The Red Letter of Credit evolved as a response to complex international trade requirements in high-risk scenarios. Under Singapore's robust financial framework, this instrument provides additional security layers beyond standard Letters of Credit. It is typically employed when dealing with new trading partners, politically volatile regions, or high-value transactions. The Red Letter of Credit includes stringent documentation requirements, specific conditions for payment release, and often requires additional bank verification steps. Its use is particularly prevalent in Singapore's role as a major international trading hub.
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1. Letter of Credit Number: Unique identifier for the LC
2. Issuing Bank Details: Complete information of the bank issuing the LC including name, branch, SWIFT code, and contact information
3. Applicant Details: Full information of the party requesting the LC including legal name, registration number, address, and contact details
4. Beneficiary Details: Complete information of the party receiving the LC including legal name, registration number, address, and bank details
5. Amount and Currency: Value of the LC and specified currency, including both numerical and words format
6. Expiry Date: Validity period of the LC and place of expiry
7. Governing Law and Jurisdiction: Specification of Singapore law as governing law and jurisdiction for disputes
1. Transferability Clause: Optional clause allowing LC to be transferable to another beneficiary, used when dealing with intermediaries or multiple suppliers
2. Revolving Credit Clause: Optional clause for automatic renewal of credit, typically used for ongoing trade relationships
3. Confirmation Instructions: Optional instructions regarding confirmation by another bank, used when additional bank security is required
4. Partial Shipment/Drawing Clause: Optional clause specifying whether partial shipments or drawings are allowed
1. Schedule A - Documentary Requirements: Comprehensive list of required documents for LC activation including commercial invoices, bills of lading, certificates of origin, etc.
2. Schedule B - Terms and Conditions: Detailed conditions for LC execution including presentation period, shipping terms, and special conditions
3. Schedule C - Bank Standard Forms: Standard forms required by the issuing bank for LC processing
4. Schedule D - UCP 600 Incorporation: Specific reference to and incorporation of relevant UCP 600 articles
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