The International Letter of Credit is a crucial document in international trade finance, particularly relevant in the Pakistani context where it must comply with both local banking regulations and international standards. It serves as a secure payment mechanism where a bank guarantees payment to a seller on behalf of a buyer, typically used in cross-border transactions where parties seek to minimize trading risks. The document is governed by Pakistani banking laws, including the Banking Companies Ordinance 1962 and Foreign Exchange Regulation Act 1947, while also adhering to international UCP 600 guidelines. It includes detailed specifications about payment terms, shipping requirements, document presentation deadlines, and bank obligations. This instrument is particularly important in Pakistan's import/export sector, providing security to international trading partners while ensuring compliance with local foreign exchange regulations.
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1. Letter of Credit Number and Date: Unique identification number and issuance date of the LC
2. Advising Bank Details: Complete details of the bank advising the LC to the beneficiary
3. Issuing Bank Details: Complete information of the bank issuing the LC
4. Applicant Details: Full name, address, and contact information of the buyer/importer
5. Beneficiary Details: Full name, address, and contact information of the seller/exporter
6. Currency and Amount: The currency and maximum amount available under the LC
7. Form of Documentary Credit: Specification of whether the LC is irrevocable, confirmed, transferable, etc.
8. Expiry Date and Place: The date and location where the LC expires
9. Shipment Terms: Latest shipment date, partial shipments, transhipment conditions
10. Required Documents: Detailed list of all documents required for presentation
11. Goods Description: Precise description of the merchandise, quantity, unit price
12. Payment Terms: Specification of when and how payment will be made
13. Presentation Period: Time period within which documents must be presented after shipment
1. Reimbursing Bank Details: Include when a third bank is designated for reimbursement
2. Transferability Conditions: Required when the LC is transferable, specifying conditions for transfer
3. Confirmation Instructions: Include when confirmation is requested from the advising bank
4. Red Clause Provisions: Include when advance payment is permitted under the LC
5. Green Clause Provisions: Include when storage-related advances are permitted
6. Back-to-Back Provisions: Include when the LC can be used as collateral for another LC
7. Revolving Terms: Include for revolving LCs, specifying reinstatement conditions
1. Schedule A - Document Requirements: Detailed checklist of required documents and their specific requirements
2. Schedule B - Goods Specifications: Detailed technical specifications of the goods being traded
3. Schedule C - Special Payment Conditions: Any special conditions or requirements for payment
4. Appendix 1 - Standard Banking Forms: Standard forms required for document presentation
5. Appendix 2 - Shipping Instructions: Detailed shipping and delivery instructions
6. Appendix 3 - Inspection Requirements: Requirements for pre-shipment inspection if applicable
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Retail
Agriculture
Textiles
Mining
Oil and Gas
Pharmaceuticals
Automotive
Electronics
Construction Materials
Chemical Industry
Food and Beverage
Relevant Teams
Trade Finance
International Banking
Corporate Banking
Legal
Compliance
Treasury
Risk Management
Operations
Documentary Credits
International Sales
Supply Chain
Finance
Procurement
Credit Administration
Relevant Roles
Trade Finance Manager
International Business Development Manager
Import/Export Coordinator
Letter of Credit Specialist
Trade Operations Officer
Compliance Officer
Financial Controller
Treasury Manager
Banking Relationship Manager
Documentary Credit Officer
Chief Financial Officer
International Sales Manager
Supply Chain Manager
Trade Documentation Specialist
Risk Management Officer
Corporate Banking Officer
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