The Negotiable Letter of Credit serves as a fundamental instrument in international trade finance, providing security and certainty to commercial transactions. It is particularly crucial when parties are in different jurisdictions or unfamiliar with each other's creditworthiness. Under English and Welsh law, this document incorporates strict compliance requirements and operates independently of the underlying sales contract. It typically includes detailed terms for document presentation, payment conditions, and banking arrangements, offering protection to both buyers and sellers in international trade.
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1. Letter Reference Number: Unique identifier for the Letter of Credit, including issuing bank reference
2. Date of Issue: Date when the Letter of Credit is issued and becomes effective
3. Applicant Details: Full name, address, and contact information of the party requesting the Letter of Credit
4. Beneficiary Details: Full name, address, and contact information of the party in whose favor the Letter of Credit is issued
5. Amount and Currency: Specified value of the Letter of Credit and currency of payment
6. Expiry Date and Place: Date and location where the Letter of Credit expires
7. Required Documents: Comprehensive list of documents required for presentation under the Letter of Credit
8. Payment Terms: Specific conditions and timing for payment, including any negotiation terms
1. Transferability Clause: Optional section specifying whether and how the Letter of Credit may be transferred to another beneficiary
2. Revolving Terms: Optional section detailing terms for automatic renewal of the Letter of Credit
3. Red Clause Provisions: Optional section specifying terms for advance payment to the beneficiary
4. Partial Shipment/Drawing Terms: Optional section specifying whether partial shipments or drawings are permitted
1. Document Requirements Checklist: Detailed checklist specifying format and content requirements for each required document
2. Banking Instructions: Specific instructions for presenting banks and nominated banks regarding document handling and payment procedures
3. Terms of Shipment: Detailed shipping requirements, Incoterms, and any specific transportation conditions
4. UCP 600 Compliance Statement: Statement confirming compliance with UCP 600 rules and any exceptions or modifications
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