The Restricted Letter of Credit is a specialized financial instrument used in international trade transactions where payment security is paramount. This document type, governed by English and Welsh law, provides a structured framework for managing trade finance while limiting the transferability of the credit. It includes detailed specifications about payment conditions, documentation requirements, and compliance with international banking standards. The restricted nature of this Letter of Credit ensures that only the named beneficiary can draw upon it, providing additional security for all parties involved in the transaction.
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Key Requirements PROMPT example:
Restricted Letter Of Credit
"Need a Restricted Letter of Credit for a manufacturing equipment purchase from Germany worth €500,000, with strict documentation requirements and an expiry date of March 15, 2025, ensuring the credit cannot be transferred to any other beneficiary."
1. Letter of Credit Reference: Unique identification number and date of issuance
2. Issuing Bank Details: Full name, address, and contact information of the issuing bank
3. Beneficiary Details: Complete identification of the beneficiary including name, address and banking details
4. Credit Amount and Currency: Specific amount of the credit and currency denomination
5. Validity Period: Explicit statement of the credit's expiry date and place
6. Documentation Requirements: Detailed list of required documents for credit activation
7. Transfer Restrictions: Clear statement of restrictions on transfer or assignment of the credit
1. Partial Shipments Clause: Used when specifying whether partial shipments are allowed or prohibited
2. Transhipment Terms: Used when specific shipping arrangements need to be detailed
3. Insurance Requirements: Used when specific insurance coverage must be stipulated
4. Force Majeure Provisions: Used when specific circumstances affecting performance need to be addressed
1. Schedule A - Required Document Templates: Standard formats for all required documentation
2. Schedule B - Bank Authorization Forms: Standard forms required for bank processing and verification
3. Schedule C - Compliance Certificates: Templates for regulatory compliance confirmation
4. Schedule D - UCP 600 Incorporation: Standard terms incorporating UCP 600 rules
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