The Commercial Letter of Credit is a fundamental instrument in international trade finance, particularly crucial under German law where it combines domestic banking regulations with international practices. This document is typically used when parties seek a secure payment method in cross-border transactions, especially when dealing with new business relationships or in countries with different legal systems. It provides security to both the seller (who is assured of payment upon presenting compliant documents) and the buyer (who knows payment will only be made when specified conditions are met). The document incorporates elements of German banking law, the German Commercial Code (HGB), and international banking practices (UCP 600), making it a robust tool for international trade while maintaining compliance with German regulatory requirements. It's particularly relevant in situations requiring structured finance solutions and where parties seek to mitigate commercial and payment risks.
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1. Letter of Credit Number and Date: Unique reference number and issuance date of the Letter of Credit
2. Issuing Bank Details: Complete name, address, and contact information of the issuing bank
3. Applicant Details: Full name, address, and contact information of the buyer/importer requesting the Letter of Credit
4. Beneficiary Details: Complete name, address, and contact information of the seller/exporter
5. Currency and Amount: Specified currency and maximum amount of the Letter of Credit
6. Expiry Date and Place: Final date and location where documents must be presented
7. Available With/By: Specifies whether the credit is available by sight payment, deferred payment, acceptance, or negotiation
8. Shipment Terms: Latest shipment date, partial shipments, transhipment permissions
9. Required Documents: Detailed list of all documents required for presentation
10. Goods Description: Clear description of the goods, quantity, unit price, and trade terms
11. Payment Terms: Specific conditions and timing of payment
12. Bank Charges: Allocation of banking charges between parties
1. Advising Bank Details: Include when a specific bank is designated to advise the credit to the beneficiary
2. Confirmation Instructions: Include when the credit requires confirmation by another bank
3. Transfer Conditions: Include when the credit is transferable to other beneficiaries
4. Special Conditions: Include when there are additional requirements or conditions specific to the transaction
5. Insurance Instructions: Include when specific insurance requirements need to be detailed
6. Reimbursement Instructions: Include when specific reimbursement arrangements between banks need to be detailed
1. Document Presentation Schedule: Template showing the timeline and process for document presentation
2. Required Document Formats: Standard formats for commercial invoice, transport documents, and other required documents
3. Bank Contact Details: Complete contact information for all banks involved in the transaction
4. SWIFT Message Format: Standard format for SWIFT MT 700 series messages related to the Letter of Credit
5. Amendments Form: Standard form for requesting and processing amendments to the Letter of Credit
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Logistics and Transportation
Retail
Wholesale
Commodities Trading
Agriculture
Industrial Equipment
Consumer Goods
Energy
Raw Materials
Relevant Teams
Trade Finance
International Banking
Legal
Treasury
Risk Management
Compliance
Operations
Documentary Credits
International Sales
Supply Chain
Finance
Credit Control
Relevant Roles
Trade Finance Manager
International Business Development Manager
Import/Export Coordinator
Letter of Credit Specialist
Trade Operations Manager
Financial Controller
Treasury Manager
Compliance Officer
Documentary Credits Manager
Banking Relationship Manager
Supply Chain Manager
Chief Financial Officer
International Sales Manager
Trade Finance Analyst
Risk Management Officer
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