The Irrevocable Letter of Credit serves as a fundamental trade finance instrument in international commerce, providing payment security to sellers while offering buyers documentary control over the transaction. This document becomes particularly crucial when parties seek a secure payment method in cross-border transactions, especially when dealing with new trading partners or in countries with different legal systems. Under Austrian jurisdiction, the document combines international banking practices (UCP 600) with local legal requirements, including compliance with the Austrian Banking Act (BWG) and relevant EU regulations. The irrevocable nature means that once issued, the letter of credit cannot be amended or cancelled without the agreement of all parties involved, providing enhanced security for international trade transactions.
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1. Issuing Bank Details: Full name, address, and contact information of the issuing bank
2. LC Number and Date: Unique letter of credit reference number and issuance date
3. Beneficiary Details: Complete name and address of the beneficiary (seller/exporter)
4. Applicant Details: Complete name and address of the applicant (buyer/importer)
5. Amount and Currency: LC value and currency, including whether any tolerance is permitted
6. Expiry Date and Place: Validity period of the LC and location where documents must be presented
7. Available With/By: Specification of where and how the credit is available (payment, acceptance, negotiation)
8. Partial Shipments/Transhipment: Whether partial shipments or transhipment is allowed or prohibited
9. Required Documents: Detailed list of documents required for presentation
10. Shipment Terms: Latest shipment date, shipment from/to locations, and delivery terms
11. Description of Goods/Services: Precise description of the goods or services covered by the LC
12. Presentation Period: Time period within which documents must be presented after shipment
13. Governing Law Statement: Confirmation that the LC is subject to UCP 600 and Austrian law
1. Revolving Terms: Include when the LC is revolving, specifying the revolving conditions and reinstatement terms
2. Red Clause Provisions: Include when advance payment is permitted, specifying conditions for advance payment
3. Transfer Conditions: Include when the LC is transferable, detailing transfer terms and conditions
4. Back-to-Back Provisions: Include for back-to-back LC arrangements, specifying related conditions
5. Deferred Payment Terms: Include when payment is deferred, specifying payment schedule and conditions
6. Confirmation Instructions: Include when confirmation is requested, with details for the confirming bank
7. Green Clause Provisions: Include when warehouse storage is involved, specifying storage and release conditions
1. Document Requirements Schedule: Detailed specifications for each required document, including format and content requirements
2. Goods Specification: Detailed technical specifications of goods, including quality standards and requirements
3. Price Schedule: Breakdown of prices, units, and any price adjustment mechanisms
4. Banking Instructions: Specific instructions for document handling, SWIFT details, and banking procedures
5. Implementation Schedule: Timeline for shipment, document presentation, and payment milestones
6. Forms and Formats: Standard forms for document presentation, including draft formats if required
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