An Irrevocable Letter of Credit is a crucial instrument in international trade finance, particularly under English and Welsh jurisdiction. It provides a secure payment mechanism where the issuing bank's commitment cannot be modified or cancelled without agreement from all parties. This document is typically used when parties require a high level of payment security, especially in cross-border transactions. It contains specific details about payment conditions, required documents, and compliance requirements, all governed by UCP 600 rules and UK banking regulations. The document's irrevocable nature makes it a preferred choice for significant international trade transactions where parties may not have established trading relationships.
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1. Letter Reference Number: Unique identifier for the Letter of Credit
2. Issuing Bank Details: Complete details of the bank issuing the Letter of Credit including name, address, SWIFT code, and contact information
3. Beneficiary Details: Full name, address, and banking details of the party receiving payment
4. Applicant Details: Full name, address, and reference details of the party requesting the Letter of Credit
5. Amount and Currency: Specified amount in figures and words, and currency of the Letter of Credit
6. Expiry Details: Date and place of expiry for the Letter of Credit, including presentation deadline
7. Required Documents: Comprehensive list of documents required for presentation including specific requirements for each
8. Payment Terms: Specific conditions, timing, and method of payment including any negotiation or confirmation instructions
1. Transferability Clause: Terms and conditions under which the Letter of Credit may be transferred to another beneficiary
2. Partial Shipments Clause: Specifications regarding whether partial shipments are allowed or prohibited
3. Transhipment Terms: Conditions and restrictions regarding cargo transhipment during transit
4. Additional Conditions: Any special conditions or requirements specific to the transaction
5. Confirmation Instructions: Instructions regarding confirmation of the Letter of Credit by another bank
1. Form of Commercial Invoice: Template and requirements for the format of commercial invoices to be presented
2. Transport Document Requirements: Detailed specifications for bills of lading or other transport documents
3. Insurance Document Requirements: Specific requirements and format for insurance certificates or policies
4. Document Presentation Schedule: Timeline and requirements for document presentation and examination
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