Digital Letters of Credit are increasingly important in modern international trade, offering a secure and efficient alternative to traditional paper-based Letters of Credit. This document type is particularly relevant when parties seek to conduct trade finance transactions electronically while maintaining the security and certainty of traditional L/Cs. The Digital Letter of Credit, governed by Indonesian law, incorporates provisions for electronic documentation, digital signatures, and online verification processes, while ensuring compliance with Bank Indonesia regulations and international standards such as UCP 600. It is used to facilitate international trade transactions where the buyer's bank provides a payment guarantee to the seller, with all documentation and processing handled through secure digital channels. The document includes specific terms for digital authentication, electronic document submission, and automated compliance checking, making it especially suitable for businesses engaged in frequent international trade activities seeking to streamline their operations.
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1. Letter Reference Number and Date: Unique identification number and issuance date of the Letter of Credit
2. Parties: Details of the issuing bank, beneficiary (seller), and applicant (buyer)
3. Credit Amount: The specified amount and currency of the Letter of Credit
4. Form of Credit: Specification that this is an irrevocable digital Letter of Credit
5. Digital Documentation Requirements: Specific requirements for electronic document submission and verification
6. Expiry Date and Place: Validity period and location where the credit expires
7. Shipment Terms: Details of shipment including latest shipment date and partial shipments status
8. Description of Goods: Detailed description of the goods or services covered
9. Payment Terms: Conditions and timing of payment, including digital presentation requirements
10. Digital Authentication Method: Specified methods for electronic authentication and verification
11. Governing Law and Jurisdiction: Statement that Indonesian law governs the L/C and jurisdiction details
1. Transfer Rights: Include when the L/C needs to be transferable to a second beneficiary
2. Back-to-Back Provisions: Include when allowing the L/C to be used as collateral for another L/C
3. Green Shipping Requirements: Include when there are specific environmental compliance requirements
4. Force Majeure Clause: Include when specific force majeure provisions are required beyond standard terms
5. Confirmation Instructions: Include when confirmation by another bank is required
6. Special Payment Conditions: Include when there are specific payment arrangements like installments
1. Schedule A - Required Digital Documents: List of all required electronic documents and their specifications
2. Schedule B - Technical Requirements: Technical specifications for digital submission and authentication
3. Schedule C - Authorized Digital Signatures: List of authorized digital signatories and verification procedures
4. Appendix 1 - Digital Platform Guidelines: Instructions for using the specified electronic platform for L/C transactions
5. Appendix 2 - Fee Schedule: Detailed breakdown of all applicable fees and charges
6. Appendix 3 - Document Presentation Timeline: Specific timeframes for electronic document presentation and processing
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
International Trade
Import/Export
Shipping & Logistics
Manufacturing
Commodities Trading
Technology & Digital Services
Agriculture
Mining & Resources
Retail & Consumer Goods
Relevant Teams
Legal
Finance
International Trade
Treasury
Compliance
Risk Management
Digital Banking
Trade Operations
Documentary Credits
Supply Chain
Relevant Roles
Trade Finance Manager
International Banking Officer
Chief Financial Officer
Treasury Manager
Import/Export Manager
Compliance Officer
Digital Banking Specialist
Trade Operations Manager
Risk Management Officer
Documentary Credits Specialist
Legal Counsel
Financial Controller
Supply Chain Manager
International Trade Specialist
Banking Operations Manager
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