The Non-Negotiable Letter of Credit is a crucial document in South African international trade finance, providing payment security while restricting the transfer of payment rights. It is typically used when parties want to ensure that payment rights remain with the original beneficiary, preventing any secondary market trading of the credit. This document is governed by South African law and follows UCP 600 guidelines, making it compatible with international banking practices while maintaining local legal compliance. It contains detailed specifications about payment terms, required documentation, and compliance requirements, serving as a secure payment mechanism in cross-border transactions. The non-negotiable nature makes it particularly suitable for direct trading relationships where the seller (beneficiary) must be the one to present documents and receive payment directly from the bank.
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1. Issuing Bank Details: Complete details of the issuing bank including name, address, SWIFT code, and reference numbers
2. Beneficiary Details: Full name and address of the beneficiary (seller/exporter)
3. Applicant Details: Full name and address of the applicant (buyer/importer)
4. Letter of Credit Number: Unique identification number of the Letter of Credit
5. Currency and Amount: Specified currency and amount of the Letter of Credit in both figures and words
6. Form of Credit: Clear statement that this is a Non-Negotiable Letter of Credit
7. Expiry Date: Explicit expiry date and place for presentation of documents
8. Payment Terms: Specified payment terms including timing and conditions of payment
9. Required Documents: Detailed list of all required documents for presentation
10. Shipment Terms: Details of shipment including latest shipment date and partial shipments allowance
11. Governing Law: Statement that the letter is governed by South African law and UCP 600
1. Advising Bank Details: Details of the advising bank if the credit is advised through another bank
2. Confirmation Instructions: Instructions regarding confirmation if a confirming bank is involved
3. Transhipment Conditions: Include when specific transhipment conditions need to be specified
4. Insurance Requirements: Detailed insurance requirements when required based on shipping terms
5. Special Conditions: Any additional conditions or requirements specific to the transaction
6. Bank Charges: Specification of bank charges when they differ from standard arrangements
7. Transfer Conditions: Include when the credit needs to specify if it is transferable or not
1. Schedule A - Commercial Invoice Requirements: Detailed requirements for the format and content of commercial invoices
2. Schedule B - Transport Document Requirements: Specific requirements for bills of lading or other transport documents
3. Schedule C - Insurance Document Requirements: Detailed requirements for insurance certificates or policies when applicable
4. Schedule D - Certificate of Origin Requirements: Requirements for certificate of origin when required
5. Appendix 1 - Document Presentation Schedule: Timeline and checklist for document presentation
6. Appendix 2 - Bank Contact Details: Complete contact information for all banks involved in the transaction
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Shipping and Logistics
Manufacturing
Wholesale Trade
Commodities Trading
Agriculture
Mining
Retail
Energy
Telecommunications
Relevant Teams
Trade Finance
International Banking
Legal
Compliance
Treasury
Operations
Risk Management
Financial Control
Procurement
Supply Chain
Documentary Credits
Relevant Roles
Trade Finance Manager
International Trade Specialist
Documentary Credits Officer
Import/Export Manager
Treasury Manager
Banking Operations Manager
Compliance Officer
Financial Controller
Chief Financial Officer
Trade Operations Analyst
Letter of Credit Specialist
International Business Development Manager
Supply Chain Manager
Procurement Manager
Legal Counsel
Risk Manager
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