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Confirmed Lc for Australia

Confirmed Lc Template for Australia

A Confirmed Letter of Credit is a formal banking instrument used in international trade transactions, governed by Australian banking laws and international banking practices (UCP 600). This document represents a commitment by both the issuing and confirming banks to pay the beneficiary a specified amount upon presentation of compliant documents. Under Australian jurisdiction, it provides enhanced security for international trade transactions by adding a second bank's guarantee to the payment obligation, making it particularly valuable for cross-border transactions where parties seek additional payment security.

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Confirmed Lc

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What is a Confirmed Lc?

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.

What sections should be included in a Confirmed Lc?

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

What sections are optional to include in a Confirmed 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

What schedules should be included in a Confirmed Lc?

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

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Australia

Publisher

Ƶ

Document Type

Letter of Credit

Sector

Cost

Free to use
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

Industries









Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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