The Beneficiary Letter of Credit serves as a fundamental document in international trade finance, providing security and payment assurance in cross-border transactions. It is particularly crucial in the South African context, where foreign exchange controls and specific banking regulations must be observed. This document is typically used when a seller requires payment security from a buyer's bank, especially in international trade transactions where parties may not have established trading relationships. The Beneficiary Letter of Credit contains detailed terms for payment, document requirements, and compliance conditions, all structured within South Africa's legal framework and international banking practices. It incorporates elements from both local legislation (such as the Banks Act and Exchange Control Regulations) and international standards (UCP 600), making it a robust instrument for trade finance.
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1. Letter Reference and Date: Unique reference number and date of the letter
2. Beneficiary Details: Full legal name and address of the beneficiary
3. Issuing Bank Details: Name and address of the bank issuing the Letter of Credit
4. Letter of Credit Number: The unique LC reference number assigned by the issuing bank
5. Amount and Currency: The credit amount and currency specification
6. Expiry Date and Place: Clear statement of when and where the LC expires
7. Applicant Details: Name and address of the party requesting the LC
8. Available With/By: Details of how and where the credit is available (payment, acceptance, negotiation)
9. Shipment Terms: Latest shipment date and shipment details
10. Document Requirements: List of required documents for presentation
11. Goods Description: Brief description of goods or services covered
12. Special Conditions: Any specific conditions or terms applicable to this LC
13. Governing Law Statement: Confirmation that South African law governs the LC
1. Transferability Clause: Required only if the LC is transferable, specifying transfer conditions
2. Partial Shipment Terms: Include when partial shipments are allowed or prohibited
3. Red Clause Provisions: Include if advance payment provisions are applicable
4. Back-to-Back LC Terms: Required if this LC is part of a back-to-back arrangement
5. Revolving Credit Terms: Include if the LC is revolving rather than single-use
6. Confirmation Instructions: Required if the LC needs confirmation from another bank
7. Deferred Payment Terms: Include if payment is to be made at a future date after document presentation
1. Schedule A - Document Requirements: Detailed list of required documents and their specifications
2. Schedule B - Goods Specification: Detailed description of goods/services, including technical specifications if applicable
3. Schedule C - Payment Terms: Detailed payment conditions and calculations if complex
4. Schedule D - Shipping Terms: Detailed shipping instructions and requirements
5. Appendix 1 - UCP 600 Reference: Specific UCP 600 articles applicable to this LC
6. Appendix 2 - Bank Forms: Standard forms required by the issuing bank for document presentation
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