A Release Letter of Credit is a crucial document in international trade finance, used when parties need to formally terminate or modify their obligations under an existing Letter of Credit. This document is particularly relevant in South Africa, where it must comply with the country's strict banking regulations and foreign exchange control requirements. The Release Letter of Credit typically includes detailed information about the original Letter of Credit, the parties involved, the specific obligations being released, and any conditions attached to the release. It's commonly used when trade conditions change, transactions are completed early, or when modifications to the original Letter of Credit are required. The document must adhere to South African banking laws while also considering international banking standards and practices. It serves as a formal communication between banks and parties involved in the trade transaction, providing legal certainty and clarity regarding the release of obligations.
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1. Bank Details and Reference Numbers: Full details of the issuing bank, beneficiary bank, and all relevant reference numbers including the original LC number
2. Addressee Information: Complete details of the beneficiary bank and/or beneficiary to whom the release letter is addressed
3. Letter of Credit Identification: Clear identification of the original Letter of Credit including issue date, amount, and parties involved
4. Release Declaration: Formal statement declaring the release of the Letter of Credit and the specific conditions being released
5. Release Amount: Specification of the exact amount being released, including currency denomination
6. Effective Date: Clear statement of when the release takes effect
7. Authorization: Details of the authorizing party and their capacity to authorize the release
8. Compliance Statement: Statement confirming compliance with relevant banking regulations and requirements
1. Partial Release Terms: Required when only a portion of the Letter of Credit is being released, specifying the remaining amount and conditions
2. Conditional Release Provisions: Used when the release is subject to specific conditions that must be met
3. Related Transaction References: Needed when the release is connected to specific underlying commercial transactions
4. Foreign Exchange Details: Required when the release involves cross-border transactions or multiple currencies
5. Beneficiary Instructions: Special instructions for the beneficiary regarding the release process
6. Dispute Resolution: Required when there are specific dispute resolution procedures to be followed
1. Original Letter of Credit: Copy or details of the original Letter of Credit being released
2. Authentication Documents: Any required documentation proving the authority of the releasing party
3. Transaction Records: Relevant transaction records or statements related to the Letter of Credit
4. Regulatory Compliance Certificates: Any required certificates or documents showing compliance with banking regulations
5. Release Authorization Forms: Standard banking forms required for the release process
6. Supporting Documents: Any additional documents supporting the release request such as bills of lading or invoices
Relevant legal definitions
Letter of Credit
Original Letter of Credit
Release Date
Effective Date
Issuing Bank
Beneficiary Bank
Beneficiary
Applicant
Release Amount
Outstanding Amount
Banking Day
Business Day
Release Conditions
UCP 600
Advising Bank
Confirming Bank
Documentary Credit
Exchange Control Regulations
Release Instructions
Authorization
Governing Law
Notice
Original LC Number
Release Reference Number
Authorized Signatories
Banking Hours
Partial Release
Full Release
Original Letter of Credit
Release Date
Effective Date
Issuing Bank
Beneficiary Bank
Beneficiary
Applicant
Release Amount
Outstanding Amount
Banking Day
Business Day
Release Conditions
UCP 600
Advising Bank
Confirming Bank
Documentary Credit
Exchange Control Regulations
Release Instructions
Authorization
Governing Law
Notice
Original LC Number
Release Reference Number
Authorized Signatories
Banking Hours
Partial Release
Full Release
Clauses
Release Declaration
Authorization
Payment Terms
Bank Instructions
Compliance
Representations and Warranties
Governing Law
Notices
Foreign Exchange
Release Conditions
Amendment
Execution
Bank Details
Documentary Requirements
Regulatory Compliance
Partial Release Terms
Dispute Resolution
Force Majeure
Communication Methods
Severability
Authorization
Payment Terms
Bank Instructions
Compliance
Representations and Warranties
Governing Law
Notices
Foreign Exchange
Release Conditions
Amendment
Execution
Bank Details
Documentary Requirements
Regulatory Compliance
Partial Release Terms
Dispute Resolution
Force Majeure
Communication Methods
Severability
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Commodities Trading
Retail
Wholesale
Shipping and Logistics
Agriculture
Mining
Energy
Relevant Teams
Trade Finance
International Banking
Treasury
Legal
Compliance
Risk Management
Documentary Credits
Banking Operations
Financial Control
Corporate Banking
International Trade Operations
Relevant Roles
Trade Finance Manager
International Banking Officer
Letter of Credit Specialist
Treasury Manager
Finance Director
Chief Financial Officer
Banking Operations Manager
Trade Operations Officer
Compliance Officer
Legal Counsel
Import/Export Manager
Financial Controller
Documentary Credits Manager
Banking Relationship Manager
Risk Management Officer
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