A Reverse Letter of Credit is utilized when a beneficiary bank requires additional security from an issuing bank in international trade transactions. This document, governed by English and Welsh law, reverses the traditional letter of credit structure, providing enhanced security for the beneficiary bank. It typically includes detailed terms regarding payment conditions, document requirements, and compliance with international banking standards. The instrument is particularly relevant in situations where there are concerns about the creditworthiness of the issuing bank or when regulatory requirements necessitate additional security measures.
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Key Requirements PROMPT example:
Reverse Letter Of Credit
"Need a Reverse Letter of Credit for an international trade transaction with a Chinese supplier, with a credit amount of USD 2.5 million, expiring on March 15, 2025, where our local bank requires additional security from the supplier's bank."
1. Opening Details: Date, reference number, and bank details
2. Applicant Details: Full information of the party requesting the reverse LC
3. Beneficiary Details: Complete information of the beneficiary bank
4. Currency and Amount: Specified currency and maximum amount of the credit
5. Expiry Details: Expiry date and place of the credit
6. Payment Terms: Specified payment conditions and timing
1. Partial Shipments: Used when partial shipments are allowed or prohibited
2. Transhipment: Include when specific transhipment conditions apply
3. Special Conditions: Any additional terms or requirements specific to the transaction
1. Required Documents: List of documents required for presentation
2. Fee Schedule: Detailed breakdown of all applicable fees and charges
3. Shipping Terms: If applicable, detailed shipping requirements and conditions
4. Bank Instructions: Specific instructions for handling the credit between banks
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