Letters of Credit and Standby Letters of Credit are fundamental financial instruments used in Pakistani and international trade to facilitate secure transactions between parties. These documents are particularly crucial in situations where parties seek reliable payment security in cross-border trades. The Letter of Credit serves as a bank's guarantee of payment, while the Standby Letter of Credit functions as a backup payment mechanism. Under Pakistani law, these instruments are regulated by the State Bank of Pakistan and must comply with both local banking regulations and international standards such as UCP 600. They are commonly used in import/export transactions, large commercial purchases, and as security instruments in various business dealings. The document includes specific details about payment terms, document requirements, shipment details, and bank obligations, providing a secure framework for international trade transactions.
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1. Letter of Credit Number and Date: Unique identification number and issuance date of the LC
2. Type of Credit: Specification of whether it's an irrevocable LC, standby LC, or other type
3. Parties Details: Full details of the applicant, beneficiary, issuing bank, and advising/confirming bank if applicable
4. Amount and Currency: Credit amount, currency, and any tolerance levels
5. Expiry Date and Place: Validity period and location where credit must be presented
6. Payment Terms: Whether payment is by sight, acceptance, negotiation, or deferred payment
7. Shipment Details: Latest shipment date, partial shipments, transhipment provisions
8. Document Requirements: List of required documents (commercial invoice, transport documents, insurance, etc.)
9. Goods Description: Detailed description of merchandise, quantity, unit price
10. Bank Charges: Allocation of banking charges between parties
11. Special Conditions: Any additional terms or conditions specific to the transaction
1. Confirmation Instructions: Used when confirmation by another bank is requested
2. Transfer Provisions: Include when the LC needs to be transferable
3. Back-to-Back Arrangements: When the LC will be used as security for another LC
4. Red Clause Provisions: Include when advance payment facilities are required
5. Revolving Terms: For LCs that automatically renew under specified conditions
6. Green Clause Provisions: When storage facilities and advance payment are required
7. Islamic Banking Compliance: Required for Shariah-compliant LCs in Pakistan
1. Schedule A - Standard Banking Forms: Required forms from the issuing bank including application forms and terms and conditions
2. Schedule B - Documents Checklist: Detailed checklist of required documents and their specifications
3. Schedule C - Fee Schedule: Breakdown of all applicable banking charges and fees
4. Schedule D - Specimen Signatures: Authorized signatures for the applicant and/or beneficiary
5. Appendix 1 - UCP 600 References: Relevant articles of UCP 600 applicable to this LC
6. Appendix 2 - SBP Guidelines: Applicable State Bank of Pakistan regulations and guidelines
7. Appendix 3 - Payment Schedule: For deferred payment LCs, detailing the payment installments
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