The Usance LC is a crucial trade finance instrument used in international commerce when buyers require extended payment terms while ensuring sellers receive payment security. This document type is particularly relevant in the South African context, where it must comply with local banking regulations, foreign exchange controls, and international trade laws. The Usance LC specifies the deferred payment period, typically ranging from 30 to 180 days after document presentation or shipment, and includes detailed terms regarding document requirements, shipping conditions, and payment obligations. It serves as a bank's irrevocable commitment to pay, subject to compliance with specified conditions, making it an essential tool for facilitating international trade while managing cash flow and risk for both parties. The document must align with both South African legislative requirements and international banking practices under UCP 600.
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1. Letter of Credit Number: Unique identification number of the LC
2. Date of Issue: Date when the LC is issued
3. Issuing Bank Details: Complete name, address, and SWIFT code of the issuing bank
4. Applicant Details: Full name, address, and registration details of the party requesting the LC
5. Beneficiary Details: Full name, address, and banking details of the party in whose favor the LC is issued
6. Currency and Amount: Specified currency and amount of the LC in both figures and words
7. Type of Credit: Specification as Usance LC and its key characteristics
8. Tenor Details: Specific payment terms and usance period (e.g., 60 days, 90 days from Bill of Lading date)
9. Documents Required: Comprehensive list of required documents for LC negotiation
10. Shipment Terms: Details of shipment including latest shipment date, partial shipment, and transshipment conditions
11. Port Details: Ports of loading and discharge
12. Expiry Details: Expiry date and place of the LC
13. Presentation Period: Time period within which documents must be presented after shipment
14. Governing Law: Specification of South African law as governing law
15. UCP Reference: Reference to UCP 600 compliance
1. Advising Bank Details: Include when LC is advised through a specific bank
2. Confirmation Instructions: Include when confirmation is requested from another bank
3. Transfer Conditions: Include if the LC is transferable
4. Special Conditions: Include any additional terms specific to the transaction
5. Revolving Terms: Include if the LC is revolving
6. Red Clause Provisions: Include if advance payment provisions are required
7. Back-to-Back Provisions: Include if LC is part of a back-to-back arrangement
8. Insurance Requirements: Include specific insurance requirements if not covered in standard terms
1. Schedule A - Document Requirements: Detailed list of required documents and their specifications
2. Schedule B - Goods Description: Detailed description of goods, including specifications, quantity, and unit price
3. Schedule C - Payment Schedule: Breakdown of payment terms and usance period calculations
4. Schedule D - Bank Charges: Detailed breakdown of all applicable bank charges and their allocation
5. Appendix 1 - Standard Terms and Conditions: General terms and conditions applicable to the LC
6. Appendix 2 - Form of Draft/Bill of Exchange: Template for the bill of exchange to be drawn under the LC
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Agriculture and Agribusiness
Mining and Resources
Retail
Automotive
Textiles and Clothing
Energy and Utilities
Construction and Infrastructure
Shipping and Logistics
Import/Export
Commodities Trading
Relevant Teams
Trade Finance
International Banking
Global Transaction Services
Documentary Credits
Risk Management
Compliance
Treasury
Operations
Legal
Commercial Banking
Corporate Banking
Relevant Roles
Trade Finance Manager
International Trade Specialist
Letter of Credit Officer
Import/Export Manager
Treasury Manager
Trade Operations Officer
Documentary Credits Specialist
Global Transaction Banking Officer
Risk Management Officer
Compliance Officer
Financial Controller
Trade Finance Sales Manager
Banking Relationship Manager
Supply Chain Finance Manager
Chief Financial Officer
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