The Non-Operative Letter of Credit is a crucial document in international trade finance, particularly within the South African context where it must comply with both local banking regulations and international standards. This instrument is typically used when parties seek a secure payment method in cross-border transactions, providing assurance to sellers while protecting buyers' interests. The document details the conditions for payment, required documentation, and compliance requirements under South African banking laws, including the Banks Act 94 of 1990 and Exchange Control Regulations. It serves as a fundamental tool in trade finance, offering a balanced approach to risk management for all parties involved while ensuring adherence to both domestic and international banking practices.
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1. Bank Letterhead and Contact Details: Official letterhead of the issuing bank including full contact details and registration information
2. Letter of Credit Number: Unique reference number for the LC
3. Date of Issuance: Date when the Letter of Credit is issued
4. Beneficiary Details: Full name and address of the party in whose favor the LC is issued
5. Applicant Details: Full name and address of the party requesting the LC
6. Currency and Amount: Specified currency and amount of the Letter of Credit in both figures and words
7. Expiry Date: Date and place of expiry of the Letter of Credit
8. Available With/By: Specification of how and where the LC is available (payment, acceptance, negotiation)
9. Required Documents: Detailed list of documents required for presentation
10. Shipment Terms: Latest shipment date and any specific shipping requirements
11. Presentation Period: Time period within which documents must be presented after shipment
1. Transferability Clause: Include when the LC needs to be transferable to another beneficiary
2. Revolving Terms: Include when the LC is revolving, specifying the revival conditions
3. Red Clause: Include when advance payment to the beneficiary is permitted
4. Back-to-Back Provisions: Include when the LC can be used as collateral for another LC
5. Partial Shipment/Drawing Clause: Include when partial shipments or drawings are allowed or prohibited
6. Special Conditions: Include any transaction-specific conditions or requirements
7. Confirmation Instructions: Include when confirmation by another bank is required
1. Schedule A - Document Requirements: Detailed checklist of required documents and their specifications
2. Schedule B - Payment Terms: Detailed breakdown of payment terms, including any special conditions or timing requirements
3. Schedule C - Shipping Terms: Detailed shipping requirements, including ports, modes of transport, and timing
4. Appendix 1 - UCP 600 Compliance Statement: Statement confirming compliance with UCP 600 rules and any exceptions
5. Appendix 2 - Bank Authorization Forms: Standard forms required by the issuing bank for processing
6. Appendix 3 - Amendment Template: Template for future amendments to the Letter of Credit if needed
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Retail
Commodities Trading
Agriculture
Mining
Energy
Shipping and Logistics
Construction
Relevant Teams
Trade Finance
International Banking
Global Transaction Services
Documentary Credits
Treasury
Compliance
Risk Management
Financial Control
Operations
Legal
Credit Administration
Relevant Roles
Trade Finance Manager
International Banking Officer
Letter of Credit Specialist
Global Transaction Banking Manager
Import/Export Manager
Treasury Manager
Compliance Officer
Trade Operations Manager
Documentary Credits Manager
Banking Relationship Manager
Chief Financial Officer
Financial Controller
Trade Finance Analyst
Risk Management Officer
International Trade Specialist
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