The Letter of Credit Amendment is essential in international trade finance when parties need to modify the terms of an existing Letter of Credit. Under English and Welsh law, these amendments must be precisely documented to ensure legal certainty and compliance with international banking standards. The document typically includes details of the original LC, specific changes being made, and requires agreement from all relevant parties. Letter of Credit Amendments are commonly used when circumstances change during a trade transaction, such as delivery dates, prices, or documentary requirements.
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1. Original LC Reference: Details of the original Letter of Credit being amended, including LC number, date of issuance, and original parties
2. Amendment Number: Sequential number of this amendment and date of amendment
3. Issuing Bank Details: Complete name, address, and reference numbers of the bank issuing the amendment
4. Beneficiary Details: Complete name, address, and reference details of the beneficiary
5. Amendment Details: Clear and specific description of all changes being made to the original LC
6. Effective Date: Explicit statement of when the amendment takes effect and any conditions precedent
1. Extension of Expiry Date: Section detailing the new expiry date when the amendment involves extending the LC validity period
2. Amount Modification: Section specifying changes to the LC amount, including any currency conversions or tolerance levels
3. Document Requirements Changes: Section outlining any modifications to required documentation or presentation requirements
4. Shipment Terms Changes: Section detailing any modifications to shipping terms, dates, or partial shipment conditions
1. Original LC Copy: Complete copy of the original Letter of Credit as an attachment
2. Previous Amendments: Copies of all previous amendments to maintain a clear amendment history
3. Supporting Documents: Any additional documents supporting or required for the amendment, such as beneficiary consent or regulatory approvals
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