The Confirmed Irrevocable Letter of Credit is a critical document in international trade finance, particularly relevant when trading parties seek additional security in cross-border transactions. Used extensively in Danish and international commerce, this instrument provides a payment guarantee backed by both the issuing and confirming banks, making it especially valuable when trading with unfamiliar partners or in challenging markets. The document is governed by Danish law and follows UCP 600 guidelines, incorporating specific requirements for document presentation, payment terms, and shipping conditions. It's particularly useful when the beneficiary requires additional security beyond the issuing bank's undertaking, or when the issuing bank's country presents certain risks. The confirmation adds a second bank's commitment, typically in the beneficiary's country, providing an additional layer of payment security.
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Key Requirements PROMPT example:
Confirmed Irrevocable Letter Of Credit
I need a Confirmed Irrevocable Letter of Credit governed by Danish law for an industrial machinery export transaction worth EUR 2.5 million, with Danske Bank as the issuing bank and BNP Paribas as the confirming bank, requiring presentation of documents by March 15, 2025.
1. Issuing Bank Details: Full identification and contact details of the bank issuing the Letter of Credit
2. Confirming Bank Details: Full identification and contact details of the bank confirming the Letter of Credit
3. Beneficiary Details: Complete information about the beneficiary (typically the seller/exporter)
4. Applicant Details: Complete information about the applicant (typically the buyer/importer)
5. Credit Number and Amount: Unique LC number and the specific amount for which the credit is issued
6. Expiry Date and Place: Clear statement of when and where the Letter of Credit expires
7. Required Documents: Detailed list of all documents required for presentation
8. Shipment Terms: Specifications for shipment including latest shipment date and partial shipments allowance
9. Presentation Period: Timeframe within which documents must be presented after shipment
10. Payment Terms: Specific conditions and timing of payment
11. Governing Law: Statement that Danish law governs the Letter of Credit
12. UCP 600 Declaration: Statement that the LC is subject to UCP 600
1. Transfer Conditions: Include when the Letter of Credit is transferable, specifying the terms and conditions of transfer
2. Back-to-Back Provisions: Include when the LC allows for back-to-back arrangements
3. Red Clause Provisions: Include when advance payment provisions are required
4. Green Clause Provisions: Include when warehouse storage provisions are needed
5. Revolving Credit Terms: Include when the LC is revolving rather than single-use
6. Confirmation Instructions: Include when specific confirmation requirements need to be detailed
7. Special Instructions: Include when there are additional requirements or conditions not covered in standard sections
1. Schedule A - Document Requirements: Detailed checklist of required documents and their specific format requirements
2. Schedule B - Shipping Terms: Detailed shipping specifications including ports, modes of transport, and specific requirements
3. Schedule C - Goods Description: Detailed description of the goods covered by the Letter of Credit
4. Appendix 1 - Bank Contact Details: Complete contact information for all banking parties involved
5. Appendix 2 - Standard Forms: Templates for any standardized forms required for document presentation
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
International Trade
Import/Export
Manufacturing
Commodities Trading
Retail
Wholesale
Shipping & Logistics
Agriculture
Energy
Mining
Textiles
Construction
Relevant Teams
Finance
International Trade
Treasury
Legal
Compliance
Trade Operations
Risk Management
Supply Chain
Procurement
Banking Operations
Documentary Credits
International Sales
Relevant Roles
Trade Finance Manager
International Sales Director
Import/Export Manager
Chief Financial Officer
Treasury Manager
Documentary Credits Specialist
International Trade Compliance Officer
Banking Relationship Manager
Supply Chain Manager
Procurement Director
Financial Controller
Trade Operations Manager
Letter of Credit Specialist
International Business Development Manager
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