The Letter of Credit Agreement is a crucial document in international trade finance within the Pakistani jurisdiction. It is used when a business needs to establish a letter of credit facility with a bank to facilitate international trade transactions. The agreement outlines the relationship between the bank and the applicant, setting forth terms for issuing letters of credit, including facility limits, collateral requirements, fees, and compliance obligations. It incorporates requirements from Pakistani banking laws, State Bank of Pakistan regulations, and international banking practices (UCP 600). This document is essential for businesses engaged in import/export activities, providing security and payment assurance for international trade transactions while ensuring compliance with local and international banking standards.
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1. Parties: Identifies the bank issuing the letter of credit, the applicant (buyer), and any other relevant parties
2. Background: Explains the context of the agreement and the parties' intention to establish a letter of credit facility
3. Definitions: Defines key terms used throughout the agreement
4. Letter of Credit Facility: Details the type, amount, and nature of the LC facility being provided
5. Conditions Precedent: Lists conditions that must be satisfied before the LC facility becomes available
6. Application and Issuance Procedure: Outlines the process for applying for and issuing letters of credit under the facility
7. Fees and Charges: Specifies all fees, commissions, and charges applicable to the LC facility
8. Security and Margin Requirements: Details the security arrangements and margin requirements for the LC facility
9. Representations and Warranties: States the legal assurances provided by the applicant
10. Covenants: Lists ongoing obligations of the applicant during the term of the agreement
11. Events of Default: Specifies circumstances that constitute default and their consequences
12. Term and Termination: States the duration of the agreement and conditions for termination
13. Governing Law and Jurisdiction: Specifies Pakistani law as governing law and defines jurisdiction for disputes
1. Multilateral LC Provisions: Additional provisions for LCs involving multiple banks or correspondents
2. Foreign Currency Provisions: Special terms for LCs issued in foreign currencies
3. Revolving LC Terms: Specific provisions for revolving letter of credit facilities
4. Back-to-Back LC Arrangements: Terms for back-to-back LC arrangements, if applicable
5. Electronic Presentation: Terms for electronic presentation of documents under the LC
6. Force Majeure: Provisions dealing with unforeseen circumstances affecting LC operations
7. Assignment Provisions: Terms governing the assignment of rights under the LC agreement
1. Schedule 1 - LC Application Form: Standard form for applying for individual LCs under the facility
2. Schedule 2 - Fee Schedule: Detailed breakdown of all applicable fees and charges
3. Schedule 3 - Security Documents: List and copies of required security documents
4. Schedule 4 - Authorized Signatories: List of persons authorized to act on behalf of the applicant
5. Schedule 5 - Standard LC Formats: Approved formats for different types of LCs
6. Appendix A - Documentary Requirements: List of required documents for different types of LCs
7. Appendix B - Compliance Certificates: Templates for periodic compliance certifications
8. Appendix C - Bank's Standard Terms: Bank's standard terms and conditions for LC operations
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Retail
Wholesale
Commodities Trading
Agriculture
Textiles
Energy
Construction
Pharmaceuticals
Relevant Teams
Legal
Finance
Treasury
International Trade
Compliance
Risk Management
Corporate Banking
Trade Operations
Credit Administration
Documentary Credits
Relevant Roles
Trade Finance Manager
Import/Export Manager
Chief Financial Officer
Treasury Manager
Finance Director
Banking Relationship Manager
Credit Manager
International Trade Specialist
Compliance Officer
Legal Counsel
Risk Manager
Corporate Banking Officer
Documentary Credits Specialist
Financial Controller
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