The Irrevocable Non-Transferable Letter of Credit is a crucial financial instrument in international trade transactions, governed by Dutch law and UCP 600 guidelines. It is typically used when parties seek a secure payment method in cross-border transactions, particularly when the buyer and seller don't have an established relationship or when local regulations require such instruments. The document provides security to both parties: the seller receives a bank's payment guarantee, while the buyer ensures goods meet specifications before payment is released. The irrevocable nature means the credit cannot be cancelled or modified without agreement from all parties, while the non-transferable aspect ensures the beneficiary cannot transfer their rights to another party. This instrument is particularly valuable in Dutch and European trade contexts, where it facilitates secure international commerce while complying with local banking regulations and EU trade laws.
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1. Issuing Bank Information: Complete details of the issuing bank, including name, address, SWIFT code, and reference numbers
2. Letter of Credit Number: Unique identification number of the Letter of Credit
3. Date of Issue: The date when the Letter of Credit is issued
4. Beneficiary Details: Complete name and address of the party in whose favor the Letter of Credit is issued
5. Applicant Details: Complete name and address of the party requesting the Letter of Credit
6. Currency and Amount: The currency and amount for which the Letter of Credit is issued, both in figures and words
7. Expiry Date and Place: The date and location where the Letter of Credit expires
8. Available With/By: Details of how and where the Letter of Credit is available (payment, acceptance, negotiation)
9. Partial Shipments/Transhipment: Whether partial shipments or transhipment is allowed or prohibited
10. Documentary Requirements: Detailed list of documents required for presentation
11. Presentation Period: Time period within which documents must be presented after shipment
12. Non-Transferability clause: Explicit statement that the Letter of Credit is non-transferable
13. Governing Law and Jurisdiction: Statement that Dutch law governs and reference to UCP 600
1. Description of Goods: Detailed description of the goods when the Letter of Credit is for a specific trade transaction
2. Special Conditions: Any additional terms or conditions specific to this Letter of Credit
3. Reimbursement Instructions: Details of reimbursement arrangements between banks, used when involving a reimbursing bank
4. Confirmation Instructions: Instructions regarding confirmation, used when confirmation is requested from another bank
5. Insurance Requirements: Specific insurance requirements, used when insurance coverage needs to be specified
6. Pre-Shipment Inspection: Requirements for pre-shipment inspection, used when quality control is critical
7. Red Clause Provisions: Advance payment provisions, used in cases where advance payment is allowed
1. Schedule A - Document Presentation Checklist: Detailed checklist of required documents and their specific requirements
2. Schedule B - Standard Banking Forms: Standard forms required by the issuing bank for document presentation
3. Schedule C - Payment Terms Schedule: Detailed schedule of payment terms and conditions
4. Appendix 1 - UCP 600 Reference: Relevant articles of UCP 600 specifically applicable to this Letter of Credit
5. Appendix 2 - Documentary Requirements Format: Specific formats and templates for required documents
Authors
Relevant legal definitions
Clauses
Relevant Industries
International Trade
Banking and Financial Services
Manufacturing
Import/Export
Commodities Trading
Shipping and Logistics
Agriculture
Energy
Construction
Wholesale Distribution
Relevant Teams
Trade Finance
Treasury
Legal
Compliance
Risk Management
International Sales
Commercial Banking
Documentary Credits
Supply Chain Operations
Financial Control
Relevant Roles
Trade Finance Manager
International Business Development Manager
Treasury Manager
Finance Director
Import/Export Manager
Documentary Credits Specialist
Trade Operations Manager
Compliance Officer
Legal Counsel
Credit Risk Manager
Commercial Banking Manager
Supply Chain Manager
Chief Financial Officer
International Sales Manager
Banking Relationship Manager
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