Document background
An Irrevocable LC At Sight is a fundamental instrument in international trade finance, providing payment security to sellers while offering buyers documentary control over the transaction. This document is typically used when parties require a secure payment method in cross-border transactions, especially when dealing with new trading partners or in countries with different legal systems. Under Belgian jurisdiction, the document combines international banking practices (UCP 600) with Belgian and EU regulatory requirements, making it particularly suitable for transactions involving Belgian entities or European trade partners. The document includes detailed specifications about payment terms, document requirements, and conditions that must be met for payment release, with the issuing bank making an irrevocable commitment to pay upon presentation of compliant documents.
