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Lc Without Recourse for Indonesia

Lc Without Recourse Template for Indonesia

A Letter of Credit Without Recourse under Indonesian law is a specialized banking instrument that provides secure payment mechanisms for international trade transactions. This document, governed by Indonesian banking regulations and international UCP 600 rules, represents an irrevocable undertaking by the issuing bank to pay the beneficiary upon presentation of compliant documents, without the right to seek reimbursement from the beneficiary in case of default. The document incorporates specific requirements of Indonesian banking law, including Bank Indonesia regulations and foreign exchange requirements, while maintaining international banking standards.

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What is a Lc Without Recourse?

This document is essential for international trade transactions where the exporter (beneficiary) requires a secure payment method without assuming post-payment liability. The LC Without Recourse structure is particularly valuable in high-value cross-border transactions where the beneficiary wishes to eliminate the risk of future payment recalls. Under Indonesian law, this document must comply with Bank Indonesia regulations, the Currency Law (UU No. 7/2011), and Banking Law (UU No. 10/1998), while also adhering to international UCP 600 standards. It specifies all payment terms, documentary requirements, shipping conditions, and bank obligations, with the crucial 'without recourse' provision ensuring that once documents are found compliant and payment is made, the issuing bank cannot seek reimbursement from the beneficiary even if the applicant defaults.

What sections should be included in a Lc Without Recourse?

1. Letter Head and Reference: Bank's letterhead, LC number, and date of issuance

2. Advising Bank Details: Complete details of the advising bank including SWIFT code

3. Applicant Details: Full name and address of the party requesting the LC (usually the buyer)

4. Beneficiary Details: Full name and address of the party in whose favor the LC is issued (usually the seller)

5. Currency and Amount: Specified currency and amount of the LC in both figures and words

6. Form of Credit: Specification that this is an irrevocable LC without recourse

7. Expiry Details: Expiry date and place of the LC

8. Documentary Requirements: List of required documents (shipping, commercial, regulatory) for LC payment

9. Shipment Terms: Details of shipment including latest shipment date, partial shipment, and transhipment provisions

10. Payment Terms: Specification of payment terms including timing and method

11. Special Conditions: Any specific conditions or requirements unique to this LC

12. UCP Declaration: Statement that the LC is subject to UCP 600

What sections are optional to include in a Lc Without Recourse?

1. Transfer Provisions: Include when the LC needs to be transferable to a third party

2. Back-to-Back Arrangements: Include when there's a back-to-back LC arrangement involved

3. Red Clause Provisions: Include when advance payment facilities are required

4. Green Clause Provisions: Include when storage facility provisions are needed

5. Revolving Credit Terms: Include when the LC is revolving in value or time

6. Confirmation Instructions: Include when confirmation by another bank is required

7. Insurance Requirements: Include when specific insurance requirements need to be detailed

What schedules should be included in a Lc Without Recourse?

1. Schedule A - Document Requirements: Detailed list and format of required documents

2. Schedule B - Technical Specifications: Technical details of goods/services if applicable

3. Schedule C - Payment Schedule: If payments are to be made in installments

4. Appendix 1 - Standard Banking Forms: Standard forms required for document presentation

5. Appendix 2 - Shipping Requirements: Detailed shipping and packaging requirements

6. Appendix 3 - Compliance Certificates: List of required compliance certificates

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

Indonesia

Publisher

Ƶ

Document Type

Letter of Credit

Cost

Free to use
Relevant legal definitions



































Clauses

























Relevant Industries

International Trade

Banking & Financial Services

Manufacturing

Import/Export

Commodities Trading

Retail

Agriculture

Mining

Textiles

Electronics

Automotive

Relevant Teams

Trade Finance

International Banking

Documentary Credits

Risk Management

Compliance

Treasury

Legal

Trade Operations

Client Relations

Credit Analysis

Relevant Roles

Trade Finance Manager

International Banking Officer

Documentary Credits Specialist

Export Finance Manager

Import Finance Manager

Trade Operations Officer

Compliance Officer

Risk Management Officer

Treasury Manager

International Trade Specialist

Banking Relationship Manager

Letter of Credit Officer

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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