The Confirmed LC is a specialized banking instrument essential for secure international trade transactions. It is particularly relevant when trading partners require enhanced payment security, especially in cross-border transactions involving Australian entities. The document serves as a binding commitment from both an issuing bank and a confirming bank to pay the beneficiary upon presentation of compliant documents, effectively mitigating payment risks in international trade. This dual bank guarantee makes the Confirmed LC especially valuable in transactions involving parties in different jurisdictions or when trading with regions where additional payment security is desired. The document must comply with Australian banking regulations, the Banking Act 1959, and international banking practices such as UCP 600, while also addressing anti-money laundering requirements under Australian law.
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1. Letter of Credit Number: Unique reference number for the LC
2. Date of Issue: Date when the LC is issued
3. Applicant Details: Full name, address, and contact details of the party requesting the LC (usually the buyer)
4. Beneficiary Details: Full name, address, and contact details of the party in whose favor the LC is issued (usually the seller)
5. Issuing Bank Details: Name, address, and SWIFT code of the bank issuing the LC
6. Confirming Bank Details: Name, address, and SWIFT code of the bank confirming the LC
7. Currency and Amount: Currency and amount of the LC in both figures and words
8. Expiry Date: Date and place of expiry of the LC
9. Shipment Terms: Latest shipment date and delivery terms including Incoterms
10. Payment Terms: Specification of when and how payment will be made (at sight, deferred payment, etc.)
11. Required Documents: Detailed list of all documents required for presentation
12. Goods Description: Detailed description of the goods or services covered by the LC
1. Partial Shipments: Include when partial shipments are allowed or prohibited
2. Transhipment: Include when transhipment is allowed or prohibited
3. Insurance Coverage: Include when specific insurance requirements need to be specified
4. Special Conditions: Include when there are additional terms or conditions specific to the transaction
5. Transfer Terms: Include when the LC is transferable
6. Back-to-Back Provisions: Include when back-to-back LC arrangements are permitted
7. Red Clause Provisions: Include when advance payment provisions are required
8. Green Clause Provisions: Include when storage-related advance payments are permitted
1. Schedule A - Document Requirements: Detailed checklist of required documents and their specifications
2. Schedule B - Goods Specification: Detailed technical specifications of goods or services
3. Schedule C - Payment Schedule: If applicable, schedule of installment payments or multiple drawings
4. Appendix 1 - UCP 600 References: Specific articles of UCP 600 applicable to this LC
5. Appendix 2 - Bank Forms: Standard forms required by the issuing/confirming banks
6. Appendix 3 - Commercial Invoice Template: Prescribed format for commercial invoice presentation
Authors
Relevant legal definitions
Clauses
Relevant Industries
International Trade
Banking & Financial Services
Manufacturing
Import/Export
Commodities Trading
Retail
Agriculture
Mining
Energy
Pharmaceuticals
Technology Hardware
Textiles
Automotive
Relevant Teams
Trade Finance
International Business
Treasury
Finance
Legal
Compliance
Risk Management
Procurement
Supply Chain
Sales
Operations
Credit Control
Relevant Roles
Trade Finance Manager
International Business Development Manager
Import/Export Coordinator
Treasury Manager
Chief Financial Officer
Finance Director
Banking Relations Manager
Trade Operations Manager
Credit Risk Manager
Compliance Officer
Documentary Credits Specialist
Supply Chain Manager
Procurement Manager
International Sales Manager
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