The Clean Letter of Credit serves as a fundamental instrument in international trade finance, providing security and payment assurance to parties involved in cross-border transactions. This document type is particularly relevant when parties seek a straightforward, document-based payment mechanism without additional conditions or complexities. Under Austrian jurisdiction, Clean Letters of Credit are governed by the Austrian Banking Act (Bankwesengesetz), while also adhering to international standards set by UCP 600. The document is typically used in situations where the seller requires payment security from a reliable banking institution, and the buyer wants to ensure delivery of goods before payment is released. The Clean Letter of Credit includes specific terms regarding payment conditions, document requirements, and timing, all structured within the framework of Austrian commercial law and international banking practices. This instrument is especially valuable in new trading relationships or when dealing with unfamiliar markets, as it provides a balanced risk allocation between trading partners.
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1. Letter Reference and Date: Unique reference number and date of issuance of the Letter of Credit
2. Issuing Bank Details: Complete name and address of the issuing bank
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: Specific amount and currency of the Letter of Credit
6. Expiry Date and Place: Clear statement of expiry date and location where documents must be presented
7. Available With/By: Specification of how the credit is available (payment, acceptance, negotiation) and with which bank
8. Required Documents: Detailed list of documents required for presentation
9. Shipment Terms: Latest shipment date and any partial shipment or transhipment conditions
10. Description of Goods/Services: Brief description of the goods or services covered by the Letter of Credit
11. Governing Law and Rules: Statement that the credit is subject to UCP 600 and Austrian law
1. Transfer Conditions: Include when the Letter of Credit needs to be transferable to a second beneficiary
2. Confirmation Instructions: Include when confirmation from another bank is requested
3. Special Payment Conditions: Include when there are specific requirements for deferred payment or acceptance
4. Red Clause Provisions: Include when advance payment facilities are to be provided to the beneficiary
5. Back-to-Back Provisions: Include when the Letter of Credit will be used as collateral for another Letter of Credit
6. Revolving Credit Terms: Include when the Letter of Credit is meant to revolve in value or time
1. Schedule A - Document Requirements: Detailed specifications for each required document, including format and content requirements
2. Schedule B - Commercial Invoice Requirements: Specific requirements for the commercial invoice, including required contents and statements
3. Schedule C - Transport Document Requirements: Detailed requirements for bills of lading or other transport documents
4. Appendix 1 - Standard Banking Forms: Forms required by the issuing bank for document presentation
5. Appendix 2 - Fee Schedule: Detailed breakdown of all applicable banking charges and fees
6. Appendix 3 - Amendment Procedures: Standard procedures for requesting and processing amendments to the Letter of Credit
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