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.
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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
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
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
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