The Contour Letter of Credit serves as a crucial trade finance instrument in the UAE's international commerce landscape. This document type is specifically designed for transactions conducted through the Contour blockchain platform, combining traditional Letter of Credit security with digital efficiency. It's typically used when UAE-based companies engage in international trade requiring secure payment mechanisms, especially in high-value transactions or when trading with new partners. The document incorporates provisions from UAE Federal Law No. 18 of 1993 (Commercial Transactions Law), UAE Federal Law No. 14 of 2018 (UAE Central Bank Law), and international banking practices (UCP 600), while leveraging blockchain technology for enhanced security and efficiency. The Contour Letter of Credit is particularly relevant in the UAE's position as a global trade hub, facilitating secure international transactions while ensuring compliance with both local regulations and international standards.
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1. Letter Reference and Date: Unique LC reference number, date of issuance, and Contour platform reference
2. Issuing Bank Details: Complete details of the issuing bank including name, address, SWIFT code, and authorized signatories
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: Specified amount and currency of the Letter of Credit
6. Credit Type and Availability: Whether sight, deferred payment, acceptance, or negotiation; where and how the credit is available
7. Expiry Details: Expiry date and place of the Letter of Credit
8. Shipment Terms: Latest shipment date, partial shipments, transhipment provisions
9. Document Requirements: Detailed list of required documents for presentation
10. Goods Description: Precise description of the goods, quantity, unit price
11. Payment Terms: Specific conditions and timing of payment
12. Governing Law Statement: Confirmation of UAE law governance and UCP 600 applicability
1. Advising Bank Details: Include when an advising bank is involved in the transaction
2. Confirmation Instructions: Include when confirmation is requested from another bank
3. Transfer Conditions: Include when the credit is transferable
4. Back-to-Back Provisions: Include for back-to-back LC arrangements
5. Islamic Banking Compliance: Include when the LC needs to comply with Shariah principles
6. Digital Presentation Terms: Include specific terms for digital document presentation via Contour
7. Revolving Credit Terms: Include when the LC is revolving rather than single-use
1. Schedule A - Document Checklist: Detailed checklist of required documents and their specifications
2. Schedule B - Fee Schedule: Breakdown of all applicable fees, charges, and commission
3. Schedule C - Special Conditions: Any special terms or conditions specific to the transaction
4. Appendix 1 - Trade Terms Definition: Definition of trade terms (e.g., Incoterms) used in the LC
5. Appendix 2 - Digital Platform Guidelines: Specific guidelines for using the Contour platform for this LC
6. Appendix 3 - Specimen Signatures: Authorized signatures for relevant parties
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
International Trade
Manufacturing
Retail
Commodities Trading
Oil & Gas
Agriculture
Textiles
Electronics
Automotive
Construction Materials
Pharmaceuticals
Food & Beverage
Logistics & Supply Chain
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Global Transaction Banking
Treasury
Trade Operations
Compliance
Risk Management
Import Operations
Export Operations
Supply Chain
Finance
Legal
Digital Banking
Relevant Roles
Trade Finance Manager
International Trade Specialist
Documentary Credits Officer
Global Transaction Banking Officer
Treasury Manager
Trade Operations Manager
Compliance Officer
Credit Risk Manager
Import Manager
Export Manager
Supply Chain Manager
Chief Financial Officer
Banking Relationship Manager
Trade Finance Product Manager
Digital Banking Officer
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