The Letter of Credit 60 Days is a crucial trade finance instrument commonly used in South African international trade transactions where deferred payment terms are required. It provides security to sellers while offering buyers extended payment terms, making it particularly valuable in cross-border transactions. The document is governed by South African law, specifically the Bills of Exchange Act 34 of 1964, and incorporates international banking practices under UCP 600. It includes detailed specifications of the payment obligations, required documentation, shipping terms, and compliance requirements. This type of LC is particularly useful when businesses need to balance cash flow management with trade security, as the 60-day term provides breathing room for the buyer while maintaining the seller's confidence through bank backing.
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1. Letter of Credit Number: Unique reference number for the Letter of Credit
2. Date of Issue: Date when the Letter of Credit is issued
3. Applicant Details: Full name, address and contact details of the party requesting the Letter of Credit (buyer/importer)
4. Beneficiary Details: Full name, address and contact details of the party in whose favor the Letter of Credit is issued (seller/exporter)
5. Issuing Bank Details: Name, address and contact details of the bank issuing the Letter of Credit
6. Amount and Currency: The credit amount and currency specification
7. Expiry Date: Date and place of expiry of the Letter of Credit
8. Payment Terms: Specification of 60-day payment terms and conditions for claiming payment
9. Required Documents: List of documents required for presentation
10. Shipment Terms: Details of shipment including latest shipment date and partial shipments status
11. Governing Law: Specification of South African law as governing law
1. Advising Bank Details: Details of the bank advising the credit to the beneficiary, used when there's an intermediary bank
2. Confirmation Instructions: Instructions regarding confirmation, used when confirmation by another bank is required
3. Transferability Clause: Section specifying if the Letter of Credit is transferable, included when transfer to second beneficiary might be needed
4. Insurance Requirements: Specific insurance requirements, included when insurance is arranged by the applicant
5. Special Conditions: Any additional terms or conditions specific to the transaction
6. Back-to-Back Provisions: Included when the Letter of Credit is part of a back-to-back arrangement
1. Schedule A - Document Requirements: Detailed list of required documents and their specifications
2. Schedule B - Product Specifications: Detailed description of goods or services covered by the Letter of Credit
3. Schedule C - Payment Schedule: Detailed breakdown of payment terms and calculations
4. Appendix 1 - UCP 600 Compliance: Specific provisions ensuring compliance with UCP 600 rules
5. Appendix 2 - Bank Forms: Standard forms required by the issuing bank for processing
Authors
Relevant legal definitions
Clauses
Relevant Industries
International Trade
Banking & Financial Services
Manufacturing
Import/Export
Retail
Agriculture
Mining
Textiles
Technology
Automotive
Energy
Construction
Relevant Teams
Trade Finance
Treasury
International Banking
Risk Management
Legal & Compliance
Supply Chain
Procurement
Credit Administration
Documentary Credits
International Sales
Finance
Commercial Banking
Relevant Roles
Trade Finance Manager
Import/Export Manager
Treasury Manager
Financial Controller
Chief Financial Officer
Trade Operations Officer
Documentary Credits Specialist
International Business Manager
Supply Chain Manager
Procurement Manager
Banking Relationship Manager
Credit Risk Officer
Commercial Banking Officer
Trade Compliance Officer
International Sales Manager
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