The Import and Export Letter of Credit is a crucial document in international trade transactions under Austrian jurisdiction. It provides a secure payment mechanism where a bank guarantees payment to a seller upon presentation of specified documents proving that a shipment has been made as agreed. This document type is particularly relevant when parties seek to minimize trading risks in cross-border transactions, especially when dealing with new business partners or in countries with different legal systems. The document must comply with Austrian banking regulations, particularly the Bankwesengesetz (Banking Act), while also adhering to EU regulations and international banking practices such as UCP 600. It specifies all conditions for payment, required documents, timelines, and responsibilities of all parties involved, providing a legally binding framework that protects both importers and exporters.
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1. Letter Reference and Date: Unique reference number and date of the Letter of Credit
2. Issuing Bank Details: Complete name, address, and SWIFT code of the issuing bank
3. Beneficiary Details: Full name and address of the exporter/seller
4. Applicant Details: Full name and address of the importer/buyer
5. Amount and Currency: Credit amount and currency, including any tolerance levels
6. Type of Credit: Specification of whether the credit is irrevocable, confirmed, transferable, etc.
7. Expiry Date and Place: Validity period and location where documents must be presented
8. Available With: Bank with which the credit is available and method of availability
9. Partial Shipments/Transhipment: Whether partial shipments or transhipment are allowed or prohibited
10. Loading/Dispatch From: Port of loading or place of dispatch
11. Port of Discharge: Final destination port or place
12. Latest Date of Shipment: Final date by which shipment must be made
13. Description of Goods: Detailed description of the merchandise, including quantity and unit price
14. Required Documents: List of documents required for presentation
15. Additional Conditions: Any special conditions or requirements
16. Charges: Distribution of banking charges between parties
1. Advising Bank: Details of the advising bank, included when a specific bank is designated to advise the credit to the beneficiary
2. Confirmation Instructions: Used when confirmation is requested from another bank
3. Transferability Clause: Included when the credit is transferable to other beneficiaries
4. Back-to-Back Provisions: Added when the credit can be used as collateral for issuing another credit
5. Red Clause Provisions: Included when advance payment facilities are provided to the beneficiary
6. Green Clause Provisions: Used when storage facilities are required before shipment
7. Insurance Instructions: Detailed when specific insurance requirements need to be met
8. Special Payment Terms: Added for specific payment arrangements like deferred payment or acceptance
9. Revolving Credit Terms: Included for credits that restore to original value after use
1. Commercial Invoice Template: Standard format for the commercial invoice required under the credit
2. Packing List Requirements: Detailed specifications for the packing list
3. Transport Document Requirements: Specific requirements for bills of lading or other transport documents
4. Insurance Document Requirements: Format and coverage requirements for insurance documents
5. Certificate of Origin Requirements: Specifications for origin certification
6. Inspection Certificate Requirements: Standards for pre-shipment inspection documentation
7. Bank Draft/Bill of Exchange Format: Template for any required drafts or bills of exchange
8. Documentary Requirements Checklist: Comprehensive list of all required documents with specific details
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