The Letter of Credit 30 Days is a fundamental trade finance instrument used in international commerce involving South African parties. It serves as a secure payment mechanism where an issuing bank commits to pay the beneficiary within 30 days of receiving compliant documents, effectively managing risk for both importers and exporters. This document type is particularly relevant in the South African context, where it must comply with both the Banks Act 94 of 1990 and Exchange Control Regulations, while also adhering to international standards such as UCP 600. It's commonly used when parties seek a balance between immediate payment and extended credit terms, providing financial security while facilitating trade flow. The document includes detailed specifications of the transaction, required documentation, and payment conditions, making it essential for businesses engaged in international trade with South African counterparties.
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1. Bank Details: Issuing bank's complete details and reference numbers
2. Date and Place of Issue: When and where the Letter of Credit was issued
3. LC Number: Unique identification number of the Letter of Credit
4. Applicant Details: Full name and address of the party requesting the Letter of Credit (buyer)
5. Beneficiary Details: Full name and address of the party receiving the Letter of Credit (seller)
6. Currency and Amount: Specification of the currency and exact amount of the Letter of Credit
7. Expiry Date: 30-day validity period clearly stated with specific expiration date
8. Payment Terms: Specification of the 30-day payment terms and conditions
9. Required Documents: List of documents required for payment (shipping documents, invoices, etc.)
10. Shipment Terms: Details of shipment including latest shipment date and destination
11. Presentation Period: Time period within which documents must be presented after shipment
12. Governing Law: Statement that South African law governs the Letter of Credit
1. Partial Shipments: Include when partial shipments are allowed or prohibited
2. Transhipment: Include when transhipment is allowed or prohibited
3. Insurance Coverage: Include when specific insurance requirements need to be detailed
4. Special Conditions: Include when there are additional terms or conditions specific to the transaction
5. Transfer Provisions: Include when the Letter of Credit is transferable
6. Back-to-Back Provisions: Include when back-to-back LC arrangements are permitted
7. Confirmation Instructions: Include when confirmation by another bank is required
1. Schedule A - Document Requirements: Detailed list and format of all required documents for payment
2. Schedule B - Goods Description: Detailed description of goods being traded including specifications
3. Schedule C - Payment Schedule: Detailed breakdown of payment terms and timing
4. Appendix 1 - Standard Banking Forms: Required banking forms and formats for document presentation
5. Appendix 2 - UCP 600 References: Specific UCP 600 articles applicable to this Letter of Credit
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Agriculture and Agribusiness
Mining and Resources
Retail
Wholesale Distribution
Logistics and Transportation
Import/Export
Commodities Trading
Textiles and Clothing
Electronics and Technology
Relevant Teams
Finance
Treasury
International Trade
Procurement
Supply Chain
Legal
Risk Management
Trade Operations
Documentary Credits
Compliance
Commercial Banking
Relevant Roles
Trade Finance Manager
Import/Export Manager
Treasury Manager
Financial Controller
Chief Financial Officer
Banking Relationship Manager
Documentary Credits Specialist
International Trade Specialist
Procurement Manager
Supply Chain Manager
Credit Risk Manager
Commercial Banking Officer
Trade Operations Manager
Finance Director
Compliance Officer
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