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Letter Of Credit 60 Days for Switzerland

Letter Of Credit 60 Days Template for Switzerland

A Letter of Credit with 60-day payment terms is a formal banking instrument governed by Swiss law that provides a secure payment mechanism in international trade transactions. This document represents a bank's irrevocable commitment to pay the beneficiary (seller) a specified amount after a 60-day period, following the presentation of compliant documents. The document incorporates UCP 600 rules while adhering to Swiss banking regulations and the Swiss Code of Obligations, providing a balanced framework that protects both buyers' and sellers' interests in international trade transactions.

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Letter Of Credit 60 Days

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What is a Letter Of Credit 60 Days?

The Letter of Credit 60 Days is a crucial financial instrument used in international trade transactions where deferred payment terms are required. Under Swiss law, this document serves as a bank's irrevocable undertaking to pay the seller after a 60-day period, provided that compliant documents are presented. It offers security to sellers by substituting the bank's creditworthiness for that of the buyer, while giving buyers a 60-day payment window. The document must comply with Swiss banking regulations, the Swiss Code of Obligations, and typically incorporates UCP 600 rules. It includes detailed specifications about the transaction, required documents, payment terms, and conditions that must be met for the payment to be released. This type of LC is particularly useful in industries with longer cash conversion cycles or where extended payment terms are standard practice.

What sections should be included in a Letter Of Credit 60 Days?

1. Issuing Bank Details: Complete name and address of the issuing bank in Switzerland

2. LC Number and Date: Unique letter of credit reference number and date of issuance

3. LC Type: Specification that this is a 60-day usance letter of credit

4. Applicant Details: Full name and address of the party requesting the LC (buyer/importer)

5. Beneficiary Details: Full name and address of the party receiving the LC (seller/exporter)

6. Currency and Amount: Specified currency and maximum amount of the LC

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

8. Payment Terms: Specification of 60-day payment terms and when this period begins

9. Required Documents: Detailed list of documents required for presentation

10. Shipment Terms: Specifications for shipment including latest shipment date

11. Document Presentation: Period within which documents must be presented

12. Governing Law: Statement that Swiss law governs the LC

What sections are optional to include in a Letter Of Credit 60 Days?

1. Transferability Clause: Include when the LC needs to be transferable to another beneficiary

2. Revolving Terms: Include for LCs that automatically renew under specified conditions

3. Red Clause: Include when advance payment to beneficiary is permitted

4. Back-to-Back Provisions: Include when LC is issued against another LC

5. Partial Shipment Terms: Include when partial shipments are allowed or prohibited

6. Transhipment Terms: Include when specific transhipment conditions apply

What schedules should be included in a Letter Of Credit 60 Days?

1. Schedule A - Document Requirements: Detailed checklist of required documents and their specifications

2. Schedule B - Goods Description: Detailed description of goods being traded

3. Schedule C - Banking Instructions: Specific instructions for handling documents and payments

4. Appendix 1 - UCP 600 Incorporation: Standard terms incorporating UCP 600 rules

5. Appendix 2 - Amendment Format: Standard format for future amendments to the LC

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

Switzerland

Publisher

Ƶ

Document Type

Letter of Credit

Cost

Free to use
Relevant legal definitions








































Clauses






























Relevant Industries

Banking and Financial Services

International Trade

Import/Export

Manufacturing

Wholesale Trade

Retail

Commodities Trading

Shipping and Logistics

Agriculture

Mining and Resources

Industrial Equipment

Consumer Goods

Relevant Teams

Trade Finance

International Banking

Treasury

Financial Operations

Risk Management

Compliance

Procurement

Supply Chain

Legal

Credit Control

Documentary Credits

International Sales

Relevant Roles

Trade Finance Manager

International Banking Officer

Import/Export Manager

Treasury Manager

Financial Controller

Trade Operations Manager

Documentary Credits Specialist

Compliance Officer

Risk Manager

Credit Manager

Supply Chain Manager

Procurement Manager

Chief Financial Officer

Banking Relationship 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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