The Confirmed Irrevocable Letter of Credit is a critical financial instrument used in international trade transactions where parties seek enhanced payment security. This document is particularly relevant when trading partners require additional assurance beyond a standard letter of credit, especially when dealing with unfamiliar jurisdictions or complex trade relationships. Under Maltese law, which incorporates both domestic banking regulations and EU financial legislation, this instrument provides robust protection for international trade participants. The confirmation by a second bank (typically in the beneficiary's country) adds an extra layer of security to the irrevocable commitment of the issuing bank. The document includes detailed specifications for payment conditions, required documentation, shipping terms, and compliance requirements, all structured within Malta's legal framework while adhering to international banking practices (UCP 600).
Confirmed Irrevocable Letter Of Credit for Malta
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Key Requirements PROMPT example:
Confirmed Irrevocable Letter Of Credit
"I need a Confirmed Irrevocable Letter of Credit for importing industrial machinery from Germany worth 鈧2.5 million, with HSBC Malta as the issuing bank and Deutsche Bank as the confirming bank, requiring shipping by March 2025."
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1. Letter Reference Number and Date: Unique identification number and issuance date of the L/C
2. Issuing Bank Details: Complete name, address, and SWIFT code of the bank issuing the L/C
3. Confirming Bank Details: Complete name, address, and SWIFT code of the confirming bank
4. Beneficiary Details: Full name and address of the party receiving payment under the L/C
5. Applicant Details: Full name and address of the party requesting the L/C
6. Currency and Amount: Specified currency and amount of the L/C, both in figures and words
7. Expiry Date and Place: Clear statement of expiration date and location where documents must be presented
8. Available With/By: Specification of where and how the credit is available (payment, acceptance, negotiation)
9. Partial Shipments/Transhipment: Clear statement whether partial shipments and transhipment are allowed or prohibited
10. Documents Required: Detailed list of all required documents for presentation
11. Shipment Terms: Latest shipment date, shipment from/to locations, and delivery terms
12. Description of Goods/Services: Precise description of the goods or services covered by the L/C
13. Special Conditions: Any additional terms, conditions, or requirements specific to this L/C
1. Red Clause Provisions: Include when advance payment to the beneficiary is permitted before document presentation
2. Green Clause Provisions: Include when warehouse storage provisions and partial advance payments are required
3. Revolving Credit Terms: Include when the L/C is renewable under specified conditions
4. Transferability Clause: Include when the L/C needs to be transferable to a second beneficiary
5. Back-to-Back Provisions: Include when the L/C supports a back-to-back credit arrangement
6. Standby Provisions: Include when the L/C functions as a standby credit
7. Deferred Payment Terms: Include when payment is to be made at a specified future date
1. Schedule A - Commercial Invoice Requirements: Detailed specifications for the format and content of commercial invoices
2. Schedule B - Transport Document Requirements: Specific requirements for bills of lading or other transport documents
3. Schedule C - Insurance Document Requirements: Detailed requirements for insurance certificates or policies
4. Appendix 1 - Product Specifications: Detailed technical specifications of goods covered by the L/C
5. Appendix 2 - Special Instructions for Document Preparation: Specific guidelines for preparing and presenting required documents
6. Appendix 3 - Bank Charges Schedule: Breakdown of banking charges and their allocation between parties
Authors
Relevant legal definitions
Clauses
Relevant Industries
International Trade
Banking and Financial Services
Manufacturing
Import/Export
Shipping and Logistics
Commodities Trading
Agricultural Trade
Oil and Gas
Mining and Minerals
Wholesale Distribution
Textile Industry
Heavy Equipment
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Export Operations
Import Operations
Compliance
Risk Management
Treasury
Legal
Trade Operations
Banking Operations
Financial Control
Relevant Roles
Trade Finance Manager
International Trade Specialist
Letter of Credit Specialist
Documentary Credits Manager
Export Finance Manager
Import Operations Manager
Trade Operations Officer
Banking Operations Manager
Compliance Officer
Financial Controller
Treasury Manager
Risk Management Officer
Trade Documentation Specialist
Senior Banking Officer
International Business Development Manager
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