The Conditional Letter of Credit serves as a crucial financial instrument in international trade transactions under Indonesian law. It is typically used when parties require a secure payment method with specific conditions that must be met before payment is released. This document type is particularly relevant when dealing with cross-border transactions where the buyer's bank provides payment assurance to the seller, subject to the presentation of compliant documents and satisfaction of predetermined conditions. The document must comply with Indonesian banking regulations, particularly Law No. 7 of 1992 on Banking (as amended) and relevant Bank Indonesia regulations, while also adhering to international banking practices under UCP 600. A Conditional Letter of Credit is especially useful in situations where parties need additional security measures beyond standard L/C requirements, such as specific performance conditions or documentary requirements unique to the transaction or Indonesian regulatory environment.
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1. Bank Details and Reference: Issuing bank's details, L/C reference number, and date of issuance
2. Beneficiary Information: Complete details of the beneficiary including name, address, and banking information
3. Applicant Information: Complete details of the applicant including name, address, and contact information
4. Credit Amount and Currency: Specification of the L/C amount and currency, including whether any tolerance is permitted
5. Credit Type and Availability: Specification that this is a conditional L/C and how/where the credit is available (e.g., by negotiation, by deferred payment)
6. Expiry Details: Expiry date and place of the letter of credit
7. Conditions for Payment: Clear statement of all conditions that must be met before payment can be made
8. Required Documents: Detailed list of all documents that must be presented for payment
9. Shipment Terms: Details of shipment including latest shipment date, partial shipment, and transhipment provisions
10. Presentation Period: Time period within which documents must be presented after shipment
1. Transferability Clause: Include when the L/C needs to be transferable to another beneficiary
2. Revolving Terms: Include when the L/C is revolving, specifying the revolving terms and conditions
3. Red Clause Provisions: Include when advance payment facilities are required
4. Back-to-Back Provisions: Include when the L/C will be used as collateral for another L/C
5. Special Instructions: Include when there are additional bank-specific or transaction-specific requirements
6. Confirmation Instructions: Include when confirmation from another bank is required or prohibited
1. Schedule A - Commercial Invoice Requirements: Detailed specifications for the format and content of commercial invoices
2. Schedule B - Transport Document Requirements: Specific requirements for bills of lading or other transport documents
3. Schedule C - Insurance Document Requirements: Details of required insurance coverage and documentation
4. Appendix 1 - Additional Conditions: List of specific conditions that must be met before payment
5. Appendix 2 - Form of Demand: Template for submission of payment demand under the L/C
Authors
Relevant legal definitions
Clauses
Relevant Industries
International Trade
Banking & Financial Services
Manufacturing
Import/Export
Shipping & Logistics
Commodities Trading
Retail
Wholesale
Agriculture
Mining
Relevant Teams
Trade Finance
International Banking
Credit Operations
Documentary Credits
Treasury
Compliance
Risk Management
Legal
Trade Operations
Commercial Banking
Relevant Roles
Trade Finance Manager
International Banking Officer
Credit Manager
Documentary Credits Specialist
Import/Export Manager
Treasury Manager
Compliance Officer
Trade Operations Manager
Financial Controller
Risk Manager
Commercial Banking Manager
Letter of Credit Specialist
International Trade Specialist
Banking Relationship Manager
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