The Cancellation Of Letter Of Credit document is essential in international trade and banking operations within the Australian jurisdiction. It is used when parties need to terminate a Letter of Credit before its expiry date, which may occur due to various circumstances such as completed transactions, changed trade terms, or mutual agreement between parties. The document must comply with the Banking Act 1959, Australian Securities and Investments Commission Act 2001, and international banking practices (UCP 600). It contains crucial information including LC details, party information, cancellation reasons, and necessary authorizations. This document is particularly important in protecting all parties' interests and ensuring proper documentation of the cancellation process in accordance with Australian banking regulations and international trade practices.
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1. Bank Details: Full name and address of the issuing bank
2. Letter of Credit Reference: LC number, date of issuance, and amount
3. Applicant Details: Full name and contact details of the party who originally requested the LC
4. Beneficiary Details: Full name and contact details of the beneficiary of the LC
5. Cancellation Request: Clear statement requesting cancellation of the LC
6. Reason for Cancellation: Brief explanation of why the LC is being cancelled
7. Original LC Return: Statement regarding the return of the original LC document (if applicable)
8. Authorization: Statement confirming authority to request cancellation
9. Signature Block: Space for authorized signature(s) and date
1. Beneficiary Consent: Section for beneficiary's acknowledgment and consent to cancellation - required when the LC terms require beneficiary consent
2. Outstanding Documents: Declaration regarding any outstanding documents in transit - needed when there's uncertainty about documents in the banking system
3. Partial Utilization Details: Information about any partial drawings made against the LC - required when the LC has been partially utilized
4. Indemnification: Indemnity clause protecting the bank - included when requested by the issuing bank
5. Related Amendments: Details of any amendments made to the original LC - needed when the LC has been modified since issuance
1. Copy of Original LC: Attached copy of the original Letter of Credit being cancelled
2. Authorization Evidence: Documentation proving the signatory's authority to cancel the LC
3. Beneficiary Consent Document: If required, formal written consent from the beneficiary
4. Transaction History: Summary of any utilizations or amendments made to the LC
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