The Letter of Credit in International Trade serves as a fundamental instrument in international commerce, particularly relevant under Austrian jurisdiction where it combines local banking regulations with international standards. This document is typically used when parties seek a secure payment method in cross-border transactions, especially when dealing with new trading partners or in countries with different legal systems. It provides security to both the seller (who is assured of payment upon presenting compliant documents) and the buyer (who knows payment will only be made when specified conditions are met). The document must comply with Austrian Banking Act (Bankwesengesetz) requirements while following international UCP 600 guidelines, making it a robust tool for international trade finance.
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Key Requirements PROMPT example:
Letter Of Credit In International Trade
"I need a Letter of Credit in International Trade under Austrian law for the export of industrial machinery worth 鈧2.5 million to Brazil, with payment in three installments and requiring marine insurance coverage."
1. Letter Reference and Date: Unique reference number and issuance date of the Letter of Credit
2. Issuing Bank Details: Complete name, address, and SWIFT code of the issuing bank
3. Beneficiary Details: Full name and address of the seller/exporter
4. Applicant Details: Full name and address of the buyer/importer
5. Credit Amount and Currency: Specified amount and currency of the Letter of Credit
6. Form of Credit: Specification of whether the credit is irrevocable (standard under UCP 600)
7. Expiry Date and Place: Clear statement of expiration date and location for document presentation
8. Available With/By: Specification of nominated bank and manner of availability (sight, deferred payment, acceptance, or negotiation)
9. Required Documents: Detailed list of all required shipping and commercial documents
10. Shipment Terms: Latest shipment date, partial shipments, transhipment provisions
11. Description of Goods: Precise description of the merchandise being traded
12. Payment Terms: Specific conditions and timing of payment
13. Banking Charges: Allocation of banking fees and charges between parties
1. Advising Bank Details: Used when a local bank in beneficiary's country is designated to advise the credit
2. Confirmation Instructions: Include when confirmation by another bank is requested
3. Transferability Clause: Required if the credit needs to be transferable to second beneficiaries
4. Back-to-Back Provisions: Include when the credit will be used as collateral for another credit
5. Red Clause Provisions: Used when advance payment to beneficiary is permitted
6. Revolving Credit Terms: Include for automatically reinstating credits
7. Green Clause Provisions: Used when storage of goods is involved with advance payment
8. Assignment of Proceeds: Include when proceeds can be assigned to a third party
1. Schedule A - Document Requirements: Detailed checklist of required documents and their specific requirements
2. Schedule B - Goods Specification: Detailed technical specifications of the goods being traded
3. Schedule C - Documentary Requirements Matrix: Matrix showing timeline and relationship between different required documents
4. Appendix 1 - Standard Banking Forms: Collection of relevant banking forms and formats
5. Appendix 2 - UCP 600 Reference Guide: Quick reference guide to relevant UCP 600 articles
6. Appendix 3 - Shipping Terms Glossary: Definitions of shipping and trade terms used in the document
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Shipping and Logistics
Manufacturing
Wholesale Trade
Retail Trade
Commodities Trading
Agriculture
Industrial Equipment
Consumer Goods
Raw Materials
Relevant Teams
Trade Finance
International Operations
Treasury
Legal
Compliance
Risk Management
Finance
Procurement
Supply Chain
International Sales
Documentary Credits
Banking Operations
Relevant Roles
Trade Finance Manager
International Business Development Manager
Export Manager
Import Manager
Documentary Credits Specialist
Trade Operations Officer
Banking Relationship Manager
Treasury Manager
Chief Financial Officer
Financial Controller
Trade Finance Analyst
Compliance Officer
Risk Manager
Supply Chain Manager
Procurement Manager
International Sales Manager
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