The Documentary Letter of Credit is a fundamental instrument in international trade finance, particularly crucial in the South African context where cross-border transactions require secure payment mechanisms. It represents a bank's irrevocable commitment to pay the beneficiary (typically the exporter) upon presentation of compliant documents, while providing the applicant (typically the importer) with assurance that payment will only be made when specified conditions are met. This document type is essential when parties are operating across different jurisdictions and need a secure, internationally recognized payment method. It combines elements of South African banking law with international practices, particularly UCP 600, and includes detailed specifications for required documents, payment terms, and conditions that must be met for the credit to be honored.
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1. Letter of Credit Number and Date: Unique reference number and issuance date of the Letter of Credit
2. Applicant Details: Full name, address, and contact details of the party requesting the Letter of Credit (buyer/importer)
3. Beneficiary Details: Full name, address, and contact details of the party in whose favor the Letter of Credit is issued (seller/exporter)
4. Issuing Bank Details: Name, address, and SWIFT code of the bank issuing the Letter of Credit
5. Amount and Currency: The credit amount and currency, including any tolerance levels if applicable
6. Expiry Date and Place: The final date and location for presentation of documents
7. Available With/By: Specification of how and where the credit is available (payment, acceptance, negotiation)
8. Required Documents: Detailed list of all documents required for presentation
9. Shipment Terms: Latest shipment date, partial shipments, transhipment conditions
10. Presentation Period: Time period within which documents must be presented after shipment
11. Description of Goods/Services: Detailed description of the goods or services covered by the Letter of Credit
1. Advising Bank Details: Details of the bank advising the credit, used when there's an intermediary bank
2. Confirmation Instructions: Instructions regarding confirmation, used when confirmation is requested from another bank
3. Transferability Clause: Terms for transfer of the credit, included when the credit is transferable
4. Back-to-Back Provisions: Specific provisions for back-to-back credits, when applicable
5. Red Clause Provisions: Advanced payment terms, included when the credit contains a red clause
6. Green Clause Provisions: Storage provisions, included when the credit contains a green clause
7. Revolving Credit Terms: Terms for credit reinstatement, included for revolving letters of credit
8. Special Conditions: Any additional terms or conditions specific to the transaction
1. Commercial Invoice Template: Prescribed format for the commercial invoice
2. Packing List Requirements: Detailed requirements for the packing list
3. Transport Document Requirements: Specific requirements for bills of lading or other transport documents
4. Insurance Document Requirements: Requirements for insurance certificates or policies
5. Inspection Certificate Requirements: Format and requirements for inspection certificates
6. Product Specifications: Detailed technical specifications of the goods
7. Documentary Requirements Checklist: Comprehensive checklist of all required documents and their specifications
8. Bank Fee Schedule: Schedule of applicable bank charges and fees
Relevant legal definitions
Advising Bank
Applicant
Banking Day
Beneficiary
Bill of Exchange
Bill of Lading
Clean Collection
Complying Presentation
Confirmation
Confirming Bank
Credit
Documentary Collection
Documents
Draft
Expiry Date
Honour
INCOTERMS
Issuing Bank
Negotiating Bank
Negotiation
Non-Complying Presentation
Notification
Original Documents
Presentation
Presenting Bank
Reimbursing Bank
Sight Payment
Standby Credit
SWIFT
Telegraphic Transfer
Terms and Conditions
Transfer
Transferable Credit
UCP 600
Usance
Waiver
Applicant
Banking Day
Beneficiary
Bill of Exchange
Bill of Lading
Clean Collection
Complying Presentation
Confirmation
Confirming Bank
Credit
Documentary Collection
Documents
Draft
Expiry Date
Honour
INCOTERMS
Issuing Bank
Negotiating Bank
Negotiation
Non-Complying Presentation
Notification
Original Documents
Presentation
Presenting Bank
Reimbursing Bank
Sight Payment
Standby Credit
SWIFT
Telegraphic Transfer
Terms and Conditions
Transfer
Transferable Credit
UCP 600
Usance
Waiver
Clauses
Amount and Currency
Availability
Bank Obligations
Beneficiary Rights
Charges and Fees
Compliance Requirements
Confidentiality
Confirmation Terms
Credit Availability
Document Examination
Document Requirements
Expiry and Presentation
Force Majeure
Governing Law
Insurance Requirements
Jurisdiction
Notices
Payment Terms
Presentation Terms
Reimbursement
Sanctions Compliance
Shipping Terms
Transfer Rights
Variations and Amendments
Availability
Bank Obligations
Beneficiary Rights
Charges and Fees
Compliance Requirements
Confidentiality
Confirmation Terms
Credit Availability
Document Examination
Document Requirements
Expiry and Presentation
Force Majeure
Governing Law
Insurance Requirements
Jurisdiction
Notices
Payment Terms
Presentation Terms
Reimbursement
Sanctions Compliance
Shipping Terms
Transfer Rights
Variations and Amendments
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Agriculture
Mining
Retail
Commodities Trading
Logistics and Transportation
Insurance
Maritime Industry
Energy and Resources
Textile Industry
Automotive Industry
Relevant Teams
Trade Finance
International Banking
Risk Management
Compliance
Legal
Treasury
Operations
Supply Chain
Procurement
Credit Administration
Documentary Collections
International Trade Operations
Financial Control
Relevant Roles
Trade Finance Manager
Import/Export Manager
International Trade Specialist
Documentary Credit Officer
Trade Operations Manager
Credit Risk Officer
Treasury Manager
Financial Controller
Compliance Officer
Supply Chain Manager
Procurement Manager
Banking Relationship Manager
International Business Development Manager
Trade Finance Analyst
Letters of Credit Specialist
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