The Irrevocable Letter of Credit Cost document is essential in international trade finance, particularly within the Australian legal framework. It is used when parties require a secure, bank-guaranteed payment method with clearly defined costs and charges. This document type is specifically designed to outline all financial aspects and costs associated with an irrevocable letter of credit, including bank commissions, processing fees, amendment charges, and other related expenses. It provides certainty to all parties by clearly stating the financial obligations and ensuring transparency in international trade transactions. The document is governed by Australian banking regulations and typically incorporates UCP 600 guidelines, making it a robust instrument for both domestic and international trade finance operations. It is particularly valuable when dealing with high-value transactions or when trading with new or unfamiliar business partners.
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1. Issuing Bank Details: Complete details of the issuing bank including name, address, SWIFT code, and contact information
2. Letter of Credit Number: Unique identification number of the LC
3. Date of Issue: Date when the Letter of Credit is issued
4. Beneficiary Details: Complete name and address of the party receiving the Letter of Credit
5. Applicant Details: Complete name and address of the party requesting the Letter of Credit
6. Currency and Amount: Specified currency and amount of the Letter of Credit in both figures and words
7. Expiry Date: Date and place of expiry of the Letter of Credit
8. Payment Terms: Specific conditions under which payment will be made including timing and method
9. Required Documents: List of documents that must be presented for payment
10. Shipment Terms: Details of shipment including latest shipment date and partial shipments if applicable
11. Bank Charges: Specification of which party bears various bank charges and fees
1. Transferability Clause: Include when the Letter of Credit needs to be transferable to another beneficiary
2. Revolving Terms: Include when the LC is revolving, specifying the revolving conditions and reset periods
3. Red Clause: Include when advance payment provisions are required
4. Green Clause: Include when storage facility provisions are needed
5. Back-to-Back Provisions: Include when the LC is part of a back-to-back arrangement
6. Confirmation Instructions: Include when confirmation from another bank is required
7. Special Conditions: Include when there are additional terms or conditions specific to the transaction
1. Schedule A - Fee Structure: Detailed breakdown of all applicable fees, charges, and commissions
2. Schedule B - Document Requirements: Detailed specifications for required documents including format and content requirements
3. Schedule C - Payment Schedule: If applicable, schedule of payments for installment LCs
4. Appendix 1 - UCP 600 References: Specific articles of UCP 600 applicable to this LC
5. Appendix 2 - Amendment Procedure: Standard procedure for requesting and processing amendments to the LC
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Commodities Trading
Retail
Wholesale
Energy and Resources
Agriculture
Construction
Mining
Shipping and Logistics
Relevant Teams
Trade Finance
International Banking
Treasury
Credit Operations
Risk Management
Compliance
Legal
Documentary Credits
Commercial Banking
Trade Operations
Financial Control
International Business
Relevant Roles
Trade Finance Manager
International Banking Officer
Credit Manager
Finance Director
Treasury Manager
Import/Export Manager
Documentary Credits Specialist
Trade Operations Manager
Compliance Officer
Risk Manager
Commercial Banking Manager
Chief Financial Officer
International Trade Specialist
Banking Relationship Manager
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