Import Letters of Credit (LC) are essential instruments in international trade finance, particularly crucial when conducting import transactions under Singapore jurisdiction. The Import LC serves as a secure payment mechanism where the issuing bank commits to pay the exporter upon presentation of compliant documents. It's commonly used when establishing new trading relationships or when required by regulatory frameworks. The document follows UCP 600 rules and Singapore banking regulations, typically including details of the transaction, payment terms, required documents, and shipping conditions. This instrument is particularly relevant in Singapore's position as a major trading hub, providing security and confidence in international trade transactions.
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1. LC Number and Date: Unique identification number and issuance date of the LC
2. Applicant Details: Full name and address of the importer/buyer requesting the LC
3. Beneficiary Details: Full name and address of the exporter/seller
4. Currency and Amount: LC value and currency specification
5. Goods Description: Detailed description of goods being imported
6. Documents Required: List of documents required for LC compliance
7. Shipment Terms: Including latest shipment date and INCOTERMS
8. Expiry Date: Validity period of the LC
1. Partial Shipments: Optional clause specifying whether partial shipments are allowed - used for large orders that may require multiple shipments
2. Transhipment: Optional clause specifying whether transhipment is permitted - used for complex shipping routes or long-distance trades
3. Insurance Coverage: Optional clause detailing specific insurance requirements - used when additional insurance coverage is needed beyond standard terms
1. Commercial Invoice Template: Standard format for invoice presentation
2. Packing List Requirements: Detailed specifications for packing list preparation
3. Transport Document Requirements: Specific requirements for bills of lading or airway bills
4. Insurance Document Requirements: Format and coverage requirements for insurance certificates
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