The Confirmed Irrevocable Letter of Credit is a crucial trade finance instrument used when parties seek enhanced payment security in international transactions. Under Singapore law, it combines the payment guarantee of two banks - the issuing bank and the confirming bank - providing maximum security to the beneficiary. This document type is particularly relevant when trading with parties in different jurisdictions or when dealing with substantial transaction values. It includes specific terms regarding payment conditions, document requirements, and compliance with both Singapore banking regulations and international banking practices.
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1. LC Number and Date: Unique identifier for the Letter of Credit and date of issuance
2. Issuing Bank Details: Complete identification and contact details of the bank issuing the LC
3. Confirming Bank Details: Complete identification and contact details of the bank confirming the LC
4. Applicant Details: Full legal name, registration details, and address of the buyer/importer requesting the LC
5. Beneficiary Details: Full legal name, registration details, and address of the seller/exporter in whose favor the LC is issued
6. Currency and Amount: Currency denomination and maximum amount of the LC in both figures and words
7. Validity: Expiry date and place of the LC, including last date for document presentation
8. Required Documents: Comprehensive list of all documents required for presentation under the LC
9. Payment Terms: Specific conditions and timing of payment, including whether payment is at sight or deferred
1. Partial Shipments Clause: Optional clause specifying whether partial shipments are allowed or prohibited
2. Transhipment Terms: Optional section detailing whether and under what conditions transhipment is permitted
3. Transfer Restrictions: Optional clause specifying whether the LC is transferable and any conditions for transfer
4. Special Conditions: Additional terms and conditions specific to the transaction
1. Schedule A - Commercial Invoice Requirements: Detailed specifications for the format and content of commercial invoices
2. Schedule B - Transport Document Requirements: Specific requirements for bills of lading or other transport documents
3. Schedule C - Document Presentation Timeline: Schedule detailing the timeline and process for document presentation
4. Schedule D - Amendment Procedures: Standard procedures and forms for requesting and processing amendments to the LC
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