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Irrevocable Letter Of Credit Template for Ireland

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Key Requirements PROMPT example:

Irrevocable Letter Of Credit

I need an Irrevocable Letter of Credit for exporting manufacturing equipment to Ireland, value 芒鈥毬2.5 million, with shipment required by March 2025 and partial shipments allowed; must include provisions for advance payment of 15% and document presentation period of 21 days.

Document background
The Irrevocable Letter of Credit serves as a fundamental instrument in international trade finance, providing payment security for cross-border transactions under Irish law. This document is typically used when businesses engage in international trade requiring secure payment mechanisms, particularly in situations where parties may not have established trading relationships or when regulatory requirements necessitate formal banking channels. It represents an irrevocable undertaking by a bank to pay the beneficiary upon presentation of compliant documents, thereby mitigating commercial risks for both exporters and importers. The document incorporates UCP 600 rules while complying with Irish legal requirements, making it a robust instrument for international trade finance. It includes crucial elements such as payment terms, document requirements, expiry dates, and shipping conditions, providing a comprehensive framework for the underlying commercial transaction.
Suggested Sections

1. Issuing Bank Details: Complete identification and contact information of the issuing bank

2. Letter of Credit Number: Unique reference number assigned to the LC

3. Date of Issue: Date when the LC is issued

4. Beneficiary Details: Complete name and address of the party receiving the LC

5. Applicant Details: Complete name and address of the party requesting the LC

6. Currency and Amount: Specified currency and maximum amount of the LC

7. Expiry Date: Date and place of expiry of the LC

8. Payment Terms: Specified payment conditions and timing (at sight, deferred payment, etc.)

9. Required Documents: Detailed list of documents required for presentation

10. Shipment Terms: Details of shipment including latest shipment date and partial shipments

11. Presentation Period: Time period within which documents must be presented

12. Governing Law Statement: Confirmation of Irish law governance and UCP 600 application

Optional Sections

1. Transferability Clause: Include when the LC needs to be transferable to another beneficiary

2. Revolving Terms: Include for revolving LCs, specifying reinstatement conditions

3. Red Clause: Include when advance payment to beneficiary is permitted

4. Back-to-Back Provisions: Include for back-to-back LC arrangements

5. Confirmation Instructions: Include when confirmation by another bank is required

6. Green Clause: Include when warehouse storage provisions are needed

7. Special Conditions: Include for any additional terms specific to the transaction

Suggested Schedules

1. Schedule A - Document Requirements: Detailed specifications for required documents including format and content

2. Schedule B - Commercial Invoice Requirements: Specific requirements for commercial invoice preparation

3. Schedule C - Transport Document Requirements: Detailed requirements for bills of lading or other transport documents

4. Appendix 1 - Payment Schedule: For deferred payment LCs, detailed payment schedule and terms

5. Appendix 2 - Commodity Specifications: Detailed specifications of goods or services covered by the LC

6. Appendix 3 - Bank Contact Details: Complete contact information for all banks involved in the transaction

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions



































Clauses

























Relevant Industries

Banking and Financial Services

International Trade

Manufacturing

Import/Export

Retail

Commodities Trading

Agriculture

Energy

Construction

Shipping and Logistics

Mining and Resources

Wholesale Distribution

Relevant Teams

Treasury

International Trade Operations

Finance

Legal

Risk Management

Compliance

Trade Finance

Documentary Credits

Supply Chain

Commercial Operations

Banking Relations

Relevant Roles

Trade Finance Manager

International Business Development Manager

Chief Financial Officer

Treasury Manager

Export Finance Specialist

Import Operations Manager

Documentary Credits Manager

Banking Relationship Manager

Financial Controller

Trade Operations Officer

Risk Management Officer

Compliance Officer

Letter of Credit Specialist

International Trade Specialist

Supply Chain Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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