The Fixed Letter of Credit serves as a crucial financial instrument in international trade transactions, providing payment security to sellers while offering buyers the assurance of document-based transaction completion. This document type is particularly relevant when conducting cross-border trade under German jurisdiction, where it must comply with both the German Commercial Code (HGB) and Banking Act (KWG), as well as international standards such as UCP 600. The Fixed Letter of Credit specifies a precise amount that cannot be modified without formal amendment, distinguishing it from revolving credits. It includes detailed information about the transaction, required documents, payment terms, and compliance requirements, making it essential for risk mitigation in international trade finance. The document's structure and content are designed to meet German regulatory requirements while facilitating international commerce.
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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 assigned to the Letter of Credit
3. Date of Issue: The date when the Letter of Credit is issued
4. Beneficiary Details: Complete name and address of the party in whose favor the Letter of Credit is issued
5. Applicant Details: Complete name and address of the party requesting the Letter of Credit
6. Currency and Amount: The currency and exact amount of the Letter of Credit, expressed in both numbers and words
7. Expiry Date: The date and place of expiry of the Letter of Credit
8. Available With/By: Specification of how and where the credit is available (payment, acceptance, negotiation)
9. Partial Shipments: Statement whether partial shipments are allowed or not
10. Transhipment: Statement whether transhipment is allowed or not
11. Loading/Dispatch From: Place of taking in charge/dispatch from/place of receipt
12. Port of Loading/Airport of Departure: Specified port or airport of departure
13. Port of Discharge/Airport of Destination: Specified port or airport of destination
14. Latest Date of Shipment: Final date by which shipment must be made
15. Required Documents: Detailed list of all required documents for presentation
1. Description of Goods and/or Services: Detailed description of the goods or services when the Letter of Credit is tied to specific goods/services
2. Special Conditions: Any additional terms, conditions or instructions specific to this Letter of Credit
3. Transfer Conditions: Include when the Letter of Credit is transferable, specifying the terms and conditions of transfer
4. Back-to-Back Provisions: Include when the Letter of Credit is part of a back-to-back arrangement
5. Revolving Terms: Include when the Letter of Credit has revolving features
6. Red Clause Provisions: Include when advance payment provisions are applicable
7. Green Clause Provisions: Include when warehouse storage provisions are applicable
1. Schedule A - Document Requirements: Detailed specifications for each required document including format, content, and number of copies
2. Schedule B - Technical Specifications: Detailed technical specifications of goods when applicable
3. Schedule C - Payment Schedule: If payments are to be made in installments or against specific milestones
4. Appendix 1 - UCP 600 Reference: Specific UCP 600 articles applicable to this Letter of Credit
5. Appendix 2 - Banking Instructions: Specific instructions for document presentation and payment procedures
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Shipping and Logistics
Retail
Wholesale
Commodities Trading
Agriculture
Mining and Resources
Heavy Industry
Textiles and Garments
Electronics and Technology
Relevant Teams
Legal
Finance
International Trade
Treasury
Compliance
Risk Management
Banking Operations
Trade Finance
Documentary Credits
Procurement
Supply Chain
Sales
Relevant Roles
Trade Finance Manager
International Business Development Manager
Import/Export Coordinator
Treasury Manager
Banking Operations Manager
Documentary Credits Specialist
Compliance Officer
Finance Director
Chief Financial Officer
International Sales Manager
Procurement Manager
Supply Chain Manager
Legal Counsel
Trade Finance Analyst
Risk Manager
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