The At Sight LC is a fundamental trade finance instrument used extensively in Indian international trade transactions. It serves as a secure payment mechanism where the issuing bank commits to pay the beneficiary immediately upon presentation of compliant documents, unlike usance LCs which involve a credit period. The document is particularly crucial in the Indian context, where it must comply with Reserve Bank of India (RBI) guidelines, FEMA regulations, and international UCP 600 rules. Typically used in import-export transactions, the At Sight LC provides security to sellers by ensuring payment through bank guarantee while protecting buyers by ensuring documentary compliance. The document includes detailed specifications about the transaction, required documents, payment terms, and conditions, making it essential for businesses engaged in international trade under Indian jurisdiction.
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1. Letter Reference and Date: Unique LC reference number and issuance date
2. Beneficiary Details: Complete name and address of the party receiving the LC
3. Applicant Details: Complete name and address of the party requesting the LC
4. Issuing Bank Details: Complete name and address of the issuing bank
5. LC Amount and Currency: Precise amount and currency of the credit
6. Form of Credit: Specification that this is an irrevocable at sight LC
7. Expiry Details: Expiry date and place for presentation
8. Document Presentation Terms: Timeframe and conditions for document presentation
9. Required Documents: List of all required documents for LC execution
10. Goods Description: Detailed description of the goods/services covered
11. Shipment Terms: Shipping/delivery terms, dates, and conditions
12. Payment Terms: Specific conditions for payment execution
13. Additional Conditions: Any special conditions or requirements
14. Governing Law and UCP Reference: Reference to Indian law and UCP 600 governance
1. Advising Bank Details: Required if LC is advised through another bank
2. Confirmation Instructions: Required if LC needs confirmation from another bank
3. Transferability Clause: Include if LC is transferable
4. Partial Shipment/Drawing Terms: Include if partial shipments or drawings are allowed
5. Transhipment Terms: Include if transhipment is relevant to the transaction
6. Insurance Requirements: Include if specific insurance requirements apply
7. Special Payment Conditions: Include for any special payment arrangements or restrictions
1. Document Checklist: Detailed checklist of required documents with specific requirements
2. Commercial Invoice Format: Prescribed format for commercial invoice if required
3. Bank Charges Schedule: Breakdown of applicable bank charges and their allocation
4. Shipping Documents Requirements: Detailed requirements for transport documents
5. Amendment Format: Standard format for future amendments to the LC
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Retail
Wholesale
Commodities Trading
Textiles
Agriculture
Automotive
Electronics
Chemical Industry
Pharmaceutical
Mining
Oil and Gas
Relevant Teams
Trade Finance
International Banking
Credit Operations
Treasury
Risk Management
Compliance
Legal
Operations
Finance
International Trade
Documentary Credits
Supply Chain
Procurement
Banking Operations
Relevant Roles
Trade Finance Manager
Import Manager
Export Manager
Documentary Credit Specialist
International Trade Specialist
Banking Operations Manager
Credit Manager
Treasury Manager
Financial Controller
Compliance Officer
Trade Operations Officer
Risk Manager
Documentary Collections Officer
Chief Financial Officer
Supply Chain Manager
Procurement Manager
International Business Development Manager
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