The 60-day Letter of Credit is a crucial trade finance instrument used in international commerce when parties seek a secure payment method with extended payment terms. It is particularly relevant under Singapore law, which provides a well-established legal framework for trade finance. The document specifies all payment conditions, required documentation, and the 60-day payment period, offering protection to both buyer and seller while ensuring compliance with Singapore banking regulations and international standards. This type of LC is commonly used when buyers require additional time to manage cash flow while providing sellers with bank-backed payment security.
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1. LC Number and Date: Unique identification number and issuance date of the Letter of Credit
2. Applicant Details: Full name, address, and contact information of the buyer/importer requesting the LC
3. Beneficiary Details: Full name, address, and contact information of the seller/exporter receiving the LC
4. Issuing Bank Details: Name and details of the bank issuing the Letter of Credit
5. Amount and Currency: Specified value of the LC and currency of payment
6. Expiry Terms: 60-day validity period specifications and payment terms
7. Required Documents: Comprehensive list of documentation required for payment processing
8. Shipping Terms: Specific requirements for shipment including latest shipment date and destination
1. Partial Shipments Clause: Optional clause specifying whether partial shipments are permitted and under what conditions
2. Transhipment Terms: Optional terms governing the transfer of goods between vessels during transit
3. Special Insurance Requirements: Additional insurance specifications beyond standard coverage requirements
4. Bank Confirmation: Optional confirmation by a second bank, adding their guarantee to the LC
1. Commercial Invoice Template: Standard format for presenting the commercial invoice
2. Bill of Lading Requirements: Detailed specifications for acceptable shipping documentation
3. Insurance Certificate Requirements: Specific requirements for insurance documentation
4. Packing List Format: Standardized format for presenting the packing list
5. Document Presentation Schedule: Timeline and requirements for document presentation
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