This Letter of Credit 60 Days is a specialized financial instrument used in international trade transactions where the seller requires payment security but agrees to a 60-day payment deferral after document presentation. The document is structured under Danish law, incorporating both domestic financial regulations and EU requirements, while also adhering to international banking standards (UCP 600). It serves as a bank's irrevocable commitment to pay, typically used in situations where the trading parties seek a balance between payment security and cash flow management. The document includes detailed specifications of the trade terms, required documentation, and payment conditions, making it particularly suitable for established trading relationships where deferred payment terms are advantageous for both parties.
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Key Requirements PROMPT example:
Letter Of Credit 60 Days
I need a Letter of Credit 60 Days under Danish law for manufacturing equipment export to Germany, value EUR 500,000, with partial shipments allowed and specific requirements for factory acceptance testing documentation, for delivery by March 2025.
1. Issuing Bank Details: Complete name, address, and SWIFT code of the issuing bank
2. LC Number and Date: Unique reference number and date of issuance
3. Beneficiary Details: Full name and address of the party receiving payment
4. Applicant Details: Full name and address of the party requesting the LC
5. Currency and Amount: Specified currency and maximum amount of the credit
6. Expiry Date and Place: Date and location where the LC expires
7. Payment Terms: 60-day payment terms and specific conditions for payment
8. Required Documents: List of documents required for presentation
9. Shipment Terms: Latest shipment date and shipment details
10. Goods Description: Detailed description of goods or services covered
1. Transferability Clause: Include when the LC needs to be transferable to another beneficiary
2. Partial Shipment Terms: Include when partial shipments are allowed or prohibited
3. Transhipment Terms: Include when specific transhipment conditions apply
4. Insurance Requirements: Include when specific insurance coverage is required
5. Special Conditions: Include when there are additional terms or conditions specific to the transaction
6. Back-to-Back LC Terms: Include when the LC is part of a back-to-back arrangement
1. Schedule A - Document Requirements: Detailed list of required documents and their specifications
2. Schedule B - Standard Banking Forms: Collection of standard forms required for LC processing
3. Schedule C - Goods Specifications: Detailed technical specifications of goods or services
4. Appendix 1 - UCP 600 Standard Terms: Reference to applicable UCP 600 articles
5. Appendix 2 - Fee Schedule: Breakdown of all applicable banking fees and charges
6. Appendix 3 - Amendment Form: Standard form for future amendments to the LC
Authors
Relevant legal definitions
Clauses
Relevant Industries
International Trade
Banking & Financial Services
Manufacturing
Import/Export
Retail
Commodities Trading
Agriculture
Pharmaceuticals
Technology
Automotive
Energy
Textiles
Construction Materials
Relevant Teams
Trade Finance
International Banking
Treasury
Legal
Compliance
Risk Management
Finance
Procurement
Supply Chain
Operations
Documentary Credits
International Trade Operations
Relevant Roles
Trade Finance Manager
International Trade Specialist
Financial Controller
Treasury Manager
Import/Export Manager
Credit Manager
Documentary Credits Specialist
Trade Operations Officer
Risk Manager
Compliance Officer
Banking Relationship Manager
Chief Financial Officer
Supply Chain Manager
Procurement Manager
Legal Counsel
Banking Operations Manager
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