The Irrevocable Confirmed LC at Sight is a fundamental trade finance instrument used in international commercial transactions where parties seek maximum payment security. This document type is particularly relevant in the South African context, where it must comply with the Banks Act 94 of 1990, Exchange Control Regulations, and international banking practices (UCP 600). It provides a dual bank guarantee through both the issuing and confirming banks, offering enhanced security for cross-border transactions. The document is typically used when dealing with new trading partners, high-value transactions, or when trading in politically or economically volatile regions. It includes detailed specifications for payment conditions, required documentation, shipping terms, and bank obligations, ensuring that all parties have clear guidelines for the transaction's completion.
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1. LC Number and Date: Unique Letter of Credit reference number and date of issuance
2. Bank Details: Complete details of the Issuing Bank, Confirming Bank, and Advising Bank
3. Applicant Details: Full name and address of the applicant (buyer/importer)
4. Beneficiary Details: Full name and address of the beneficiary (seller/exporter)
5. Currency and Amount: LC amount in figures and words, and currency specification
6. Availability and Expiry: How and where the credit is available, expiry date and place
7. Shipment Terms: Latest shipment date, partial shipments, transhipment provisions
8. Payment Terms: Specification of payment at sight upon document presentation
9. Required Documents: Detailed list of required documents for presentation
10. Special Conditions: Any specific conditions or requirements for the LC
11. UCP Declaration: Statement of governance under UCP 600
1. Transfer Provisions: Include when the LC needs to be transferable to another beneficiary
2. Back-to-Back Provisions: Include when the LC will be used as collateral for another LC
3. Insurance Requirements: Include when specific insurance requirements exceed standard provisions
4. Pre-Shipment Inspection: Include when goods require inspection before shipment
5. Swift Instructions: Include when specific SWIFT message requirements need to be detailed
6. Reimbursement Instructions: Include when special reimbursement arrangements are required
1. Schedule A - Goods Description: Detailed specification of goods including quantity, unit price, and total value
2. Schedule B - Document Requirements: Detailed list of required documents with specific format and content requirements
3. Schedule C - Shipping Terms: Detailed shipping instructions including ports, modes of transport, and delivery terms
4. Appendix 1 - Bank Format Requirements: Specific formatting requirements for banking documents
5. Appendix 2 - Special Instructions: Any additional special instructions for document preparation or presentation
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Commodities Trading
Retail
Agriculture
Mining
Energy
Telecommunications
Automotive
Textiles
Consumer Goods
Chemical Industry
Construction
Relevant Teams
Trade Finance
International Banking
Global Transaction Services
Export Operations
Import Operations
Treasury
Compliance
Risk Management
Financial Control
Trade Operations
Documentary Credits
International Business Development
Supply Chain Operations
Relevant Roles
Trade Finance Manager
International Trade Specialist
Documentary Credits Officer
Export Manager
Import Manager
Treasury Manager
Financial Controller
Banking Relationship Manager
Compliance Officer
Trade Operations Manager
Risk Manager
Supply Chain Manager
Chief Financial Officer
Documentary Collections Specialist
Letters of Credit Specialist
International Business Development Manager
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