The Letter of Credit 30 Days is a fundamental financial instrument used in international trade transactions under Australian jurisdiction. It serves as a bank-issued guarantee of payment, providing security to sellers while offering buyers a 30-day payment term. This document is particularly relevant when parties seek a balanced approach between immediate payment and open account trading, typically used in cross-border transactions where trust needs to be established or maintained. The LC incorporates Australian banking regulations, international UCP 600 rules, and includes specific terms regarding document presentation, payment conditions, and compliance requirements. It's especially useful in new trading relationships, high-value transactions, or when dealing with certain countries where trade risks need to be mitigated.
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1. Issuing Bank Details: Complete details of the bank issuing the LC, including name, address, SWIFT code, and reference numbers
2. Beneficiary Information: Full details of the party receiving payment under the LC
3. Applicant Information: Complete details of the party requesting the LC
4. LC Amount and Currency: Specific amount and currency of the credit
5. Expiry Date: Clear statement of the 30-day term and expiry date of the LC
6. Payment Terms: Specific conditions and timing of payment (30 days)
7. Required Documents: List of documents required for payment activation
8. Shipment Terms: Details of shipment including latest shipment date and destination
9. Presentation Period: Timeframe for document presentation after shipment
10. Governing Law: Statement that Australian law governs the LC
1. Transferability Clause: Include when the LC needs to be transferable to another beneficiary
2. Partial Shipments: Include when partial shipments are allowed or prohibited
3. Transhipment Terms: Include when specific transhipment requirements exist
4. Special Conditions: Include when there are additional requirements or conditions specific to the transaction
5. Red Clause: Include when advance payment provisions are required
6. Green Clause: Include when warehouse storage provisions are needed
1. Commercial Invoice Requirements: Detailed specifications for acceptable commercial invoice format and content
2. Transport Document Requirements: Specifications for required transport documents (bills of lading, airway bills, etc.)
3. Insurance Document Requirements: Details of required insurance documentation and coverage
4. Product Specifications: Detailed description of goods or services covered by the LC
5. Document Checklist: Comprehensive list of all required documents with specific requirements for each
6. Bank Authorization Forms: Standard forms required by the issuing bank
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Retail
Wholesale
Agriculture
Mining
Energy
Telecommunications
Construction
Pharmaceuticals
Automotive
Textiles
Technology
Relevant Teams
Legal
Finance
Treasury
International Trade
Risk Management
Procurement
Supply Chain
Credit Control
Trade Operations
Documentary Credits
Commercial Banking
Relevant Roles
Trade Finance Manager
International Business Development Manager
Chief Financial Officer
Treasury Manager
Import/Export Manager
Trade Operations Manager
Financial Controller
Banking Relationship Manager
Credit Manager
Supply Chain Manager
Procurement Manager
Legal Counsel
Risk Manager
Documentary Credits Specialist
Commercial Banking Officer
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