The Usance Letter of Credit is essential in international trade transactions where buyers require extended payment terms while sellers seek payment security. This document, governed by Dutch law and international banking practices, provides a structured framework for deferred payment arrangements in cross-border transactions. It specifies all terms, conditions, and documentation requirements, typically including detailed information about the goods, shipping requirements, and payment terms. The document adheres to both the Uniform Customs and Practice for Documentary Credits (UCP 600) and Dutch legal requirements, making it particularly suitable for transactions involving Dutch entities or where parties choose Dutch law as the governing law. It enables importers to obtain credit terms while providing exporters with a reliable bank guarantee of payment.
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1. Letter of Credit 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 issuing bank
3. Applicant Details: Full name, address, and contact information of the buyer/importer
4. Beneficiary Details: Full name, address, and contact information of the seller/exporter
5. Credit Amount and Currency: Specification of the L/C amount and currency of payment
6. Credit Type and Availability: Specification that this is a Usance L/C and how/where the credit is available
7. Usance Period: Specific tenor/duration of the usance period (e.g., 60 days, 90 days from Bill of Lading date)
8. Expiry Date and Place: Final date and location for document presentation
9. Required Documents: Detailed list of all required shipping and commercial documents
10. Shipment Terms: Latest shipment date, partial shipments, transhipment provisions
11. Goods Description: Detailed description of goods, quantity, unit price, and trade terms
12. Presentation Period: Time period within which documents must be presented after shipment
13. Governing Law and UCP Reference: Reference to Dutch law and UCP 600 governance
1. Advising Bank Details: Include when a specific advising bank is designated to communicate the L/C to the beneficiary
2. Confirming Bank Details: Include when the L/C requires confirmation from another bank
3. Transferability Clause: Include when the L/C needs to be transferable to another beneficiary
4. Red Clause Provisions: Include when advance payment to the beneficiary is permitted
5. Insurance Instructions: Include when specific insurance requirements differ from standard terms
6. Special Payment Conditions: Include when there are specific conditions for payment beyond standard usance terms
7. Back-to-Back Provisions: Include when the L/C is part of a back-to-back arrangement
8. Deferred Payment Terms: Include when payment terms involve specific deferred payment arrangements beyond standard usance
9. Revolving Credit Terms: Include when the L/C is designed to revolve in value or time
1. Schedule A - Document Requirements: Detailed specifications for each required document including format and content requirements
2. Schedule B - Goods Specifications: Technical specifications, quality requirements, and detailed description of the goods
3. Schedule C - Payment Schedule: Detailed payment terms including usance calculation method and specific dates
4. Appendix 1 - Format of Commercial Invoice: Prescribed format and required contents of the commercial invoice
5. Appendix 2 - Format of Draft/Bill of Exchange: Prescribed format for the usance draft to be drawn
6. Appendix 3 - Shipping Instructions: Detailed instructions regarding shipping, marking, and packaging requirements
Relevant legal definitions
Clauses
Relevant Industries
International Trade
Banking and Financial Services
Manufacturing
Commodity Trading
Retail
Agriculture
Textiles
Heavy Equipment
Electronics
Automotive
Chemical Industry
Energy
Mining
Construction Materials
Relevant Teams
Trade Finance
International Banking
Treasury
Legal
Compliance
Risk Management
Procurement
Supply Chain
Finance
International Sales
Documentary Credits
Banking Operations
Credit Administration
Relevant Roles
Trade Finance Manager
Import Manager
Export Manager
Treasury Manager
Financial Controller
Documentary Credits Specialist
International Trade Specialist
Banking Relationship Manager
Procurement Manager
Supply Chain Manager
Credit Risk Manager
Trade Operations Officer
Chief Financial Officer
International Sales Manager
Compliance Officer
Legal Counsel
Banking Operations Manager
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