The Electronic Letter of Credit is a crucial financial instrument in modern international trade, particularly relevant under Dutch law which has embraced digital transformation in commercial transactions. This document type emerged from the need to digitize traditional letters of credit while maintaining their security and reliability. Electronic Letters of Credit are used when parties require a secure, bank-guaranteed payment method in international transactions but prefer to handle documentation electronically. The document includes comprehensive details about payment terms, required electronic documentation, authentication procedures, and specific provisions for digital platforms. It combines the security of traditional L/Cs with the efficiency of electronic processing, while ensuring compliance with Dutch legal requirements, EU regulations, and international banking standards like the UCP 600 and its eUCP supplement. This instrument is particularly valuable for businesses engaged in regular international trade who seek to reduce paper-based processes and accelerate transaction times.
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1. Issuing Bank Details: Complete details of the issuing bank including Swift code, registration number, and electronic contact details
2. Letter of Credit Number: Unique reference number for the L/C
3. Date of Issue: Date when the L/C is issued and becomes effective
4. Applicant Details: Full details of the applicant (buyer) including registration number and electronic contact information
5. Beneficiary Details: Complete information of the beneficiary (seller) including registration number and electronic contact details
6. Currency and Amount: Specification of the currency and exact amount of the L/C
7. Expiry Date: Clear statement of expiry date and time zone
8. Electronic Presentation Terms: Specific requirements for electronic presentation including format, systems, and procedures
9. Required Documents: Detailed list of required documents and their electronic format specifications
10. Payment Terms: Conditions and timing of payment, including electronic transfer details
11. Governing Law and Jurisdiction: Specification of Dutch law as governing law and relevant jurisdiction
1. Transferability Clause: Include when the L/C needs to be transferable to another beneficiary
2. Revolving Terms: Include for revolving L/Cs specifying automatic reinstatement terms
3. Red Clause: Include when advance payment provisions are required
4. Back-to-Back Provisions: Include when the L/C is part of a back-to-back arrangement
5. Green Clause: Include when warehouse storage provisions are needed
6. Standby Provisions: Include when the L/C serves as a standby instrument
7. Confirmation Instructions: Include when confirmation by another bank is required
1. Schedule A - Technical Requirements: Detailed specifications for electronic submission including file formats, encryption requirements, and digital signature standards
2. Schedule B - Electronic Platform Specifications: Details of the electronic platform(s) to be used for document presentation and processing
3. Schedule C - Authentication Procedures: Specific procedures for electronic authentication and verification
4. Appendix 1 - Document Checklist: Comprehensive checklist of required documents and their electronic format requirements
5. Appendix 2 - Contact Details: List of relevant contact persons and their electronic contact details for all parties
6. Appendix 3 - Fee Schedule: Detailed breakdown of all applicable fees and charges
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Retail
Commodities Trading
Agriculture
Energy
Technology
Shipping and Logistics
Construction
Automotive
Relevant Teams
Trade Finance
International Banking
Treasury
Legal
Compliance
Risk Management
Operations
Documentation
Supply Chain
Finance
International Trade
Credit Administration
Relevant Roles
Trade Finance Manager
International Trade Specialist
Finance Director
Treasury Manager
Credit Manager
Trade Operations Officer
Documentation Manager
Compliance Officer
Risk Manager
Import/Export Manager
Supply Chain Manager
Chief Financial Officer
Banking Relations Manager
Letter of Credit Specialist
International Business Development Manager
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