Time Letters of Credit are essential instruments in international trade finance, particularly under Singapore's robust financial framework. When immediate payment isn't required or desired, a Time Letter of Credit provides a secure method for deferred payment, typically ranging from 30 to 180 days after document presentation. The document specifies payment terms, documentation requirements, and compliance conditions, offering protection to both importers and exporters while adhering to Singapore's banking regulations and international standards.
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1. Letter Opening: Letter reference number, date, and bank's letterhead details
2. Issuing Bank Details: Complete identification and contact details of the issuing bank
3. Beneficiary Details: Full name, address and details of the party receiving the Letter of Credit
4. Credit Amount and Currency: Specified amount, currency, and any tolerance levels
5. Maturity Date: Clear specification of when payment becomes due and payment terms
6. Required Documents: Comprehensive list of all documents required for presentation
7. Presentation Period: Timeframe within which documents must be presented
8. Governing Law: Specification of Singapore law and UCP 600 as governing rules
1. Transferability Clause: Terms and conditions for transfer of credit to another beneficiary
2. Partial Shipment Terms: Conditions and specifications regarding partial shipments if applicable
3. Red Clause Provisions: Special provisions for advance payment if this is a red clause credit
4. Revolving Terms: Terms for automatic reinstatement if this is a revolving credit
1. Schedule A - Document Requirements: Detailed specifications for each required document including format and content requirements
2. Schedule B - Payment Terms: Detailed payment conditions, calculations, and any specific instructions
3. Schedule C - Shipping Terms: Shipping arrangements, timeline, and requirements if applicable
4. Appendix 1 - Standard Banking Forms: Required banking forms and formats for document presentation
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