The Acceptance Letter of Credit (LC) is a crucial trade finance instrument used in international commerce, structured under Swiss law and banking regulations. This document type is particularly relevant when sellers require both payment security and potential financing options. An Acceptance LC differs from a sight LC as it involves the bank's commitment to accept time drafts or bills of exchange, effectively creating a banker's acceptance that can be held to maturity or discounted for immediate financing. The document incorporates requirements from the Swiss Code of Obligations, Swiss Banking Act, and international banking standards like UCP 600, making it a robust instrument for cross-border trade. It's commonly used when extended payment terms are needed while providing the beneficiary with a negotiable instrument backed by bank security.
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1. Issuing Bank Details: Full name, address, and reference numbers of the issuing bank
2. LC Number and Date: Unique identification number of the LC and date of issuance
3. Beneficiary Details: Complete name and address of the beneficiary
4. Applicant Details: Complete name and address of the applicant (buyer)
5. Credit Amount and Currency: Specification of the LC amount and currency
6. Form of Credit: Specification that this is an acceptance credit and terms of acceptance
7. Tenor Details: Maturity period and calculation method for the acceptance
8. Available With/By: Specifics of where and how the credit is available
9. Expiry Date and Place: Clear statement of when and where the credit expires
10. Documentary Requirements: List of required documents for presentation
11. Shipment Terms: Details of shipment, latest shipment date, and partial shipments
12. Presentation Period: Time period within which documents must be presented
1. Transferability Clause: Include when the LC needs to be transferable to another beneficiary
2. Confirmation Instructions: Include when confirmation from another bank is required
3. Revolving Terms: Include for revolving LCs specifying reinstatement terms
4. Red Clause: Include when advance payment provisions are required
5. Special Conditions: Include for any transaction-specific requirements or conditions
6. Banking Charges: Include when there are specific arrangements for bank charges
7. Reimbursement Instructions: Include when specific reimbursement arrangements are required
1. Commercial Invoice Template: Prescribed format for the commercial invoice
2. Transport Document Requirements: Detailed specifications for required transport documents
3. Insurance Document Requirements: Specifications for insurance documentation if required
4. Draft/Bill of Exchange Format: Template for the bill of exchange to be presented
5. Authorized Signatures: List of authorized signatories and specimen signatures
6. Bank SWIFT Details: Complete banking communication details
7. Document Presentation Checklist: Checklist for required documents and their specifications
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Retail
Wholesale
Commodities Trading
Agriculture
Automotive
Electronics
Textiles
Mining
Energy
Pharmaceuticals
Chemical Industry
Relevant Teams
Trade Finance
International Banking
Credit Risk
Treasury
Import/Export
Operations
Compliance
Financial Control
Supply Chain
Legal
Documentary Credits
Transaction Banking
Corporate Banking
Relevant Roles
Trade Finance Manager
Documentary Credits Specialist
International Banking Officer
Credit Risk Manager
Treasury Manager
Import/Export Manager
Trade Operations Officer
Compliance Officer
Financial Controller
Chief Financial Officer
Banking Relationship Manager
Documentary Collections Officer
Letter of Credit Specialist
International Trade Specialist
Supply Chain Manager
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