The Letter of Credit Verbiage document is essential for international trade transactions where parties seek secure payment methods under Belgian jurisdiction. It is commonly used when businesses require a bank-backed guarantee of payment, particularly in cross-border transactions where parties may not have established trust relationships. The document includes specific terms and conditions that must be met for payment release, incorporating requirements from Belgian financial law, EU regulations, and international banking practices (UCP 600). This type of document is particularly relevant when dealing with Belgian banks or when either the applicant or beneficiary is based in Belgium, as it must comply with local banking regulations while maintaining international standards. The Letter of Credit Verbiage serves as a fundamental tool in trade finance, providing security to sellers and buyers while ensuring smooth international commercial transactions.
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1. Letter of Credit Number: Unique identification number of the Letter of Credit
2. Date of Issue: Date when the Letter of Credit is issued
3. Issuing Bank Details: Complete name, address, and SWIFT code of the issuing bank
4. Applicant Details: Full name and address of the party requesting the Letter of Credit
5. Beneficiary Details: Full name and address of the party in whose favor the Letter of Credit is issued
6. Currency and Amount: Specified currency and amount of the Letter of Credit in both figures and words
7. Expiry Date and Place: Date and location where the Letter of Credit expires
8. Available With: Specified bank where the credit is available and manner of availability
9. Payment Terms: Specified payment terms (at sight, deferred payment, acceptance, or negotiation)
10. Partial Shipments: Whether partial shipments are allowed or prohibited
11. Transhipment: Whether transhipment is allowed or prohibited
12. Required Documents: Detailed list of documents required for presentation
13. Goods Description: Brief description of the goods or services covered
14. Additional Conditions: Any specific conditions or terms that apply to the Letter of Credit
1. Transferability Clause: Include when the Letter of Credit needs to be transferable to another beneficiary
2. Revolving Terms: Include for revolving Letters of Credit, specifying reinstatement terms
3. Red Clause: Include when advance payment to the beneficiary is permitted
4. Back-to-Back Provisions: Include when the Letter of Credit is part of a back-to-back arrangement
5. Confirmation Instructions: Include when confirmation by another bank is required
6. Standby Provisions: Include for Standby Letters of Credit with specific trigger events
7. Green Clause: Include when warehousing of goods is involved with advance payment provisions
8. Assignment of Proceeds: Include when proceeds can be assigned to a third party
1. Document Requirements Schedule: Detailed specifications of required documents including exact format and content requirements
2. Technical Specifications: Detailed technical specifications of goods or services when applicable
3. Shipping Schedule: Detailed shipping requirements and deadlines if applicable
4. Fee Schedule: Breakdown of banking charges and fees
5. Amendment Format: Standard format for future amendments to the Letter of Credit
6. Document Presentation Schedule: Specific requirements for document presentation including timing and format
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