The Domestic LC is a crucial financial instrument in Singapore's commercial landscape, providing payment security for transactions within the country. When using a Domestic LC, parties benefit from Singapore's robust banking framework and clear regulatory environment. The document typically includes detailed payment terms, document requirements, and validity periods, all governed by local banking regulations and MAS guidelines. This type of contract is particularly useful when parties seek a secure payment mechanism with bank-backed guarantees for domestic trade, construction projects, or supply chain transactions.
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1. Applicant Details: Full identification and contact details of the LC applicant, including registered business name, registration number, and address
2. Beneficiary Details: Complete identification details of the LC beneficiary, including business name, registration number, and address
3. Credit Amount and Currency: Specified amount of the Letter of Credit and the currency in which it is denominated
4. Validity Period: Expiry date of the LC and the last date for presentation of documents
5. Payment Terms: Detailed payment conditions, timing, and method of payment
6. Required Documents: Comprehensive list of documents required for LC settlement and compliance
1. Partial Shipments Clause: Optional clause specifying whether partial shipments are allowed under the LC
2. Transhipment Terms: Optional terms specifying whether and under what conditions transhipment is permitted
3. Special Conditions: Additional terms or conditions specific to this LC transaction
4. Amendment Procedures: Optional section detailing the process for making amendments to the LC
1. Schedule 1 - Application Form: Standard bank LC application form with all required fields completed
2. Schedule 2 - Supporting Documents: Collection of relevant purchase orders, invoices, or contracts supporting the LC
3. Schedule 3 - KYC Documentation: Required customer due diligence documents as per regulatory requirements
4. Schedule 4 - Compliance Checklist: Checklist ensuring compliance with relevant MAS notices and regulations
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