The Bank-to-Bank LC agreement is essential for financial institutions engaged in international trade finance operations. Used when banks need to establish clear protocols for Letter of Credit transactions, this document sets out the framework for cooperation between banks, including document examination standards, payment procedures, and risk management protocols. Under Singapore jurisdiction, it combines local regulatory requirements with international banking practices, particularly relevant for trade finance operations in the Asia-Pacific region. The agreement ensures compliance with both the UCP 600 and Singapore banking regulations while facilitating smooth inter-bank LC operations.
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1. Parties: Identification of issuing and advising/confirming banks including full legal names, registration numbers, and addresses
2. Background: Context of the LC arrangement and relationship between banks, including reference to any master agreements
3. Definitions: Key terms used in the agreement including banking and LC-specific terminology as per UCP 600 and local banking regulations
4. LC Terms and Conditions: Core terms including amount, validity, documentary requirements, and compliance with UCP 600
5. Payment Terms: Reimbursement arrangements between banks, including timing, currency, and payment mechanisms
6. Documentary Requirements: Specific requirements for LC documentation, examination criteria, and compliance standards
7. Bank Obligations: Detailed responsibilities of each bank in the LC process
8. Representations and Warranties: Standard banking representations including authority, capacity, and regulatory compliance
9. Governing Law and Jurisdiction: Singapore law provisions and jurisdiction clauses
1. Confirmation Arrangements: Used when a confirming bank is involved to detail confirmation terms and obligations
2. Electronic Presentation: Terms for electronic document presentation under eUCP rules
3. Force Majeure: Provisions for extraordinary events affecting LC operations
4. Sanctions Compliance: Additional provisions for compliance with international sanctions
1. Schedule 1: Fee Structure: Detailed breakdown of banking charges, commissions, and reimbursement fees
2. Schedule 2: Documentary Requirements: Detailed list of required documents and their specifications
3. Schedule 3: Operations Manual: Procedural guidelines for LC processing and document examination
4. Appendix A: SWIFT Message Formats: Standard formats for LC-related SWIFT messages to be used
5. Appendix B: Sample Documents: Templates of accepted document formats and examination criteria
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