The Letter of Credit Duration document is essential in international trade financing under Philippine jurisdiction. It specifies the temporal aspects of a Letter of Credit, including validity periods, presentation deadlines, and extension conditions. This document type is particularly crucial in the Philippine context, where it must comply with the New Central Bank Act and BSP regulations while aligning with international standards like UCP 600. The Letter of Credit Duration agreement is typically used when parties need to establish clear timeframes for trade financing, ensuring all stakeholders understand when the credit facility becomes available and when it expires. It's particularly relevant for cross-border transactions where Philippine entities are involved, and needs to account for both local banking practices and international trade requirements.
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1. Letter Reference and Date: Unique reference number and date of the letter
2. Bank Details: Full details of the issuing bank including name, branch, and contact information
3. Applicant Details: Complete information about the party requesting the Letter of Credit
4. Beneficiary Details: Complete information about the party in whose favor the LC is issued
5. LC Reference: Reference number of the original Letter of Credit
6. LC Amount and Currency: Specification of the credit amount and currency
7. Duration Terms: Specific details about the validity period, expiry date, and presentation period
8. Extension Conditions: Terms and conditions under which the duration may be extended
9. Document Requirements: List of required documents for LC utilization
10. Governing Law Statement: Statement confirming Philippine law as governing law
11. Authorized Signatures: Space for bank officials' signatures and stamps
1. Revolving Terms: Include when the LC is revolving in nature, specifying reinstatement conditions
2. Transfer Rights: Include when the LC is transferable, specifying transfer conditions
3. Back-to-Back Provisions: Include for back-to-back LCs, specifying relationship with master LC
4. Red Clause Provisions: Include for red clause LCs, specifying advance payment terms
5. Confirmation Details: Include when LC requires confirmation from another bank
6. Special Instructions: Include when there are specific handling or processing requirements
1. Schedule A - Original LC Terms: Copy or summary of the original Letter of Credit terms
2. Schedule B - Amendment History: List of previous amendments to the LC, if any
3. Schedule C - Required Documents: Detailed list of required documents and their specifications
4. Schedule D - Fee Schedule: Breakdown of all applicable fees and charges
5. Appendix 1 - Bank's Standard LC Terms: Standard terms and conditions of the issuing bank
6. Appendix 2 - UCP 600 Declaration: Statement of applicability of UCP 600 rules
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Retail
Wholesale
Agriculture
Mining
Construction
Telecommunications
Energy
Shipping and Logistics
Commodities Trading
Relevant Teams
Trade Finance
International Banking
Treasury
Legal
Compliance
Risk Management
Operations
Credit Administration
Documentary Credits
Global Transaction Services
Relevant Roles
Trade Finance Manager
International Banking Officer
Credit Manager
Import/Export Manager
Treasury Manager
Trade Operations Officer
Compliance Officer
Documentary Credits Specialist
Finance Director
Chief Financial Officer
Banking Relationship Manager
Trade Finance Analyst
Risk Management Officer
Letter of Credit Specialist
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