 600
Applicant
At Sight
Banking Day
Beneficiary
Bill of Exchange
Bill of Lading
Certificate of Origin
Commercial Invoice
Compliant Presentation
Confirmation
Confirming Bank
Credit
Discrepancy
Documentary Credit
Documents
Draft
Expiry Date
Goods
Honour
INCOTERMS
Issuing Bank
Letter of Credit
Negotiating Bank
Negotiation
Notice of Dishonour
Original Documents
Packing List
Presentation
Presenting Bank
Reimbursing Bank
Shipping Documents
SWIFT
Trade Terms
Transport Documents
UCP 600
Clauses
Credit Amount and Availability
Payment Terms
Document Presentation
Expiry and Validity
Bank Obligations
Documentary Requirements
Shipping Terms
Compliance
Force Majeure
Governing Law
Jurisdiction
Amendments
Bank Charges
Transfer Rights
Confirmation
Notices
Regulatory Compliance
Anti-Money Laundering
Foreign Exchange
Document Examination
Discrepancies
Reimbursement
Indemnification
Default
Dispute Resolution
Partial Shipments
Assignment
Sanctions Compliance
Payment Terms
Document Presentation
Expiry and Validity
Bank Obligations
Documentary Requirements
Shipping Terms
Compliance
Force Majeure
Governing Law
Jurisdiction
Amendments
Bank Charges
Transfer Rights
Confirmation
Notices
Regulatory Compliance
Anti-Money Laundering
Foreign Exchange
Document Examination
Discrepancies
Reimbursement
Indemnification
Default
Dispute Resolution
Partial Shipments
Assignment
Sanctions Compliance
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Agriculture and Food
Mining and Resources
Retail
Automotive
Electronics
Textiles and Clothing
Chemical and Pharmaceuticals
Construction Materials
Energy and Utilities
Commodities Trading
Logistics and Transportation
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Treasury Operations
Risk Management
Compliance
Legal
Operations
Procurement
Supply Chain
Customer Service
Credit Control
Relevant Roles
Trade Finance Manager
Import Manager
Export Manager
Documentary Credits Specialist
International Trade Specialist
Banking Operations Manager
Compliance Officer
Treasury Manager
Financial Controller
Supply Chain Manager
Procurement Manager
Credit Risk Officer
Documentary Collections Officer
International Business Development Manager
Trade Operations Analyst
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