Letters of Credit and Standby Letters of Credit are essential financial instruments in international trade and commercial transactions, providing payment security and risk mitigation for parties involved. Under Belgian law, these documents incorporate both local legal requirements and international banking practices, particularly UCP 600 and ISP98. They are typically used when businesses need a secure payment method in cross-border transactions, with the issuing bank providing an irrevocable commitment to pay upon presentation of compliant documents. The Belgian legal framework, complemented by EU regulations, provides a robust foundation for these instruments, making them particularly suitable for international trade finance, performance guarantees, and financial standby arrangements. The document specifies all terms and conditions, including payment amount, validity period, required documents, and specific conditions for drawing under the credit.
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1. Issuing Bank Details: Full name and contact details of the issuing bank
2. Reference Number: Unique identification number of the LC/SBLC
3. Date of Issue: Date when the LC/SBLC is issued
4. Applicant Details: Full name and address of the party requesting the LC/SBLC
5. Beneficiary Details: Full name and address of the party in whose favor the LC/SBLC is issued
6. Currency and Amount: Specified currency and maximum amount available under the LC/SBLC
7. Expiry Date and Place: Date and location where the LC/SBLC expires
8. Form of Presentation: Method and location for presenting documents
9. Available With/By: Specification of how and with which bank the credit is available
10. Partial Shipments/Drawings: Whether partial shipments or drawings are allowed or prohibited
11. Transhipment: Whether transhipment is allowed or prohibited
12. Required Documents: List of documents that must be presented for drawing under the LC/SBLC
13. Additional Conditions: Any specific conditions that must be met for the LC/SBLC to be honored
1. Transfer Rights: Include when the LC/SBLC needs to be transferable to another beneficiary
2. Revolving Terms: Include for revolving LCs specifying how the credit reinstates
3. Red Clause: Include when advance payment provisions are required
4. Back-to-Back Provisions: Include when the LC/SBLC is part of a back-to-back arrangement
5. Deferred Payment Terms: Include when payment is to be made at a specified future date
6. Confirmation Instructions: Include when confirmation by another bank is required
7. Reimbursement Instructions: Include when specific reimbursement arrangements between banks are needed
8. Special Shipping Terms: Include when specific shipping requirements need to be detailed
1. Document Requirements Schedule: Detailed list and description of all required documents and their specific requirements
2. Drawing Schedule: Specific terms and conditions for making drawings under the LC/SBLC
3. Fee Schedule: Breakdown of all applicable fees, charges and commission
4. Terms and Conditions: Standard terms and conditions applicable to the LC/SBLC
5. Amendment Format: Standard format for any future amendments to the LC/SBLC
6. Specimen Signatures: Authorized signatures for the relevant parties
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