The Outstanding Letter of Credit serves as a fundamental instrument in international trade finance, particularly within the Pakistani banking sector. It is typically used when a Pakistani importer (applicant) needs to provide payment security to an international seller (beneficiary), or vice versa. The document outlines the bank's commitment to pay the beneficiary upon presentation of specified documents that comply with the terms and conditions stated in the letter of credit. Operating under Pakistani banking laws and regulations, particularly those set by the State Bank of Pakistan, and following international practices (UCP 600), this instrument helps mitigate risks in international trade by providing a secure payment mechanism. The Outstanding Letter of Credit includes crucial details such as credit amount, validity period, required documents, shipment terms, and payment conditions, making it an essential tool for businesses engaged in cross-border trade.
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1. Letter Reference Number and Date: Unique identification number and issuance date of the LC
2. Bank Details: Complete details of the issuing bank including branch and contact information
3. Applicant Details: Full name, address and contact details of the party requesting the LC
4. Beneficiary Details: Complete information of the party in whose favor the LC is issued
5. Credit Amount and Currency: Specific amount and currency of the LC
6. Expiry Date and Place: Clear statement of when and where the LC expires
7. Form of Credit: Whether sight, deferred payment, acceptance, or negotiation
8. Available With: Specifying which bank the credit is available with and how
9. Shipment Terms: Details of shipment including latest shipment date and partial shipments
10. Required Documents: Comprehensive list of all documents required for presentation
11. Payment Terms: Specific conditions and timing of payment
12. Special Conditions: Any additional terms or conditions specific to this LC
1. Transferability Clause: Include when the LC needs to be transferable to another beneficiary
2. Back-to-Back Provisions: Include when the LC may be used as collateral for another LC
3. Red Clause Provisions: Include when advance payment facilities are to be provided
4. Revolving Credit Terms: Include when the LC is meant to be automatically renewed
5. Confirmation Instructions: Include when confirmation from another bank is required
6. Standard Force Majeure Clause: Include when specifically requested by parties
1. Schedule A - Commercial Invoice Requirements: Detailed specifications for acceptable commercial invoice format and content
2. Schedule B - Transport Document Requirements: Specific requirements for bills of lading or other transport documents
3. Schedule C - Insurance Document Requirements: Details of required insurance coverage and acceptable documentation
4. Appendix 1 - Document Presentation Schedule: Timeline and process for document presentation
5. Appendix 2 - Bank Charges Schedule: Breakdown of all applicable bank charges and responsible parties
6. Appendix 3 - Amendments Format: Standard format for any future amendments to the LC
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Retail
Agriculture
Textiles
Energy
Pharmaceuticals
Automotive
Construction
Mining
Technology and Electronics
Chemical Industry
Food and Beverage
Relevant Teams
Trade Finance
International Banking
Credit Operations
Risk Management
Compliance
Treasury
Finance
Procurement
Supply Chain
Legal
International Business Development
Relevant Roles
Trade Finance Manager
Import Manager
Export Manager
Credit Manager
Financial Controller
Treasury Manager
Banking Relationship Manager
International Trade Specialist
Documentary Credits Officer
Compliance Officer
Risk Manager
Chief Financial Officer
Supply Chain Manager
Procurement Manager
International Business Development Manager
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