The At Sight Letter of Credit is a crucial trade finance instrument used in international commercial transactions under Dutch law. It serves as a secure payment method where the issuing bank commits to pay the beneficiary immediately upon presentation of compliant documents. This document type is particularly valuable when parties seek immediate payment processing in international trade, combining the security of bank-guaranteed payment with the efficiency of prompt settlement. Operating within the Netherlands' legal framework and governed by both Dutch financial regulations and international banking standards (UCP 600), it provides a balanced solution that protects both buyers' and sellers' interests in cross-border transactions. The document specifies all required documents, payment terms, and conditions that must be met to trigger payment, ensuring clarity and certainty for all parties involved.
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1. Letter of Credit Number and Date: Unique reference number and issuance date of the Letter of Credit
2. Issuing Bank Details: Complete name and address of the issuing bank
3. Beneficiary Details: Full name and address of the beneficiary (seller/exporter)
4. Applicant Details: Full name and address of the applicant (buyer/importer)
5. Amount and Currency: Maximum credit amount and currency specification
6. Expiry Date and Place: Final date and location for document presentation
7. Available With/By: Specification of where and how the credit is available (payment, acceptance, negotiation)
8. Required Documents: Detailed list of documents required for presentation
9. Goods Description: Brief but precise description of the goods/services
10. Payment Terms: Specification that payment is available at sight upon compliant presentation
11. Shipment Terms: Latest shipment date and shipping specifications
12. Document Presentation Period: Time period allowed for document presentation after shipment
1. Transferability Clause: Include when the Letter of Credit needs to be transferable to a second beneficiary
2. Partial Shipments: Include when specifying whether partial shipments are allowed or prohibited
3. Transhipment: Include when specifying whether transhipment is allowed or prohibited
4. Insurance Coverage: Include when specific insurance requirements need to be detailed
5. Special Conditions: Include when there are additional terms or conditions specific to the transaction
6. Back-to-Back Provisions: Include when the Letter of Credit is part of a back-to-back arrangement
1. Commercial Invoice Template: Standard format for the commercial invoice required under the LC
2. Transport Document Requirements: Detailed specifications for acceptable transport documents
3. Certificate of Origin Requirements: Specifications for origin certification if required
4. Inspection Certificate Requirements: Details of required inspection certificates and their format
5. Bank Draft Format: Template for the bank draft if required under the LC
Authors
Relevant legal definitions
Clauses
Relevant Industries
International Trade
Banking and Financial Services
Manufacturing
Agriculture and Food
Commodities Trading
Retail
Energy and Resources
Pharmaceuticals
Technology and Electronics
Textiles and Apparel
Relevant Teams
Trade Finance
International Sales
Treasury
Procurement
Legal
Operations
Risk Management
Documentary Credits
Global Trade
Supply Chain
Finance
Compliance
Relevant Roles
Trade Finance Manager
International Sales Director
Import/Export Coordinator
Treasury Manager
Finance Director
Procurement Manager
Trade Operations Officer
Documentary Credits Specialist
Global Account Manager
Supply Chain Manager
Chief Financial Officer
Banking Relationship Manager
International Trade Compliance Officer
Credit Risk Manager
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