An Outstanding Letter of Credit is a crucial financial instrument in international trade transactions, providing payment security to sellers while offering buyers credit arrangements. This document, governed by German law, establishes the terms and conditions under which a bank commits to pay a specified amount to a beneficiary upon presentation of compliant documents. It incorporates requirements from both the UCP 600 international standards and German banking regulations, including BaFin oversight requirements. The document is typically used in cross-border transactions where parties seek additional payment security and formal banking guarantees. It includes detailed specifications about payment conditions, document requirements, validity periods, and compliance with German banking and trade laws. The Outstanding Letter of Credit structure ensures that all parties' interests are protected while maintaining compliance with relevant German and international banking standards.
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1. Issuing Bank Details: Complete information about the bank issuing the Letter of Credit, including registration number and address
2. Beneficiary Information: Full details of the beneficiary, including legal name, registration number, and address
3. Applicant Information: Complete details of the applicant requesting the Letter of Credit
4. Credit Amount and Currency: Specification of the maximum amount and currency of the Letter of Credit
5. Type of Credit: Specification that this is an irrevocable standby Letter of Credit
6. Expiry Date: Clear statement of the expiration date and time of the Letter of Credit
7. Place of Expiry: Specification of where the Letter of Credit expires
8. Documentation Requirements: Detailed list of required documents for presentation
9. Presentation Terms: Specific conditions and timeframes for document presentation
10. Payment Terms: Details of payment conditions, timing, and method
11. Governing Law and Jurisdiction: Specification of German law as governing law and relevant jurisdiction
1. Partial Shipments/Drawings: Include when partial shipments or drawings are permitted or prohibited
2. Transhipment: Include when specific transhipment conditions need to be addressed
3. Transfer Conditions: Include when the Letter of Credit is transferable
4. Confirmation Instructions: Include when confirmation by another bank is required
5. Special Conditions: Include when there are additional specific requirements or conditions
6. Back-to-Back Provisions: Include when the Letter of Credit is part of a back-to-back arrangement
7. Force Majeure Clause: Include when specific force majeure conditions need to be addressed beyond UCP 600 provisions
1. Schedule A - Required Documents: Detailed list and format of all required documents for presentation
2. Schedule B - Fee Schedule: Comprehensive breakdown of all applicable fees and charges
3. Schedule C - Presentation Format: Specific formats and requirements for document presentation
4. Appendix 1 - Standard Presentation Forms: Template forms for standard document presentations
5. Appendix 2 - Bank Contact Details: Complete contact information for all relevant bank departments
6. Appendix 3 - Amendment Request Forms: Standard forms for requesting amendments to the Letter of Credit
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
International Trade
Manufacturing
Import/Export
Retail
Wholesale
Commodities Trading
Agriculture
Energy
Construction
Logistics & Transportation
Industrial Equipment
Relevant Teams
Legal
Trade Finance
International Banking
Treasury
Risk Management
Compliance
Documentary Credits
Trade Operations
Commercial Banking
International Business
Relevant Roles
Trade Finance Manager
International Trade Specialist
Banking Operations Manager
Documentary Credits Officer
Compliance Officer
Financial Controller
Treasury Manager
Import/Export Manager
Trade Operations Specialist
Risk Management Officer
Legal Counsel
Credit Manager
Commercial Banking Officer
International Business Development Manager
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