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Lc Irrevocable for Germany

Lc Irrevocable Template for Germany

An Irrevocable Letter of Credit under German law is a binding financial instrument issued by a bank that guarantees payment to a seller in an international trade transaction. Governed by German banking regulations, the Handelsgesetzbuch (HGB), and international UCP 600 rules, this document represents an irrevocable undertaking by the issuing bank to pay the beneficiary upon compliant presentation of specified documents. The German jurisdiction adds specific regulatory requirements and legal interpretations, particularly regarding bank obligations and document examination standards, while maintaining alignment with international banking practices.

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Lc Irrevocable

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What is a Lc Irrevocable?

The Irrevocable Letter of Credit (LC Irrevocable) is a fundamental instrument in international trade finance, providing security to both buyers and sellers in cross-border transactions. Under German law, these documents are particularly robust due to Germany's comprehensive commercial and banking regulations. The document is used when a seller requires a secure payment guarantee from a buyer's bank before shipping goods or providing services. An Irrevocable Letter of Credit cannot be amended or cancelled without the agreement of all parties involved, providing maximum security for the beneficiary. The document includes detailed specifications about the transaction, required documents, payment terms, and conditions, all structured within the framework of German law while adhering to international UCP 600 standards. This instrument is particularly relevant for German companies engaged in international trade or foreign entities doing business with German counterparts.

What sections should be included in a Lc Irrevocable?

1. Issuing Bank Details: Full name, address, and SWIFT code of the issuing bank

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

3. Beneficiary Details: Complete name and address of the beneficiary (seller/exporter)

4. Applicant Details: Complete name and address of the applicant (buyer/importer)

5. Amount and Currency: LC amount in figures and words, with specified currency

6. Expiry Date and Place: Final date and location for presentation of documents

7. Available With/By: Nomination of bank where LC is available and manner of availability

8. Partial Shipments/Transhipment: Whether partial shipments or transhipment are allowed or prohibited

9. Loading/Dispatch/Taking in Charge: Place of taking in charge, dispatch, and final destination

10. Latest Date of Shipment: Final date by which shipment must be made

11. Description of Goods/Services: Detailed description of the goods or services covered by the LC

12. Required Documents: List of all documents required for LC negotiation

13. Additional Conditions: Any special conditions or terms applicable to the LC

14. Charges: Specification of which party bears which bank charges

15. Presentation Period: Time period for document presentation after shipment

What sections are optional to include in a Lc Irrevocable?

1. Confirmation Instructions: Used when confirmation is requested from another bank

2. Revolving Instructions: Include when the LC is revolving, specifying the revolving terms

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

4. Transfer Conditions: Include when the LC is transferable

5. Back-to-Back Provisions: Used when the LC can serve as collateral for another LC

6. Green Clause: Used for advance payment against warehouse receipts

7. Deferred Payment Terms: Include when payment is to be made at a future date after document presentation

What schedules should be included in a Lc Irrevocable?

1. Document Presentation Form: Standard form for presenting documents under the LC

2. Commercial Invoice Template: Prescribed format for commercial invoice if specified

3. Draft/Bill of Exchange Format: If drafts are required, the specified format

4. Shipping Document Requirements: Detailed specifications for transport documents

5. Amendment Request Form: Standard form for requesting amendments to the LC

6. Discrepancy Notice Format: Standard format for noting document discrepancies

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

Germany

Publisher

Ƶ

Document Type

Letter of Credit

Cost

Free to use
Relevant legal definitions



































Clauses



























Relevant Industries

Banking and Financial Services

International Trade

Manufacturing

Agriculture and Food

Oil and Gas

Mining and Minerals

Textiles and Garments

Electronics and Technology

Automotive

Construction and Infrastructure

Chemical and Pharmaceuticals

Retail and Consumer Goods

Energy and Utilities

Relevant Teams

Trade Finance

International Banking

Global Transaction Services

Credit Risk

Compliance

Legal

Treasury

Finance

International Sales

Procurement

Supply Chain

Operations

Documentary Credits

Relevant Roles

Trade Finance Manager

International Trade Specialist

Documentary Credits Officer

Global Transaction Banking Officer

Export Finance Manager

Import Operations Manager

Trade Operations Supervisor

Compliance Officer

Credit Risk Manager

Banking Relationship Manager

Treasury Manager

Chief Financial Officer

Finance Director

International Sales Manager

Procurement Manager

Supply Chain Manager

Legal Counsel

Banking Operations 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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