The Small Business Letter of Credit is a crucial financial instrument in the UAE's commercial landscape, designed to facilitate international trade for smaller enterprises while minimizing risks for all parties involved. It serves as a bank-issued guarantee of payment, subject to the presentation of specified documents that evidence the completion of a trade transaction. This document type is governed by UAE Federal Law No. 18 of 1993 (Commercial Code) and UAE Central Bank regulations, while also adhering to international UCP 600 standards. It's particularly valuable for UAE-based small businesses seeking to establish credibility in international markets or secure better trading terms with overseas suppliers. The document includes comprehensive details about payment conditions, documentation requirements, and compliance standards, providing a secure framework for international trade transactions.
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1. Bank Details and Reference Number: Issuing bank's details, LC reference number, and date of issuance
2. Beneficiary Information: Complete details of the beneficiary including name, address, and banking information
3. Applicant Information: Complete details of the applicant (small business) including name, address, and contact information
4. Credit Amount and Currency: Specification of the LC amount and currency of payment
5. Type and Form of Credit: Whether irrevocable, transferable, revolving, etc., and form of presentation (physical/electronic)
6. Expiry Details: Expiry date and place of the Letter of Credit
7. Payment Terms: Specification of payment terms (at sight, deferred payment, acceptance, negotiation)
8. Documents Required: List of required documents for LC presentation
9. Shipment Terms: Details of shipment including latest shipment date, partial shipments, transhipment
10. Description of Goods/Services: Detailed description of the goods or services covered by the LC
1. Special Conditions: Any additional conditions or requirements specific to the transaction
2. Transfer Conditions: Include when the LC is transferable, specifying transfer terms and conditions
3. Islamic Banking Compliance: Required for Shariah-compliant LCs in UAE, including relevant Islamic banking principles
4. Back-to-Back LC Terms: Include when the LC is part of a back-to-back arrangement
5. Revolving Terms: Include when the LC is revolving, specifying reinstatement conditions
6. Red Clause Provisions: Include for advanced payment provisions under the LC
1. Schedule A - Documents Checklist: Detailed checklist of all required documents with specific requirements for each
2. Schedule B - Goods Specification: Detailed technical specifications of goods or services when complex description is needed
3. Schedule C - Payment Schedule: For deferred payment LCs, detailed schedule of payment installments
4. Appendix 1 - UCP 600 Disclaimer: Standard disclaimers and relevant UCP 600 provisions applicable to the LC
5. Appendix 2 - Bank's Standard Terms: Issuing bank's standard terms and conditions for LCs
6. Appendix 3 - Authentication Details: SWIFT/authentication details and verification procedures
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Small and Medium Enterprises
Retail
Manufacturing
Import/Export
Logistics and Transportation
Professional Services
Technology and Software
Construction and Real Estate
Relevant Teams
Trade Finance
Credit Operations
International Banking
Small Business Banking
Commercial Banking
Risk Management
Compliance
Legal
Treasury
Documentary Credits
Relevant Roles
Trade Finance Manager
Small Business Owner
Import/Export Coordinator
Financial Controller
Treasury Manager
Credit Manager
Trade Operations Officer
Documentary Credits Specialist
Compliance Officer
Risk Manager
Commercial Banking Officer
International Business Development Manager
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