Letter of Credit and Standby Letter of Credit documents are essential banking instruments used in the UAE for securing international trade and financial transactions. These documents are particularly relevant when parties seek a secure payment method or financial guarantee in cross-border dealings. Operating under UAE Federal Law No. 18 of 1993 (Commercial Code) and UAE Central Bank regulations, while also incorporating international practices (UCP 600 and ISP98), these instruments provide a framework for banks to issue payment commitments subject to document presentation. The UAE's position as a global trade hub makes these documents particularly significant, with specific considerations for Sharia compliance when required. The documents typically detail payment terms, conditions, document requirements, and obligations of all parties involved, providing security and risk mitigation in international business transactions.
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1. Document Reference Number: Unique identifier for the LC/SBLC
2. Date of Issuance: The official date when the LC/SBLC is issued
3. Type of Credit: Specification of whether it's an LC or SBLC and whether it's irrevocable
4. Issuing Bank Details: Complete name and address of the issuing bank
5. Applicant Details: Full name, address, and contact information of the party requesting the LC/SBLC
6. Beneficiary Details: Full name, address, and contact information of the party in whose favor the LC/SBLC is issued
7. Currency and Amount: The currency and amount of the LC/SBLC in both figures and words
8. Expiry Date: The date and place of expiry of the LC/SBLC
9. Payment Terms: Specific conditions and timing of payment
10. Required Documents: List of documents that must be presented for payment
11. Presentation Period: Time frame within which documents must be presented
12. Governing Law and Jurisdiction: Specification of UAE law and jurisdiction
13. UCP/ISP Incorporation: Statement incorporating UCP 600 or ISP98 rules
1. Advising Bank Details: Details of the advising bank when LC/SBLC is advised through another bank
2. Confirmation Instructions: Instructions regarding confirmation when a confirmed LC/SBLC is required
3. Transferability Clause: Terms for transfer when the LC/SBLC is transferable
4. Partial Shipments/Drawings: Whether partial shipments or drawings are allowed
5. Transhipment Clause: Terms regarding transhipment when applicable for commercial LCs
6. Insurance Requirements: Specific insurance requirements for commercial LCs involving goods
7. Special Conditions: Any additional terms or conditions specific to the transaction
8. Assignment of Proceeds: Terms for assignment of proceeds if applicable
9. Back-to-Back Provisions: Terms for back-to-back LC arrangements if applicable
10. Islamic Banking Compliance: Additional terms ensuring Sharia compliance when required
1. Schedule A - Document Requirements: Detailed list and specifications of required documents
2. Schedule B - Payment Schedule: Detailed payment terms and conditions, including any installment arrangements
3. Schedule C - Goods/Services Description: Detailed description of goods or services covered (for commercial LCs)
4. Schedule D - Bank Details: Complete banking information for all parties involved
5. Appendix 1 - Form of Demand: Standard format for making a demand under the LC/SBLC
6. Appendix 2 - Form of Transfer: Standard format for transfer request (for transferable LCs)
7. Appendix 3 - Communication Procedures: Procedures for communications between parties
8. Appendix 4 - Fee Schedule: Details of all applicable banking fees and charges
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Retail
Construction
Energy
Commodities Trading
Shipping and Logistics
Real Estate
Infrastructure Development
Oil and Gas
Relevant Teams
Trade Finance
International Banking
Legal
Compliance
Risk Management
Treasury
Operations
Documentary Credits
Client Relations
Credit Administration
Relevant Roles
Trade Finance Manager
International Banking Officer
Credit Manager
Treasury Manager
Financial Controller
Chief Financial Officer
Import/Export Manager
Trade Operations Manager
Documentary Credits Specialist
Compliance Officer
Legal Counsel
Risk Manager
Business Development Manager
Account Relationship Manager
Banking Operations Manager
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