The Unconditional Letter of Credit is a fundamental instrument in international trade finance, particularly vital when parties seek secure payment methods in cross-border transactions. This document, when governed by Swiss law, combines the reliability of Switzerland's sophisticated banking system with internationally recognized trade finance practices. It's typically used when a seller requires absolute payment security from a buyer, especially in international transactions where parties may not have established business relationships. The unconditional nature means the issuing bank must pay upon presentation of compliant documents, regardless of any disputes in the underlying transaction. The document incorporates specific requirements under Swiss banking regulations while typically following UCP 600 guidelines, making it a robust instrument for international trade finance. It's particularly valuable in high-value transactions or when dealing with new trading partners, emerging markets, or complex international supply chains.
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1. Issuing Bank Details: Full name, address, and reference number of the issuing bank
2. Date and Place of Issue: The date and location where the Letter of Credit is issued
3. Letter of Credit Number: Unique reference number for the Letter of Credit
4. Beneficiary Information: Complete details of the beneficiary including full name, address and banking details
5. Applicant Information: Complete details of the applicant (buyer) including full name and address
6. Amount and Currency: The credit amount and currency, stated in both figures and words
7. Type and Nature of Credit: Specification that this is an irrevocable, unconditional Letter of Credit
8. Expiry Date and Place: Clear statement of when and where the Letter of Credit expires
9. Payment Terms: Specific conditions and timing of payment, including statement of unconditional nature
10. Document Presentation: Where and how documents should be presented
11. Governing Law and Jurisdiction: Statement that Swiss law governs and reference to UCP 600
1. Confirmation Instructions: Used when a confirming bank is requested to add its confirmation to the credit
2. Transferability Clause: Include when the Letter of Credit needs to be transferable to another beneficiary
3. Partial Shipments/Drawings: Include when specifying whether partial shipments or drawings are allowed
4. Multiple Drawing Provisions: Used when multiple drawings under the Letter of Credit are permitted
5. Special Conditions: Any additional terms or conditions specific to the transaction
6. Assignment of Proceeds: Include when the proceeds can be assigned to another party
7. Revolving Credit Terms: Used when the Letter of Credit is revolving
8. Red Clause Provisions: Include when advance payment facilities are to be provided
1. Schedule A - Document Requirements: Detailed list of required documents for drawing under the credit
2. Schedule B - Drawing Certificate Form: Standard form for making drawings under the Letter of Credit
3. Schedule C - Bank Instructions: Specific instructions for banking operations and SWIFT details
4. Appendix 1 - Presentation Schedule: Timeline and process for document presentation
5. Appendix 2 - Fee Schedule: Details of all applicable banking fees and charges
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Commodities Trading
Shipping and Logistics
Retail
Wholesale
Energy
Agriculture
Mining
Construction
Relevant Teams
Legal
Finance
Treasury
International Trade
Trade Finance
Banking Operations
Compliance
Risk Management
Corporate Banking
Documentary Credits
Commercial Banking
Relevant Roles
Trade Finance Manager
International Banking Officer
Chief Financial Officer
Treasury Manager
Finance Director
Import/Export Manager
Credit Manager
Documentary Credits Specialist
Banking Operations Manager
Relationship Manager
Compliance Officer
Risk Manager
Trade Operations Officer
Financial Controller
Corporate Banking Manager
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