An Import Letter of Credit is a fundamental trade finance instrument used when UAE-based companies import goods from international suppliers. This document type is particularly relevant in the UAE's trade-intensive economy, where it facilitates secure international transactions while complying with both UAE federal laws and international banking standards. The Import Letter of Credit provides payment security to the exporter while giving the importer control through document verification. It includes detailed specifications about the transaction, required documents, payment terms, and shipment conditions. The document must comply with UAE Central Bank regulations, Sharia principles (where applicable), and the globally recognized UCP 600 rules. It's especially important in the UAE's major trading hubs like Dubai and Abu Dhabi, where it supports the emirates' significant import activities across various sectors.
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1. Letter of Credit Number and Date: Unique reference number and issuance date of the L/C
2. Form of Credit: Specification that this is an irrevocable import letter of credit
3. Applicant Details: Full name and address of the importer/buyer requesting the L/C
4. Beneficiary Details: Full name and address of the exporter/seller in whose favor the L/C is issued
5. Issuing Bank Details: Name and address of the bank issuing the L/C
6. Advising Bank Details: Name and address of the bank advising the credit to the beneficiary
7. Amount and Currency: Credit amount and currency, including tolerance if any
8. Expiry Date and Place: Final date and location for presentation of documents
9. Shipment Terms: Latest shipment date, partial shipments, transhipment conditions
10. Required Documents: Detailed list of documents required for presentation
11. Goods Description: Precise description of goods being traded
12. Payment Terms: When and how payment will be made (at sight, deferred, etc.)
13. Incoterms: Specified delivery terms (FOB, CIF, etc.)
1. Confirming Bank Details: Include when confirmation of the L/C is requested by the beneficiary
2. Transfer Conditions: Include when the L/C is transferable
3. Special Conditions: Include when there are additional requirements or conditions specific to the transaction
4. Back-to-Back Provisions: Include when the L/C is part of a back-to-back arrangement
5. Green Clause: Include when advance payment is permitted against warehouse receipts
6. Red Clause: Include when advance payment is permitted without initial documentation
1. Schedule A - Document Requirements: Detailed checklist of required documents and their specifications
2. Schedule B - Goods Specifications: Detailed technical specifications of the goods being traded
3. Schedule C - Banking Instructions: Specific instructions for document handling and payment processing
4. Appendix 1 - UCP 600 Disclaimer: Standard disclaimers and applicable UCP 600 articles
5. Appendix 2 - Fee Schedule: Breakdown of all applicable banking charges and fees
6. Appendix 3 - Amendment Format: Standard format for future amendments to the L/C if needed
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
International Trade
Manufacturing
Retail
Commodities Trading
Oil & Gas
Construction Materials
Automotive
Electronics
Textiles
Food & Beverage
Pharmaceuticals
Chemical Industry
Agricultural Products
Heavy Equipment
Relevant Teams
Finance
International Trade
Treasury
Procurement
Supply Chain
Legal
Compliance
Risk Management
Operations
Commercial
Trade Documentation
Banking Relations
Relevant Roles
Trade Finance Manager
Import Manager
Chief Financial Officer
Treasury Manager
Finance Director
Procurement Manager
Supply Chain Manager
Documentary Credit Specialist
International Trade Specialist
Banking Relations Manager
Compliance Officer
Risk Manager
Financial Controller
Commercial Director
Operations Manager
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