The Import Letter of Credit is a fundamental trade finance instrument used when Danish companies import goods from overseas suppliers. It provides payment security to the seller while giving the buyer assurance that no payment will be made until the required documents are presented in compliance with the credit terms. Operating under Danish law and EU regulations, this document type incorporates the globally recognized UCP 600 rules and local banking practices. The Import Letter of Credit is particularly crucial when dealing with new trading partners, high-value transactions, or when required by local regulations in the exporting country. It specifies all terms of payment, shipping requirements, and documentation needed, while clearly defining the roles and responsibilities of all involved banks and parties.
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Key Requirements PROMPT example:
Import Letter Of Credit
I need an Import Letter of Credit under Danish law for purchasing industrial machinery worth EUR 500,000 from a German manufacturer, with requirement for partial shipments and documents to be presented within 21 days of shipment.
1. Issuing Bank Details: Complete name, address, and SWIFT code of the issuing bank
2. Credit Number: Unique reference number for the Letter of Credit
3. Date of Issue: The date when the Letter of Credit is issued
4. Applicant Details: Complete name and address of the importer/buyer requesting the Letter of Credit
5. Beneficiary Details: Complete name and address of the exporter/seller
6. Currency and Amount: The currency and maximum amount available under the credit
7. Expiry Date and Place: The final date and location for presentation of documents
8. Available With/By: The name of the bank with which the credit is available and manner of availability
9. Partial Shipments: Whether partial shipments are allowed or prohibited
10. Transhipment: Whether transhipment is allowed or prohibited
11. Loading/Dispatch From: Port of loading or place of dispatch
12. Port of Discharge: Final destination port or place
13. Latest Date of Shipment: Final date by which shipment must be made
14. Description of Goods: Detailed description of the merchandise
15. Required Documents: List of all documents required for presentation
16. Additional Conditions: Any special conditions or additional terms
17. Charges: Specification of which party bears which bank charges
18. Presentation Period: Time period for presentation of documents after shipment
1. Transferability Clause: Include when the credit needs to be transferable to another beneficiary
2. Red Clause: Include when advance payment to the beneficiary is permitted
3. Green Clause: Include when storage of goods at destination is required before document presentation
4. Revolving Credit Terms: Include when the credit is intended to revolve in value or time
5. Tolerance Provisions: Include when specific tolerances in amount or quantity are permitted
6. Insurance Instructions: Include when specific insurance requirements differ from UCP standards
7. Special Reimbursement Instructions: Include when specific reimbursement arrangements between banks are required
1. Schedule A - Commercial Invoice Requirements: Detailed requirements for the commercial invoice including required contents and number of copies
2. Schedule B - Transport Document Requirements: Specific requirements for bills of lading or other transport documents
3. Schedule C - Insurance Document Requirements: Detailed requirements for insurance certificates or policies
4. Schedule D - Additional Document Requirements: Requirements for certificates of origin, inspection certificates, or other specific documents
5. Appendix 1 - Bank Contact Details: Complete contact information for all banks involved in the transaction
6. Appendix 2 - Document Presentation Checklist: Checklist for beneficiary to ensure complete document presentation
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Retail
Wholesale
Agriculture
Mining
Electronics
Automotive
Textiles
Food and Beverage
Pharmaceuticals
Chemical Industry
Construction Materials
Consumer Goods
Industrial Equipment
Relevant Teams
Finance
International Trade
Procurement
Treasury
Supply Chain
Legal
Compliance
Risk Management
Operations
Trade Documentation
Banking Relations
Relevant Roles
Trade Finance Manager
Import Manager
Procurement Director
Chief Financial Officer
Treasury Manager
International Trade Specialist
Documentary Credits Officer
Compliance Officer
Supply Chain Manager
Financial Controller
Banking Relations Manager
International Business Development Manager
Risk Manager
Import Operations Coordinator
Trade Documentation Specialist
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