The Irrevocable At Sight Letter of Credit is a fundamental instrument in South African international trade finance, providing security and payment assurance to parties involved in cross-border transactions. It is primarily used when sellers require guaranteed payment protection and buyers need to demonstrate their creditworthiness and commitment to payment. The document represents an irrevocable undertaking by a bank to pay the beneficiary upon presentation of compliant documents, with immediate payment terms. Operating within South Africa's legal framework and international banking standards, it includes detailed specifications of required documents, payment terms, and conditions that must be met for payment. This instrument is particularly valuable in new trading relationships or when dealing with unfamiliar markets, offering protection to both parties while facilitating international trade.
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1. Letter of Credit Number and Date: Unique identification number and issuance date of the Letter of Credit
2. Issuing Bank Details: Complete name, address, and SWIFT code of the bank issuing the Letter of Credit
3. Applicant Details: Full name, address, and contact information of the party requesting the Letter of Credit (typically the buyer)
4. Beneficiary Details: Full name, address, and contact information of the party in whose favor the Letter of Credit is issued (typically the seller)
5. Currency and Amount: The currency and amount for which the Letter of Credit is issued, both in figures and words
6. Expiry Date and Place: The date and location where the Letter of Credit expires
7. Available With/By: Specifies where and how the Letter of Credit is available (payment, acceptance, or negotiation)
8. Required Documents: Detailed list of documents that must be presented for payment (e.g., commercial invoice, transport documents, insurance documents)
9. Shipment Terms: Details of shipment including latest shipment date, partial shipments, transshipment permissions
10. Presentation Period: Time period within which documents must be presented after the date of shipment
11. Description of Goods/Services: Detailed description of the goods or services being traded
1. Confirming Bank Instructions: Used when confirmation is requested, specifying the confirming bank's details and responsibilities
2. Transfer Conditions: Include when the Letter of Credit is transferable, specifying the terms and conditions of transfer
3. Reimbursement Instructions: Required when specific reimbursement arrangements between banks need to be detailed
4. Special Conditions: Any additional terms or conditions specific to the transaction
5. Advised Through Bank: Include when an advising bank is involved in the transaction
6. Back-to-Back Provisions: Used when the Letter of Credit is issued against another Letter of Credit
7. Red Clause Provisions: Include when advance payment provisions are required
8. Green Clause Provisions: Used when storage provisions and advance payment are required
1. Schedule A - Document Requirements: Detailed checklist of required documents and their specific requirements
2. Schedule B - Goods Specification: Detailed technical specifications of the goods being traded
3. Schedule C - Banking Instructions: Specific instructions for banking operations and procedures
4. Appendix 1 - UCP 600 References: Relevant articles of UCP 600 applicable to this Letter of Credit
5. Appendix 2 - Standard Banking Forms: Required banking forms and formats for document presentation
Relevant legal definitions
Advising Bank
Applicant
At Sight
Banking Day
Beneficiary
Bill of Lading
Clean Collection
Complying Presentation
Confirmation
Confirming Bank
Credit
Documentary Credit
Documents
Draft
Expiry Date
Honour
INCOTERMS
Irrevocable
Issuing Bank
Letter of Credit
Negotiating Bank
Negotiation
Non-Complying Presentation
Notification
Original Documents
Presentation
Presenter
Reimbursing Bank
Shipped on Board
Sight Draft
SWIFT
Trade Terms
Transport Document
UCP 600
Undertaking
Applicant
At Sight
Banking Day
Beneficiary
Bill of Lading
Clean Collection
Complying Presentation
Confirmation
Confirming Bank
Credit
Documentary Credit
Documents
Draft
Expiry Date
Honour
INCOTERMS
Irrevocable
Issuing Bank
Letter of Credit
Negotiating Bank
Negotiation
Non-Complying Presentation
Notification
Original Documents
Presentation
Presenter
Reimbursing Bank
Shipped on Board
Sight Draft
SWIFT
Trade Terms
Transport Document
UCP 600
Undertaking
Clauses
Documentary Requirements
Payment Terms
Expiry and Presentation
Bank Obligations
Document Examination
Force Majeure
Governing Law
Disclaimers and Limitations
Amendment Provisions
Transfer Rights
Reimbursement
Document Discrepancies
Notice Requirements
Bank Charges
Compliance with Regulations
Anti-Money Laundering
Sanctions Compliance
Currency Provisions
Communication Methods
Default Events
Assignment Restrictions
Jurisdiction and Disputes
Severability
Time Limits
Document Authentication
Payment Terms
Expiry and Presentation
Bank Obligations
Document Examination
Force Majeure
Governing Law
Disclaimers and Limitations
Amendment Provisions
Transfer Rights
Reimbursement
Document Discrepancies
Notice Requirements
Bank Charges
Compliance with Regulations
Anti-Money Laundering
Sanctions Compliance
Currency Provisions
Communication Methods
Default Events
Assignment Restrictions
Jurisdiction and Disputes
Severability
Time Limits
Document Authentication
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Agriculture and Agribusiness
Mining and Resources
Retail and Consumer Goods
Energy and Utilities
Construction and Infrastructure
Technology and Electronics
Automotive
Textiles and Clothing
Chemical and Pharmaceuticals
Logistics and Transportation
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Risk Management
Compliance
Legal
Treasury
Operations
Supply Chain
Finance
International Business Development
Credit Administration
Relevant Roles
Trade Finance Manager
International Trade Specialist
Letter of Credit Officer
Documentary Credits Manager
Treasury Manager
Import Manager
Export Manager
Trade Operations Officer
Compliance Officer
Risk Manager
Banking Relationship Manager
Financial Controller
Supply Chain Manager
Chief Financial Officer
International Business Development Manager
Trade Finance Legal Counsel
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