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Lc Without Recourse for the Netherlands

Lc Without Recourse Template for Netherlands

A Letter of Credit Without Recourse under Dutch law is a specialized banking instrument that provides a secure payment mechanism in international trade transactions. This document represents an irrevocable commitment by the issuing bank to pay the beneficiary upon presentation of compliant documents, with the distinct feature that the bank cannot seek reimbursement from the beneficiary if the applicant defaults. Governed by Dutch law and incorporating UCP 600 rules, this instrument provides enhanced protection for exporters while maintaining the structured documentary credit framework essential for international trade finance.

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Lc Without Recourse

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What is a Lc Without Recourse?

The Letter of Credit (LC) Without Recourse is a crucial financial instrument in international trade transactions, particularly relevant under Dutch law which provides a robust framework for such banking instruments. This document type is specifically chosen when the beneficiary (typically the exporter) requires additional security against potential claims from the issuing bank. The "without recourse" nature means that once the beneficiary has presented compliant documents and received payment, the issuing bank cannot seek reimbursement from them even if the applicant defaults. This document includes detailed specifications about the transaction, required documents, payment terms, and shipping conditions, all structured within the framework of Dutch commercial law and international banking practices (UCP 600). It's particularly valuable in high-value international transactions or when trading with new or unfamiliar partners where risk mitigation is paramount.

What sections should be included in a Lc Without Recourse?

1. Issuing Bank Details: Complete identification and contact information of the issuing bank

2. LC Number and Date: Unique identification number and issuance date of the letter of credit

3. Applicant Details: Full legal name and address of the party requesting the letter of credit

4. Beneficiary Details: Complete identification and banking information of the party in whose favor the LC is issued

5. Currency and Amount: Specified currency and maximum amount of the letter of credit

6. Expiry Date and Place: Clear statement of when and where the LC expires

7. Without Recourse Declaration: Explicit statement that the LC is issued without recourse to the beneficiary

8. Required Documents: Detailed list of documents required for presentation

9. Shipment Terms: Specifications regarding shipment, including latest shipment date and partial shipments

10. Payment Terms: Conditions and timing of payment upon document presentation

11. Governing Law and Jurisdiction: Statement of Dutch law as governing law and relevant jurisdiction

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

1. Transferability Clause: Include when the LC needs to be transferable to another beneficiary

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

3. Red Clause: Include when advance payment provisions are needed

4. Green Clause: Include when warehouse storage-related provisions are needed

5. Revolving Terms: Include for LCs that automatically renew under specified conditions

6. Insurance Requirements: Include when specific insurance documentation is required

7. Special Conditions: Include when there are additional requirements or conditions specific to the transaction

What schedules should be included in a Lc Without Recourse?

1. Schedule A - Document Requirements: Detailed specifications for each required document

2. Schedule B - Technical Specifications: Technical details of goods or services covered by the LC

3. Schedule C - Payment Schedule: If applicable, breakdown of payment installments or specific payment conditions

4. Appendix 1 - UCP 600 Disclaimers: Standard disclaimers and notices as per UCP 600

5. Appendix 2 - Bank's Standard Terms: Standard terms and conditions of the issuing bank

6. Appendix 3 - Authentication Details: SWIFT or other authentication information

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

Netherlands

Publisher

Ƶ

Document Type

Letter of Credit

Cost

Free to use
Relevant legal definitions











































Clauses






























Relevant Industries

Banking & Financial Services

International Trade

Import/Export

Manufacturing

Commodities Trading

Shipping & Logistics

Retail

Wholesale

Agriculture

Energy

Construction

Textiles

Technology Hardware

Relevant Teams

Trade Finance

International Banking

Documentary Credits

Risk Management

Legal

Compliance

Treasury

Operations

Credit Administration

Transaction Banking

Trade Operations

Corporate Banking

Relevant Roles

Trade Finance Manager

International Banking Officer

Documentary Credits Specialist

Export Finance Manager

Import Finance Manager

Credit Risk Officer

Trade Operations Manager

Banking Relationship Manager

Chief Financial Officer

Treasury Manager

Compliance Officer

Legal Counsel

Trade Finance Analyst

Senior Banking Officer

International Trade Specialist

Industries








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