The Clean Letter of Credit is a fundamental instrument in international trade finance, particularly vital in the South African context where cross-border transactions are subject to specific exchange control regulations and banking laws. This document type is typically used when parties seek a secure, bank-guaranteed payment method in international trade transactions. Unlike other letter of credit variants, a Clean Letter of Credit requires only the presentation of basic transport documents and commercial invoices, without additional conditions or complex documentation requirements. It provides a balanced approach to risk management in international trade, offering security to sellers while protecting buyers' interests through document verification. The document must comply with both South African banking regulations and international standards, particularly the UCP 600, making it a reliable instrument for trade finance.
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1. Letter Reference Number: Unique identification number of the Letter of Credit
2. Date of Issuance: The date when the Letter of Credit is issued
3. Applicant Details: Full name, address, and contact information of the party requesting the Letter of Credit (buyer/importer)
4. Beneficiary Details: Full name, address, and contact information of the party in whose favor the Letter of Credit is issued (seller/exporter)
5. Issuing Bank Details: Name, address, and SWIFT code of the bank issuing the Letter of Credit
6. Amount and Currency: The credit amount and currency denomination
7. Expiry Date and Place: The date and location where the Letter of Credit expires
8. Available With/By: Specification of how and where the credit is available (payment, acceptance, or negotiation)
9. Shipment Terms: Latest shipment date and basic shipment details
10. Document Requirements: List of required documents for presentation
1. Advising Bank Details: Details of the bank advising the credit to the beneficiary, used when there's an intermediary bank
2. Transferability Clause: Include when the Letter of Credit needs to be transferable to another beneficiary
3. Partial Shipments/Drawings: Include when specifying whether partial shipments or drawings are allowed or prohibited
4. Transhipment Conditions: Include when specific transhipment requirements need to be specified
5. Insurance Coverage: Include when specific insurance requirements need to be detailed
6. Special Conditions: Any additional terms or conditions specific to the transaction
7. Confirmation Instructions: Include when confirmation by another bank is required
1. Commercial Invoice Template: Prescribed format for the commercial invoice if specific requirements exist
2. Transport Document Requirements: Detailed specifications for required transport documents
3. Description of Goods: Detailed description of the goods being traded, including specifications and quantities
4. Price Schedule: Breakdown of prices if multiple items or pricing components are involved
5. Bank Contact Details: Complete contact information for all banks involved in the transaction
Relevant legal definitions
Advising Bank
Applicant
Banking Day
Beneficiary
Clean Letter of Credit
Complying Presentation
Confirmation
Credit
Documents
Draft
Expiry Date
Foreign Exchange Regulations
Governing Law
Issuing Bank
Letter of Credit Amount
Negotiating Bank
Presentation
Reimbursing Bank
SWIFT
Trade Terms
UCP 600
Banking Hours
Place for Presentation
Shipment
Transport Documents
Commercial Invoice
Notification Address
Business Day
Exchange Rate
Force Majeure
Payment Terms
Sanctioned Country
Restricted Party
Applicant
Banking Day
Beneficiary
Clean Letter of Credit
Complying Presentation
Confirmation
Credit
Documents
Draft
Expiry Date
Foreign Exchange Regulations
Governing Law
Issuing Bank
Letter of Credit Amount
Negotiating Bank
Presentation
Reimbursing Bank
SWIFT
Trade Terms
UCP 600
Banking Hours
Place for Presentation
Shipment
Transport Documents
Commercial Invoice
Notification Address
Business Day
Exchange Rate
Force Majeure
Payment Terms
Sanctioned Country
Restricted Party
Clauses
Credit Amount and Currency
Availability and Expiry
Document Requirements
Payment Terms
Bank Obligations
Presentation Requirements
Examination and Notice
Force Majeure
Regulatory Compliance
Exchange Control
Anti-Money Laundering
Bank Communications
Sanctions Compliance
Governing Law and Jurisdiction
Bank Charges
Amendments
Assignment and Transfer
Notice Requirements
Document Examination Period
Disclaimers and Limitations
Reimbursement Obligations
Availability and Expiry
Document Requirements
Payment Terms
Bank Obligations
Presentation Requirements
Examination and Notice
Force Majeure
Regulatory Compliance
Exchange Control
Anti-Money Laundering
Bank Communications
Sanctions Compliance
Governing Law and Jurisdiction
Bank Charges
Amendments
Assignment and Transfer
Notice Requirements
Document Examination Period
Disclaimers and Limitations
Reimbursement Obligations
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Retail
Commodities Trading
Mining
Agriculture
Shipping and Logistics
Energy
Wholesale Distribution
Relevant Teams
Trade Finance
International Banking
Treasury
Commercial Banking
Risk Management
Compliance
Finance
Procurement
Supply Chain
Legal
Operations
Documentary Credits
Relevant Roles
Trade Finance Manager
International Trade Specialist
Finance Director
Treasury Manager
Import/Export Manager
Commercial Banking Officer
Documentary Credits Specialist
Risk Management Officer
Compliance Officer
Chief Financial Officer
Supply Chain Manager
Procurement Manager
Banking Operations Manager
International Business Development Manager
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