The LC in Purchase Order document is a crucial instrument in UAE international trade transactions, combining the payment security of a Letter of Credit with detailed purchase specifications. This document type is particularly relevant when businesses need to ensure both payment guarantee and precise delivery terms in international trade. It must comply with UAE Federal Law No. 18 of 1993 (Commercial Code) and UAE Federal Law No. 14 of 2018 (Central Bank Law), while also following international UCP 600 guidelines. The LC in Purchase Order structure includes essential elements such as party details, payment terms, shipping requirements, and specific goods descriptions, making it a comprehensive document for complex international trade transactions. It's commonly used in UAE's major trading sectors and provides protection for both buyers and sellers in cross-border transactions.
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1. LC Number and Date: Unique identification number of the LC and date of issuance
2. Parties: Details of all involved parties: Applicant (Buyer), Beneficiary (Seller), Issuing Bank, and Advising/Confirming Bank if applicable
3. Amount and Currency: The credit amount and currency of the LC
4. Expiry Date and Place: The validity period of the LC and location where documents must be presented
5. Purchase Order Reference: Reference to the underlying purchase order number and date
6. Goods Description: Detailed description of goods as per purchase order
7. Required Documents: List of documents required for LC presentation (commercial invoice, transport documents, etc.)
8. Shipment Terms: Details of shipment including latest shipment date, partial shipment, and transhipment conditions
9. Payment Terms: Specification of payment conditions, sight/usance, and negotiation terms
10. Bank Charges: Distribution of banking charges between parties
1. Insurance Requirements: Used when specific insurance coverage is required for the shipment
2. Additional Conditions: Used when special conditions or requirements need to be specified
3. Transfer Rights: Include when the LC needs to be transferable
4. Back-to-Back LC Provisions: Used in cases where back-to-back LC arrangement is required
5. Red Clause Provisions: Include when advance payment facilities are required
6. Inspection Requirements: Used when pre-shipment inspection is required
1. Purchase Order Details: Complete copy of the underlying purchase order
2. Product Specifications: Detailed technical specifications of goods
3. Document Requirements Checklist: Detailed checklist of all required documents and their format
4. Banking Instructions: Specific instructions for banking operations and document handling
5. Shipping Schedule: Detailed timeline for shipment and delivery
6. Price Schedule: Breakdown of prices if multiple items or shipments are involved
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
International Trade
Manufacturing
Retail
Import/Export
Logistics & Supply Chain
Oil & Gas
Construction
General Trading
Commodities Trading
Relevant Teams
Trade Finance
Procurement
Legal
International Trade
Treasury
Supply Chain
Banking Operations
Compliance
Documentation
Finance
Relevant Roles
Trade Finance Manager
Procurement Manager
Import/Export Manager
Treasury Manager
Finance Director
Commercial Director
Supply Chain Manager
Banking Operations Manager
Letter of Credit Specialist
Trade Operations Officer
Compliance Officer
International Business Manager
Chief Financial Officer
Documentation Manager
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