The Straight Letter of Credit serves as a crucial trade finance instrument in Pakistani international commerce, providing a secure payment mechanism for cross-border transactions. This document type is particularly relevant when parties seek a direct payment arrangement without the possibility of negotiation through intermediary banks. The document must comply with both Pakistani banking regulations (including the Foreign Exchange Regulation Act, 1947, and State Bank of Pakistan guidelines) and international standards (UCP 600). A Straight Letter of Credit typically includes detailed specifications of the trade transaction, required documents, payment terms, and conditions that must be met for payment release. It is commonly used in situations where the beneficiary prefers to receive payment directly from the issuing bank rather than through negotiation with other banks, making it a preferred choice for established trading relationships where streamlined payment processing is desired.
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1. Letter of Credit Number: Unique identification number assigned by the issuing bank
2. Date of Issue: Date when the letter of credit is issued
3. Applicant Details: Complete name and address of the party requesting the LC (buyer/importer)
4. Beneficiary Details: Complete name and address of the party in whose favor the LC is issued (seller/exporter)
5. Issuing Bank Details: Name and address of the bank issuing the LC
6. Amount and Currency: The credit amount and currency specification
7. Expiry Date and Place: Date and location where the LC expires
8. Available With/By: Specification of how and where the credit is available (payment, acceptance, or negotiation)
9. Partial Shipments: Whether partial shipments are allowed or prohibited
10. Transhipment: Whether transhipment is allowed or prohibited
11. Loading/Dispatch From: Port of loading or place of dispatch
12. Port of Discharge: Final destination port or place
13. Latest Date of Shipment: Final date by which shipment must be made
14. Description of Goods: Detailed description of the goods being traded
15. Documents Required: List of all documents required for presentation
16. Additional Conditions: Any special conditions or terms specific to this LC
17. Charges: Specification of which party bears which bank charges
18. Presentation Period: Time period for presentation of documents after shipment date
1. Advising Bank Details: Details of the bank advising the LC to the beneficiary, used when there's an intermediary bank
2. Confirmation Instructions: Instructions regarding confirmation, used when confirmation is requested from another bank
3. Reimbursing Bank Details: Details of the bank authorized to reimburse the claiming bank, used in inter-bank settlement arrangements
4. Incoterms: Specific international commercial terms defining responsibilities, used when trade terms need explicit definition
5. Insurance Coverage Requirements: Specific insurance requirements, used when insurance is required as part of the LC
6. Special Payment Conditions: Any special conditions related to payment timing or method, used for specific payment arrangements
7. Transfer Conditions: Conditions under which the LC may be transferred, used for transferable LCs
1. Commercial Invoice Template: Prescribed format for the commercial invoice if specific requirements exist
2. Packing List Requirements: Detailed specifications for how goods should be packed and listed
3. Transport Document Requirements: Specific requirements for bills of lading or other transport documents
4. Inspection Certificate Requirements: Format and requirements for any required inspection certificates
5. Bank Draft Format: Template for bank drafts if required under the LC
6. Product Specifications: Detailed technical specifications of the goods being traded
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Retail
Agriculture
Textiles
Automotive
Electronics
Pharmaceuticals
Energy
Mining
Construction
Chemical Industry
Food and Beverage
Shipping and Logistics
Relevant Teams
Trade Finance
International Banking
Global Operations
Credit Risk
Compliance
Treasury
Documentary Credits
Banking Operations
Finance
Procurement
Supply Chain
Legal
Sales
Account Management
Relevant Roles
Trade Finance Manager
International Banking Officer
Letter of Credit Specialist
Import Manager
Export Manager
Compliance Officer
Treasury Manager
Documentary Credits Manager
Global Trade Operations Manager
Banking Relationship Manager
Chief Financial Officer
Finance Director
International Sales Manager
Procurement Manager
Supply Chain Manager
Credit Risk Officer
Trade Operations Analyst
Banking Operations Manager
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