The Irrevocable LC at Sight is a fundamental trade finance instrument widely used in Pakistani international trade transactions. It serves as a secure payment method where the issuing bank makes an irrevocable commitment to pay the beneficiary upon presentation of compliant documents. This document type is particularly crucial in cross-border transactions where parties seek payment security and trade confidence. The document must comply with the State Bank of Pakistan's regulations, the Foreign Exchange Regulation Act, and international banking standards (UCP 600). It's commonly used when sellers require payment security and immediate payment upon shipment of goods and presentation of required documents. The document typically includes detailed specifications of the trade transaction, required documentation, payment terms, and shipping requirements.
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1. Letter of Credit Number: Unique reference number assigned to the LC
2. Date of Issue: Date when the LC is issued
3. Issuing Bank Details: Complete name, address, and SWIFT code of the issuing bank
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: Currency code and amount of the LC in both figures and words
7. Expiry Date and Place: Last date for presentation of documents and location where documents must be presented
8. Payment Terms: Specification that payment is at sight upon presentation of compliant documents
9. Required Documents: Detailed list of all required documents for presentation
10. Shipment Terms: Latest shipment date, partial shipments/transhipment permissions, and shipping details
11. Description of Goods: Detailed description of goods including quantity, unit price, and trade terms (Incoterms)
12. Bank Charges: Specification of which party bears which bank charges
1. Advising Bank Details: Include when LC is advised through a specific bank in beneficiary's country
2. Confirming Bank Details: Include when LC requires confirmation from another bank
3. Transferability Clause: Include when LC needs to be transferable to another beneficiary
4. Special Conditions: Include when there are additional terms or conditions specific to the transaction
5. Reimbursing Bank Details: Include when a specific reimbursing bank is designated
6. Red Clause: Include when advance payment facility is to be provided to the beneficiary
7. Green Clause: Include when storage facility funding is to be provided to the beneficiary
1. Commercial Invoice Template: Prescribed format for the commercial invoice if specific format required
2. Packing List Format: Specified format for the packing list if required
3. Transport Document Requirements: Detailed specifications for transport documents
4. Insurance Document Requirements: Detailed specifications for insurance documents
5. Certificate of Origin Requirements: Specific requirements for Certificate of Origin if required
6. Inspection Certificate Requirements: Format and requirements for inspection certificates if required
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Logistics and Transportation
Commodities Trading
Textile Industry
Agricultural Products
Consumer Goods
Industrial Equipment
Energy and Resources
Pharmaceutical Industry
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Risk Management
Treasury
Operations
Compliance
Legal
Supply Chain
Procurement
International Sales
Shipping and Logistics
Relevant Roles
Trade Finance Manager
Import Manager
Export Manager
Letter of Credit Specialist
International Trade Compliance Officer
Banking Operations Manager
Documentary Credits Officer
Treasury Manager
Chief Financial Officer
Trade Operations Analyst
Risk Management Officer
Supply Chain Manager
Procurement Manager
International Sales Manager
Shipping and Logistics Manager
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