The Outstanding Letter of Credit is a crucial financial instrument in international trade transactions under Dutch law. It serves as a secure payment method where the issuing bank commits to pay the seller (beneficiary) upon presentation of specified documents, effectively reducing the risk for both parties in cross-border transactions. This document type is particularly relevant when dealing with Dutch companies or financial institutions, as it must comply with both the Dutch Financial Supervision Act (Wet op het financieel toezicht) and the Dutch Civil Code, while also adhering to international banking standards such as UCP 600. The Outstanding Letter of Credit includes detailed terms regarding payment conditions, document requirements, and timeframes, providing a balanced framework that protects both buyers' and sellers' interests in international trade dealings.
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1. Letter Reference and Date: Unique LC reference number and issuance date
2. Beneficiary Details: Full name and address of the party receiving the Letter of Credit
3. Applicant Details: Full name and address of the party requesting the Letter of Credit
4. Issuing Bank Details: Name, address, and SWIFT code of the issuing bank
5. Credit Amount and Currency: The maximum amount and currency of the Letter of Credit
6. Form of Credit: Specification that this is an irrevocable Letter of Credit
7. Expiry Date and Place: The date and location where the credit expires
8. Available With/By: Details of how and where the credit is available (payment, acceptance, negotiation)
9. Shipment Terms: Latest shipment date and partial shipment/transhipment conditions
10. Required Documents: List of documents required for presentation
11. Additional Conditions: Any special conditions or terms applicable to the credit
12. Charges: Specification of which party bears which banking charges
13. Presentation Period: Time period within which documents must be presented
1. Advising Bank Details: Include when a separate advising bank is used to communicate the LC to the beneficiary
2. Confirming Bank Details: Include when the LC is confirmed by another bank
3. Transferability Clause: Include when the LC needs to be transferable to another beneficiary
4. Red Clause: Include when advance payment to the beneficiary is permitted
5. Back-to-Back Provisions: Include when the LC is part of a back-to-back arrangement
6. Revolving Terms: Include when the LC is revolving (automatically reinstated)
7. Special Instructions for Bank-to-Bank Reimbursement: Include when specific reimbursement arrangements between banks are required
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: Details of required insurance coverage and document specifications
4. Schedule D - Product Specifications: Technical specifications of goods or services covered by the LC
5. Appendix 1 - UCP 600 Incorporation: Standard text incorporating UCP 600 rules
6. Appendix 2 - Special Banking Instructions: Specific instructions for handling documents and payments
Relevant legal definitions
Clauses
Relevant Industries
Banking
International Trade
Import/Export
Manufacturing
Wholesale
Retail
Shipping and Logistics
Commodities Trading
Agriculture
Energy
Construction
Heavy Industry
Textile Industry
Food and Beverage
Relevant Teams
Trade Finance
International Banking
Treasury
Credit Administration
Risk Management
Compliance
Legal
Operations
Supply Chain
Documentary Credits
International Business Development
Finance
Procurement
Relevant Roles
Trade Finance Manager
International Trade Specialist
Finance Director
Treasury Manager
Credit Manager
Documentary Credits Specialist
Import/Export Manager
Trade Operations Officer
Banking Relationship Manager
Chief Financial Officer
Risk Manager
Compliance Officer
Documentary Collections Specialist
International Business Development Manager
Supply Chain Manager
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