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An Irrevocable Non Transferable Letter of Credit is a crucial trade finance instrument commonly used in the UAE's international trade landscape. This document is particularly relevant when parties seek a secure payment method in cross-border transactions, providing the beneficiary with the security of payment from a bank rather than relying solely on the buyer's creditworthiness. The document is governed by UAE law, specifically the UAE Commercial Code and Central Bank regulations, while also adhering to international banking standards under UCP 600. It contains detailed specifications about payment conditions, required documentation, and timeline requirements, serving as both a payment guarantee and a risk mitigation tool. The irrevocable nature means it cannot be cancelled or amended without all parties' agreement, while its non-transferable status ensures payment rights remain with the original beneficiary.

1. Issuing Bank Details: Complete name, address, and SWIFT code of the issuing bank

2. Letter of Credit Number: Unique reference number assigned to the LC

3. Date of Issue: Date when the Letter of Credit is issued

4. Beneficiary Details: Complete name and address of the party in whose favor the LC is issued

5. Applicant Details: Complete name and address of the party requesting the LC

6. Currency and Amount: Specified currency and amount of the Letter of Credit in both figures and words

7. Expiry Date and Place: Clear statement of when and where the LC expires

8. Available With/By: Specify whether available with issuing bank or nominated bank, and method of availability (sight, deferred payment, etc.)

9. Documentary Requirements: Detailed list of required documents for presentation

10. Goods/Services Description: Brief description of the underlying goods or services

11. Shipment Terms: Including latest shipment date and any partial shipment/transshipment conditions

12. Presentation Period: Time period within which documents must be presented after shipment

13. Special Conditions: Any additional terms and conditions specific to this LC

14. Governing Law Statement: Explicit statement that the LC is subject to UAE law and UCP 600