The Issuing Bank Letter of Credit is a fundamental trade finance instrument used to facilitate secure international trade transactions. This document type is particularly relevant when parties seek to mitigate the risks associated with cross-border trade by involving a trusted financial institution as an independent payment guarantor. Under Danish law and in compliance with UCP 600 rules, the letter of credit provides a structured framework detailing the conditions for payment, required documentation, and timeline for completion of the trade transaction. It is commonly used when there is limited trust between trading parties, when dealing with new business relationships, or when required by regulatory or commercial considerations. The document includes specific details about the transaction, parties involved, payment terms, and document requirements, while incorporating necessary provisions to comply with Danish financial regulations and EU banking standards.
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Key Requirements PROMPT example:
Issuing Bank Letter Of Credit
I need an Issuing Bank Letter of Credit for a 鈧2.5 million machinery import transaction from Germany to Denmark, with quarterly shipment installments throughout 2025 and specific requirements for technical inspection certificates.
1. Letter of Credit Number and Date: Unique reference number and issuance date of the Letter of Credit
2. Applicant Details: Full name, address, and contact information of the party requesting the Letter of Credit (the buyer/importer)
3. Beneficiary Details: Full name, address, and contact information of the party in whose favor the LC is issued (the seller/exporter)
4. Currency and Amount: The currency and maximum amount for which the Letter of Credit is issued
5. Expiry Date and Place: The date and location where the Letter of Credit expires
6. Available With/By: Specifies whether the credit is available by sight payment, deferred payment, acceptance, or negotiation
7. Partial Shipments/Transhipment: Whether partial shipments or transhipments are allowed or prohibited
8. Port of Loading/Discharge: Specified ports for loading and discharge of goods
9. Latest Shipment Date: Final date by which shipment must be made
10. Document Requirements: List of required documents that must be presented for payment
11. Goods Description: Brief description of the goods being traded
12. Terms and Conditions: Specific conditions that must be met for the LC to be honored
13. Bank Charges: Specification of which party bears various banking charges
14. Governing Law: Statement that the LC is subject to UCP 600 and Danish law
1. Confirmation Instructions: Used when confirmation by another bank is requested, specifying the confirming bank's role
2. Red Clause: Include when advance payment to the beneficiary is authorized
3. Green Clause: Used when storage of goods at destination is required with advance payment
4. Transferability Clause: Include when the LC needs to be transferable to another beneficiary
5. Back-to-Back Provisions: Used when the LC supports a back-to-back credit arrangement
6. Special Payment Conditions: Include when there are specific payment terms or conditions beyond standard arrangements
7. Insurance Requirements: Additional section when specific insurance requirements need to be detailed
1. Schedule A - Document Requirements: Detailed list and format of required documents including specific requirements for each
2. Schedule B - Goods Specification: Detailed technical specification of the goods when the main body requires more elaboration
3. Schedule C - Special Payment Terms: Detailed breakdown of payment terms if complex arrangements are involved
4. Appendix 1 - Form of Documents: Standard templates for any specific documents required under the LC
5. Appendix 2 - Bank's Standard Terms: The issuing bank's standard terms and conditions for Letters of Credit
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
International Trade
Manufacturing
Import/Export
Shipping & Logistics
Commodities Trading
Retail
Agriculture
Energy
Construction
Heavy Industry
Textiles
Electronics
Automotive
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Treasury
Risk Management
Compliance
Legal
Operations
Credit Administration
Customer Relations
Trade Operations
Financial Control
Relevant Roles
Trade Finance Manager
International Banking Officer
Documentary Credits Specialist
Treasury Manager
Import/Export Manager
Trade Operations Officer
Credit Risk Officer
Compliance Officer
Financial Controller
Banking Relationship Manager
Trade Finance Sales Officer
Letter of Credit Specialist
Senior Trade Finance Executive
International Business Development Manager
Chief Financial Officer
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