The Non-Negotiable Letter of Credit is a crucial trade finance instrument used when parties seek payment security with restricted transferability. Under Singapore law, it provides a bank's commitment to pay against compliant documents while preventing the beneficiary from transferring their rights. This document type is particularly relevant in situations where the applicant wants to ensure the payment reaches only the intended beneficiary. It incorporates specific requirements under Singapore's banking regulations, UCP 600, and international banking practices, making it a robust tool for international trade finance.
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1. Letter Header: Bank letterhead, reference number, and date
2. Issuing Bank Details: Full name, address, and contact information of the issuing bank
3. Beneficiary Details: Complete name, address, and reference details of the credit beneficiary
4. Credit Amount and Currency: Specified amount of the credit and currency denomination
5. Expiry Details: Date and place of expiry of the credit
6. Required Documents: Comprehensive list of documents required for credit utilization
7. Payment Terms: Specific conditions and timing for payment execution
8. Applicable Rules: Reference to UCP 600 and other applicable rules
1. Partial Shipments Clause: Clause specifying whether partial shipments are allowed or prohibited, used in trade-related credits
2. Transhipment Terms: Terms specifying whether transhipment is permitted, required for international trade transactions
3. Transfer Restrictions: Specific limitations on transfer rights of the credit
4. Special Conditions: Any additional terms or conditions specific to the transaction
1. Document Requirements Schedule: Detailed specifications for each required document including format, content, and presentation requirements
2. Commercial Terms Appendix: Detailed commercial terms and conditions governing the credit
3. Bank Forms: Standard forms and formats required by the issuing bank for credit utilization
4. Fee Schedule: Breakdown of all applicable banking charges and fees
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