The Letter of Credit 90 Days is a vital trade finance instrument used in South African and international commerce to facilitate secure trade transactions. It provides a payment guarantee from a bank to a seller, with payment due 90 days after compliant document presentation. This document type is particularly relevant when businesses need extended payment terms while maintaining transaction security. It must comply with South African banking regulations, exchange control requirements, and international standards (UCP 600). The LC specifies all conditions for payment, required documentation, shipping terms, and goods descriptions, serving as a crucial tool for managing international trade risks and ensuring payment security for all parties involved.
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1. Issuing Bank Details: Complete identification and contact information of the bank issuing the Letter of Credit
2. Letter of Credit Number: Unique reference number assigned to the LC
3. Date of Issue: Date when the Letter of Credit is issued
4. Applicant Details: Full name, address, and contact information of the buyer/importer requesting the LC
5. Beneficiary Details: Full name, address, and contact information of the seller/exporter
6. Currency and Amount: Specified currency and maximum amount of the Letter of Credit
7. Expiry Date: 90-day validity period with specific expiration date and place
8. Available With/By: Specification of where and how the credit is available (payment, acceptance, negotiation)
9. Partial Shipments/Transhipment: Whether partial shipments or transhipments are allowed or prohibited
10. Loading/Dispatch From: Port of loading or place of dispatch
11. Port of Discharge: Final destination port or place
12. Latest Date of Shipment: Final date by which shipment must be made
13. Goods Description: Detailed description of the goods, quantity, and unit price
14. Required Documents: List of all documents required for presentation
15. Additional Conditions: Any special conditions or requirements for the LC
16. Bank Charges: Specification of which party bears which bank charges
1. Transferability Clause: Include when the LC needs to be transferable to a second beneficiary
2. Red Clause: Include when advance payment to the beneficiary is required
3. Green Clause: Include when storage of goods at destination is part of the arrangement
4. Revolving Credit Terms: Include for ongoing trade relationships with automatic reinstatement provisions
5. Back-to-Back Arrangements: Include when the LC is part of a back-to-back LC structure
6. Insurance Requirements: Include when specific insurance arrangements need to be detailed
7. Special Presentation Instructions: Include when there are specific requirements for document presentation
8. Force Majeure Provisions: Include when specific force majeure conditions need to be addressed
1. Schedule A - Document Requirements: Detailed list and specifications of all required documents including format and number of copies
2. Schedule B - Goods Specification: Detailed technical specifications of the goods, including quality standards and packaging requirements
3. Schedule C - Price Schedule: Detailed breakdown of prices, units, and total amounts
4. Schedule D - Shipping Terms: Specific shipping instructions and requirements
5. Appendix 1 - Standard Banking Forms: Standard forms required by the issuing bank for document presentation
6. Appendix 2 - UCP 600 References: Relevant UCP 600 articles applicable to this specific LC
7. Appendix 3 - Amendment Format: Standard format for future amendments to the LC if required
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Commodities Trading
Retail
Agriculture
Mining
Energy
Telecommunications
Construction
Automotive
Textiles
Consumer Goods
Relevant Teams
Trade Finance
Treasury
International Banking
Risk Management
Financial Operations
Compliance
Supply Chain
Procurement
Credit Control
Documentary Credits
International Trade Operations
Banking Operations
Relevant Roles
Trade Finance Manager
Import/Export Manager
Chief Financial Officer
Treasury Manager
Finance Director
Banking Relationship Manager
Trade Operations Manager
Documentary Credits Specialist
International Trade Specialist
Compliance Officer
Financial Controller
Supply Chain Manager
Procurement Manager
Credit Risk Manager
Letters of Credit Specialist
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