The Confirmed Irrevocable Letter of Credit is essential in international trade transactions where heightened payment security is required, particularly in dealings with certain countries or in high-value transactions. This document type is commonly used when the beneficiary (seller) seeks additional security beyond the issuing bank's undertaking, or when required by the seller's jurisdiction or company policy. The confirmation by a second bank (typically in the beneficiary's country) adds an extra layer of payment security and reduces country risk. Under Belgian law, these instruments are governed by both domestic regulations and the internationally recognized UCP 600 rules, providing a robust legal framework for international trade finance. The document details the conditions for payment, required documentation, timeframes, and obligations of all parties involved, while the irrevocable nature ensures that terms cannot be modified or cancelled without agreement from all parties.
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1. Issuing Bank Details: Complete name, address, and reference numbers of the issuing bank
2. Beneficiary Details: Full name and address of the beneficiary of the letter of credit
3. Applicant Details: Full name and address of the party requesting the letter of credit
4. Confirming Bank Details: Complete name and address of the confirming bank
5. Credit Number: Unique identification number of the letter of credit
6. Amount and Currency: Specification of the credit amount and currency, including any tolerance levels
7. Type and Form: Specification that this is an irrevocable confirmed letter of credit and its form (e.g., transferable or non-transferable)
8. Expiry Details: Expiry date and place for presentation of documents
9. Required Documents: Detailed list of all required documents for presentation
10. Shipment Terms: Details of shipment including latest shipment date, partial shipments, and transhipment conditions
11. Payment Terms: Specification of when and how payment will be made (at sight, deferred payment, etc.)
12. Banking Charges: Allocation of banking charges between parties
13. Governing Law and UCP: Reference to Belgian law and UCP 600 governance
1. Revolving Terms: Include when the credit is revolving, specifying the revolving conditions and reinstatement terms
2. Red Clause: Include when advance payment provisions are permitted under the letter of credit
3. Green Clause: Include when warehouse storage provisions are relevant
4. Transferability Conditions: Include when the letter of credit is transferable, detailing the transfer conditions
5. Back-to-Back Provisions: Include when the letter of credit is part of a back-to-back arrangement
6. Confirmation Instructions: Include specific confirmation requirements or restrictions when relevant
7. Special Conditions: Include any additional terms or conditions specific to the transaction
1. Document Presentation Schedule: Detailed checklist of required documents and presentation requirements
2. Fee Schedule: Detailed breakdown of all applicable fees and charges
3. Amendment Form: Standard form for requesting amendments to the letter of credit
4. Specimen Signatures: Authorized signatures for the issuing bank and confirming bank
5. Commercial Invoice Template: Required format for commercial invoices if specific format is mandated
6. Underlying Commercial Contract Reference: Key details from the underlying commercial contract relevant to the letter of credit
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