The At Sight LC is a fundamental trade finance instrument used extensively in international commerce under Philippine jurisdiction. It provides a secure payment mechanism where the issuing bank commits to pay the beneficiary immediately upon presentation of compliant documents. This document type is particularly crucial in the Philippine context, where it must align with both local banking regulations (including BSP Circular No. 1028 and the General Banking Law of 2000) and international standards like UCP 600. An At Sight LC is typically used when sellers require immediate payment assurance and buyers need to demonstrate their creditworthiness through bank backing. The document includes detailed specifications of the trade terms, required documents, and payment conditions, providing security and clarity for all parties involved in the transaction.
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1. LC Number and Date of Issue: Unique identification number of the LC and its issuance date
2. Form/Type of Credit: Specification that this is an irrevocable At Sight Letter of Credit
3. Applicant Details: Full name and address of the party requesting the LC (usually the buyer)
4. Beneficiary Details: Full name and address of the party in whose favor the LC is issued (usually the seller)
5. Issuing Bank Details: Name and address of the bank issuing the LC
6. Currency and Amount: Currency denomination and total amount of the LC, in both figures and words
7. Available With/By: Specification of where and how the credit is available (payment, acceptance, or negotiation)
8. Expiry Date and Place: Final date for document presentation and location where it must occur
9. Shipment Terms: Latest shipment date, partial shipments, transhipment provisions
10. Required Documents: List of all documents required for presentation (invoices, transport documents, etc.)
11. Goods Description: Brief description of the goods/services being traded
12. Payment Terms: Specification that payment is to be made at sight upon presentation of compliant documents
1. Advising Bank Details: Details of the bank advising the credit, used when there's an intermediary bank
2. Confirmation Instructions: Used when confirmation is requested from another bank
3. Transfer Conditions: Include when the LC is transferable to other beneficiaries
4. Special Conditions: Any additional terms or conditions specific to the transaction
5. Insurance Requirements: Specific insurance requirements beyond standard coverage
6. Port Restrictions: Used when specific ports must be used or avoided
7. Reimbursement Instructions: Include when specific reimbursement arrangements between banks are required
1. Schedule A - Document Requirements: Detailed list and format of required documents for presentation
2. Schedule B - Goods Specification: Detailed description of goods, including technical specifications if applicable
3. Schedule C - Shipping Terms: Detailed shipping instructions and requirements
4. Appendix 1 - Standard Banking Forms: Standard forms required by the issuing bank
5. Appendix 2 - Commercial Invoice Format: Required format and content for commercial invoices
6. Appendix 3 - Document Presentation Checklist: Checklist for beneficiary to ensure complete document presentation
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