The Import Documentary Letter of Credit serves as a fundamental trade finance instrument in international commerce. It is particularly crucial when parties seek secure payment methods in cross-border transactions. Under Singapore law, which is renowned for its sophisticated financial and trading framework, this document provides a structured mechanism for importers to assure payment to exporters while protecting their interests through documentary requirements. The Import Documentary Letter of Credit includes specific terms regarding payment conditions, document requirements, timeframes, and compliance standards, all aligned with both Singapore's legal framework and international banking practices such as UCP 600.
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1. LC Number and Reference: Unique identification number and reference details of the Letter of Credit
2. Issuing Bank Details: Complete name, address, and contact information of the issuing bank
3. Applicant Details: Complete name, address, and contact information of the importer/buyer
4. Beneficiary Details: Complete name, address, and contact information of the exporter/seller
5. Currency and Amount: LC value, currency denomination, and any tolerance levels
6. Validity and Expiry: Date and place of expiry of the LC, including presentation period
7. Shipment Terms: Latest shipment date, delivery terms, port of loading and discharge
8. Required Documents: Comprehensive list of documents required for presentation under the LC
1. Transferability Clause: Optional clause specifying whether and how the LC can be transferred to another beneficiary
2. Partial Shipments: Optional clause indicating whether partial shipments are allowed and any related conditions
3. Transhipment: Optional clause specifying whether transhipment is permitted and under what conditions
4. Red Clause: Optional clause allowing for advance payment to the beneficiary before document presentation
5. Green Clause: Optional clause allowing for advance payment against warehouse receipts
1. Commercial Invoice Template: Standard format and requirements for commercial invoice presentation
2. Packing List Requirements: Detailed specifications for packing list preparation and presentation
3. Transport Document Requirements: Specific requirements and formats for bills of lading or air waybills
4. Insurance Document Requirements: Detailed requirements for insurance documentation including coverage terms
5. Inspection Certificate Requirements: Format and requirements for inspection certificates if required
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