A Clean Letter of Credit is a fundamental trade finance instrument used in international commercial transactions under Pakistani jurisdiction. It represents a bank's irrevocable commitment to pay the beneficiary upon presentation of compliant documents, without requiring additional security or conditions beyond the document presentation itself. This type of letter of credit is particularly useful in established trading relationships where the parties have a degree of mutual trust but still require a secure payment mechanism. The document must comply with Pakistani banking laws, including the Banking Companies Ordinance, 1962, and the Foreign Exchange Regulation Act, 1947, while also adhering to international standards such as UCP 600. It typically includes details of the transaction, payment terms, document requirements, and shipping conditions.
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1. Letter of Credit Number and Date: Unique identification number and issuance date of the LC
2. Issuing Bank Details: Complete name, address, and SWIFT code of the issuing bank
3. Beneficiary Details: Full name and address of the party receiving payment
4. Applicant Details: Full name and address of the party requesting the LC
5. Currency and Amount: Specified currency and maximum amount of the credit
6. Expiry Date and Place: Validity period and location where the LC expires
7. Available With/By: Name of nominated bank and manner of availability (sight, deferred payment, etc.)
8. Shipment Terms: Latest shipment date and delivery terms
9. Payment Terms: Specifics of when and how payment will be made
10. Description of Goods/Services: Brief but clear description of the underlying transaction
11. Required Documents: List of documents required for presentation
12. Additional Conditions: Any specific conditions or requirements that must be met
1. Partial Shipments: Include when specifying whether partial shipments are allowed or prohibited
2. Transhipment: Include when specifying whether transhipment is allowed or prohibited
3. Confirmation Instructions: Include when confirmation from another bank is required
4. Transfer Conditions: Include when the LC is transferable
5. Back-to-Back Provisions: Include when the LC can be used as collateral for another LC
6. Special Payment Conditions: Include when there are specific requirements for payment release
7. Green Clause: Include when advance payment is permitted against storage of goods
8. Red Clause: Include when advance payment is permitted prior to shipment
1. Document Presentation Schedule: Timeline and requirements for document presentation
2. Fee Schedule: Detailed breakdown of all applicable banking charges and fees
3. Required Document Formats: Standard formats for required documents like commercial invoice, transport documents
4. Bank Contact Details: Complete contact information for all banks involved in the transaction
5. SWIFT Message Format: Standard format for SWIFT MT700 series messages
6. Compliance Checklist: List of regulatory compliance requirements and verifications
Authors
Relevant legal definitions
Clauses
Relevant Industries
International Trade
Manufacturing
Import/Export
Banking and Financial Services
Shipping and Logistics
Commodities Trading
Wholesale Distribution
Retail
Agriculture
Mining and Resources
Textiles
Heavy Industry
Relevant Teams
Finance
International Trade Operations
Treasury
Legal
Compliance
Risk Management
Banking Operations
Trade Documentation
Supply Chain
Commercial Operations
Relevant Roles
Trade Finance Manager
International Business Development Manager
Import/Export Coordinator
Treasury Manager
Finance Director
Compliance Officer
Documentary Credits Specialist
Banking Operations Manager
Chief Financial Officer
Trade Operations Officer
Risk Manager
Letters of Credit Specialist
International Trade Specialist
Supply Chain Manager
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