Letters of Credit in Shipping are essential instruments in international trade finance, particularly crucial when parties are operating under different jurisdictions. Under Singapore law, these documents provide a secure method of payment while ensuring compliance with shipping terms and documentation requirements. The Letter of Credit in Shipping serves as a bank's commitment to pay the seller upon presentation of compliant shipping documents, effectively reducing risk for both parties. It incorporates specific requirements for document presentation, shipping terms, and payment conditions, all governed by UCP 600 rules and Singapore's robust commercial law framework.
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1. Issuing Bank Details: Complete details of the bank issuing the Letter of Credit, including name, branch, SWIFT code, and contact information
2. Applicant Information: Full details of the buyer/importer including company name, registration number, address, and contact information
3. Beneficiary Information: Complete details of the seller/exporter including company name, registration number, address, and bank account details
4. Credit Details: Specific information about the LC including amount, currency, form of credit (irrevocable/transferable), and validity period
5. Required Documents: List of all mandatory documents including Bills of Lading, Commercial Invoice, Packing List, and Certificate of Origin
6. Shipment Terms: Details of shipment including ports of loading/discharge, latest shipment date, and delivery terms
7. Payment Terms: Specification of payment conditions, timing, and method of payment
8. Goods Description: Detailed description of goods being traded including quantity, unit price, and specifications
1. Partial Shipments: Include when specifying whether partial shipments are allowed or prohibited
2. Transhipment: Include when specifying whether transhipment is allowed or prohibited
3. Insurance Requirements: Include when specific insurance coverage needs to be specified
4. Special Conditions: Include when there are additional terms or conditions specific to the transaction
5. Transfer Conditions: Include when the LC is transferable and specific transfer conditions need to be outlined
1. Commercial Documents: Attachments including Pro-forma Invoice, Purchase Order, and Sales Contract Reference
2. Technical Documents: Attachments including Product Specifications, Quality Certificates, and Inspection Certificates
3. Transport Documents: Attachments including Original Bill of Lading, Air Waybill, or Road Transport Document
4. Insurance Documents: Attachments including Insurance Policy/Certificate and Coverage Details
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