Commercial Letters of Credit are fundamental instruments in international trade finance, providing security and payment assurance to parties involved in cross-border transactions. In Pakistan, these documents are extensively used for import and export transactions, governed by both local banking regulations and international practices. The Commercial Letter of Credit serves as a bank's irrevocable commitment to pay, typically used when businesses need to mitigate the risks associated with international trade. It incorporates elements from Pakistani banking laws, State Bank of Pakistan directives, and international standards like UCP 600, making it a comprehensive document that bridges the gap between domestic and international trade requirements. The document is particularly crucial in situations where parties need a secure payment mechanism, ensuring that sellers receive payment upon presenting compliant documents while providing buyers with assurance about the shipment of goods.
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1. Letter of Credit Number and Date: Unique LC identification number and issuance date
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. Currency and Amount: LC amount in figures and words, and specified currency
6. Form of Credit: Specification that this is an irrevocable commercial letter of credit
7. Expiry Date and Place: Validity period and location where the LC expires
8. Payment Terms: Specification of payment conditions (sight, deferred, acceptance, or negotiation)
9. Documents Required: Detailed list of required documents for LC settlement
10. Goods Description: Precise description of merchandise, quantity, unit price, and trade terms
11. Shipment Terms: Shipment deadline, partial shipments, transhipment conditions
12. Presentation Period: Time frame for document presentation after shipment
1. Advising Bank Details: Include when a specific bank is designated to advise the LC to the beneficiary
2. Confirmation Instructions: Include when confirmation is requested from another bank
3. Transfer Conditions: Include when the LC is transferable to other beneficiaries
4. Special Conditions: Include when there are additional requirements or conditions specific to the transaction
5. Insurance Coverage Requirements: Include when specific insurance requirements need to be detailed
6. Port Restrictions: Include when specific ports must be used or avoided
7. Pre-shipment Inspection: Include when inspection before shipment is required
1. Schedule A - Document Requirements: Detailed checklist of required documents and their specifications
2. Schedule B - Goods Specifications: Detailed technical specifications of the goods
3. Schedule C - Payment Schedule: If using deferred payment, schedule of installment dates and amounts
4. Appendix 1 - Bank Format Requirements: Specific formatting requirements for banking documents
5. Appendix 2 - Shipping Documents Format: Templates or formats for required shipping documents
6. Appendix 3 - Amendment Procedure: Procedures for requesting and processing LC amendments
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Retail
Wholesale
Commodities
Textiles
Agriculture
Mining
Technology
Automotive
Pharmaceuticals
Energy
Construction
Relevant Teams
Trade Finance
International Banking
Risk and Compliance
Treasury
Finance
Legal
Operations
Supply Chain
Procurement
Documentary Credits
International Trade Operations
Banking Operations
Relevant Roles
Trade Finance Manager
Import Manager
Export Manager
Banking Operations Manager
Letter of Credit Specialist
International Trade Specialist
Compliance Officer
Risk Manager
Treasury Manager
Chief Financial Officer
Banking Relationship Manager
Documentary Credits Manager
Trade Operations Officer
Finance Director
Supply Chain Manager
Procurement Manager
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