An Electronic Letter of Credit is a crucial financial instrument used in international trade transactions, adapted for the digital age under Irish legal framework. This document is typically employed when businesses need a secure payment method for international trade while leveraging electronic systems for efficiency and speed. It provides a bank's guarantee of payment to a seller upon the electronic presentation of compliant documents, subject to specific terms and conditions. The document must comply with Irish legislation, particularly the Electronic Commerce Act 2000 and relevant EU regulations, while adhering to international banking standards like UCP 600. It includes detailed specifications for electronic document submission, digital authentication methods, and secure payment procedures, making it particularly relevant in today's digitized trading environment. The electronic format allows for faster processing, reduced paperwork, and enhanced security features while maintaining the traditional letter of credit's role in mitigating risk in international trade.
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1. Issuing Bank Details: Complete details of the issuing bank including electronic banking identifiers and SWIFT codes
2. Beneficiary Details: Full details of the beneficiary including electronic payment and contact information
3. Applicant Details: Complete information about the applicant requesting the LC
4. Credit Number and Type: Unique electronic LC number and specification of credit type (irrevocable/confirmed/etc.)
5. Amount and Currency: Credit amount, currency, and any tolerance specifications
6. Expiry Details: Expiry date and place for document presentation
7. Electronic Presentation Terms: Specific terms for electronic presentation of documents including platform and format requirements
8. Required Documents: Detailed list of required documents and their electronic format specifications
9. Shipment Terms: Shipment details including latest shipment date and partial shipment permissions
10. Digital Authentication: Methods and requirements for digital authentication and verification
11. Electronic Payment Terms: Specific conditions and process for electronic payment execution
1. Confirming Bank Details: Required when the LC is confirmed by another bank
2. Transfer Terms: Include when the LC is transferable
3. Back-to-Back Provisions: Required for back-to-back LC arrangements
4. Revolving Credit Terms: Include for revolving letters of credit
5. Red Clause Provisions: Required for red clause LCs with advance payment provisions
6. Green Clause Provisions: Include for green clause LCs with storage provisions
7. Standby Provisions: Required when the LC serves as a standby credit
8. Electronic Platform Specifications: Include when specific electronic platforms or systems are required for document presentation
1. Schedule A - Document Requirements: Detailed specifications for each required document including format, content, and electronic submission requirements
2. Schedule B - Electronic Authentication Protocols: Technical specifications for digital signatures, encryption, and authentication methods
3. Schedule C - Fee Schedule: Breakdown of all applicable fees, charges, and commission
4. Appendix 1 - Electronic Platform Guidelines: Technical guidelines for using the specified electronic documentation platform
5. Appendix 2 - UCP 600 eRules Reference: Specific references to applicable UCP 600 articles for electronic presentations
6. Appendix 3 - Contact Matrix: Emergency and escalation contacts for technical and operational issues
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
International Trade
Manufacturing
Import/Export
Shipping & Logistics
Commodities Trading
Retail
Wholesale
Agriculture
Energy
Mining
Textiles
Technology & Electronics
Automotive
Chemical & Pharmaceuticals
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Global Transactions
Export Finance
Import Operations
Trade Operations
Letter of Credit Processing
International Trade Compliance
Banking Operations
Treasury
Risk Management
Trade Documentation
Financial Control
International Business Development
Supply Chain
Shipping and Logistics
Relevant Roles
Trade Finance Manager
International Banking Officer
Documentary Credits Specialist
Global Transaction Manager
Export Finance Manager
Import Operations Manager
Trade Operations Officer
Letter of Credit Specialist
International Trade Compliance Officer
Banking Operations Manager
Treasury Manager
Risk Management Officer
Trade Documentation Specialist
Financial Controller
Chief Financial Officer
International Business Development Manager
Supply Chain Manager
Shipping and Logistics Manager
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