The Advised Letter of Credit is a crucial trade finance instrument used when parties seek secure payment methods in international trade transactions under UAE jurisdiction. This document type is particularly relevant when a UAE bank acts as the advising bank, confirming the authenticity of a letter of credit to a beneficiary without adding its own payment undertaking. The document must comply with UAE federal laws, Central Bank regulations, and international banking practices (UCP 600), while potentially incorporating Sharia-compliant structures. It includes specific details about payment conditions, required documentation, shipment terms, and presentation deadlines, providing security to both buyers and sellers in cross-border transactions.
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1. Letter Reference and Date: Unique reference number and date of issuance of the Letter of Credit
2. Advising Bank Details: Complete name and address of the advising bank
3. Issuing Bank Details: Complete name and address of the issuing bank
4. Beneficiary Details: Full name and address of the beneficiary (seller)
5. Applicant Details: Full name and address of the applicant (buyer)
6. Credit Amount and Currency: Specific amount and currency of the Letter of Credit
7. Type and Form of Credit: Specification that this is an advised, irrevocable Letter of Credit
8. Expiry Date and Place: Clear statement of expiry date and place for presentation
9. Payment Terms: Specification of when and how payment will be made (at sight, deferred payment, etc.)
10. Required Documents: Detailed list of all required documents for presentation
11. Shipment Terms: Latest shipment date and shipment details including Incoterms
12. Presentation Period: Time period within which documents must be presented after shipment
13. Governing Law and Jurisdiction: Specification of UAE law and UCP 600 as governing rules
1. Partial Shipments/Drawings: Include when specifying whether partial shipments or drawings are allowed or prohibited
2. Transhipment: Include when specifying whether transhipment is allowed or prohibited
3. Confirmation Instructions: Include when confirmation is requested from another bank
4. Transfer Conditions: Include when the credit is transferable
5. Back-to-Back Provisions: Include when the credit can be used for back-to-back arrangements
6. Islamic Banking Compliance: Include when the letter of credit needs to comply with Sharia principles
7. Special Conditions: Include when there are additional requirements or conditions specific to the transaction
1. Schedule A - Document Requirements: Detailed specifications for each required document including format and content requirements
2. Schedule B - Standard Banking Forms: Templates for standard banking forms to be used in connection with the Letter of Credit
3. Schedule C - Goods Description: Detailed description of the goods or services covered by the Letter of Credit
4. Schedule D - Fee Schedule: Breakdown of all applicable fees, charges and commission
5. Appendix 1 - UCP 600 Reference: Relevant articles of UCP 600 applicable to this specific Letter of Credit
6. Appendix 2 - Presentation Instructions: Detailed instructions for document presentation including contact details and procedures
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Retail
Commodities Trading
Shipping and Logistics
Energy and Resources
Agricultural Products
Construction Materials
Industrial Equipment
Consumer Goods
Relevant Teams
Trade Finance
International Banking
Corporate Banking
Legal and Compliance
Risk Management
Treasury Operations
Documentary Credits
Transaction Banking
Credit Administration
Islamic Banking
Operations
Finance
Procurement
Supply Chain
Relevant Roles
Trade Finance Manager
Letter of Credit Specialist
International Banking Officer
Compliance Officer
Treasury Manager
Import/Export Manager
Documentary Credits Manager
Banking Operations Manager
Trade Finance Analyst
Risk Management Officer
Corporate Banking Manager
Financial Controller
Chief Financial Officer
Supply Chain Manager
Procurement Manager
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