LC in Shipping documents are essential financial instruments used in international trade transactions where parties seek secure payment methods while conducting cross-border business. These documents are particularly relevant in the Indonesian context, where they must comply with both local banking regulations (such as Bank Indonesia Regulation No. 18/2/PBI/2016) and international standards (UCP 600). The LC in Shipping serves as a bank's commitment to pay the seller upon presentation of specific shipping documents, effectively reducing the risk for both parties in international trade. It contains detailed information about the transaction, including payment terms, shipping requirements, document presentation conditions, and compliance requirements under Indonesian law. This document type is commonly used when dealing with Indonesian imports/exports, especially in cases where parties require a secure, bank-mediated payment method that is tied to the actual shipment of goods.
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1. Identity of Issuing Bank: Full details of the bank issuing the Letter of Credit
2. LC Number and Date: Unique identification number and issuance date of the LC
3. Type of Credit: Specification of whether the LC is irrevocable, confirmed, transferable, etc.
4. Applicant Details: Complete information about the buyer/importer requesting the LC
5. Beneficiary Details: Complete information about the seller/exporter receiving the LC
6. Currency and Amount: Specified currency and maximum amount of the credit
7. Expiry Date and Place: Validity period and location where the LC expires
8. Shipment Terms: Latest shipment date, partial shipments, transhipment conditions
9. Port Details: Ports of loading and discharge
10. Document Requirements: List of required shipping and commercial documents
11. Goods Description: Detailed description of merchandise being traded
12. Payment Terms: Conditions and timing of payment
13. Presentation Period: Timeframe for document presentation after shipment
14. Governing Law: Specification of Indonesian law as governing law
1. Confirmation Instructions: Used when confirmation by another bank is required
2. Transfer Conditions: Included when the LC is transferable to second beneficiaries
3. Special Conditions: Any additional requirements or conditions specific to the transaction
4. Back-to-Back Provisions: Used when the LC supports a back-to-back credit arrangement
5. Insurance Requirements: Detailed insurance requirements beyond standard coverage
6. Pre-Shipment Inspection: When specific inspection requirements are needed before shipment
7. Green Clause: When advance payment provisions are included
8. Red Clause: When pre-shipment finance is provided to the beneficiary
1. Schedule A - Commercial Invoice Requirements: Detailed specifications for commercial invoice preparation
2. Schedule B - Packing List Requirements: Specific requirements for packing and marking of goods
3. Schedule C - Transport Document Requirements: Detailed requirements for bills of lading or other transport documents
4. Schedule D - Insurance Document Requirements: Specifications for insurance certificates or policies
5. Schedule E - Product Specifications: Detailed technical specifications of the goods
6. Appendix 1 - Required Certificates: List and formats of required certificates (origin, inspection, etc.)
7. Appendix 2 - Bank Forms: Standard forms required by the issuing bank
8. Appendix 3 - Document Presentation Checklist: Checklist for beneficiary's document presentation
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