The LC Letter of Credit is a crucial document in international trade finance, providing payment security and risk mitigation for cross-border transactions under German law. It is typically used when parties seek a secure payment method in international trade, especially when dealing with new business relationships or high-value transactions. The document outlines the bank's commitment to pay the beneficiary upon presentation of specified documents, incorporating both German domestic regulations and international banking practices (particularly UCP 600). This instrument is especially relevant in the German market, where precision in documentation and compliance with both national and EU regulations is paramount. The Letter of Credit includes specific terms regarding payment conditions, document requirements, timeframes, and banking procedures, serving as a bridge between German legal requirements and international trade practices.
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1. Issuing Bank Details: Complete identification and contact information of the bank issuing the Letter of Credit
2. LC Number and Date: Unique identification number of the LC and date of issuance
3. Beneficiary Details: Complete name and address of the party receiving payment under the LC
4. Applicant Details: Complete name and address of the party requesting the LC
5. Currency and Amount: Specified currency and maximum amount available under the LC
6. Expiry Date and Place: Date and location where the LC expires
7. Documentary Requirements: Detailed list of documents required for presentation
8. Shipment Terms: Information about shipment including latest shipment date and partial shipments
9. Payment Terms: Specification of when and how payment will be made (at sight, deferred payment, etc.)
10. Governing Law Declaration: Statement that the LC is governed by German law and UCP 600
11. Authentication: Official bank signatures and authentication details
1. Transferability Clause: Include when the LC needs to be transferable to another beneficiary
2. Red Clause: Include when advance payment to the beneficiary is permitted
3. Revolving Credit Clause: Include when the LC is intended to automatically renew under specified conditions
4. Back-to-Back Provisions: Include when the LC is part of a back-to-back LC arrangement
5. Standby Provisions: Include when the LC functions as a standby credit
6. Green Clause: Include when warehouse storage of goods is involved with advance payment
7. Confirmation Instructions: Include when confirmation by another bank is required
1. Schedule A - Commercial Invoice Requirements: Detailed specifications for the format and content of commercial invoices
2. Schedule B - Transport Document Requirements: Specific requirements for bills of lading or other transport documents
3. Schedule C - Insurance Document Requirements: Details of required insurance coverage and documentation
4. Schedule D - Product Specifications: Technical specifications of goods being traded
5. Appendix 1 - Bank Format Requirements: Specific formatting requirements for banking documents
6. Appendix 2 - SWIFT Message Formats: Standard formats for SWIFT messages related to the LC
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
International Trade
Manufacturing
Import/Export
Logistics & Transportation
Retail
Wholesale
Commodities Trading
Agriculture
Energy
Mining
Textiles
Automotive
Electronics
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Export Operations
Import Operations
Compliance
Treasury
Financial Control
Risk Management
Legal
Trade Operations
Banking Operations
Relevant Roles
Trade Finance Manager
International Trade Specialist
Documentary Credits Officer
Export Finance Manager
Import Operations Manager
Trade Operations Officer
Compliance Officer
Banking Relations Manager
Treasury Manager
Chief Financial Officer
Financial Controller
Trade Documentation Specialist
Risk Manager
Letters of Credit Specialist
International Business Development Manager
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