The Restricted Letter of Credit serves as a crucial financial instrument in international trade transactions, providing security and payment assurance while maintaining specific restrictions on its use or transfer. This document is particularly relevant when parties require enhanced control over the credit's negotiation or when specific security measures are needed in the transaction. Governed by Dutch law and subject to the Uniform Customs and Practice for Documentary Credits (UCP 600), it includes detailed terms regarding document presentation, payment conditions, and applicable restrictions. The document is commonly used in situations where the parties want to limit the negotiability of the letter of credit, ensuring that payment is made only to the specified beneficiary under strictly controlled conditions. The restricted nature of this Letter of Credit provides additional security features and control mechanisms that are particularly valuable in high-value transactions or when dealing with sensitive commercial arrangements.
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1. Letter Reference and Date: Unique reference number and issuance date of the letter of credit
2. Issuing Bank Details: Complete details of the bank issuing the letter of credit
3. Applicant Details: Full information about the party requesting the letter of credit
4. Beneficiary Details: Complete information about the party in whose favor the letter of credit is issued
5. Amount and Currency: Specification of the credit amount and currency
6. Validity Period: Expiry date and place of the letter of credit
7. Restriction Clauses: Specific restrictions on the use, transfer, or negotiation of the letter of credit
8. Required Documents: List of documents that must be presented for payment
9. Payment Terms: Conditions and timing of payment
10. Governing Law and Jurisdiction: Specification of Dutch law governance and jurisdiction
11. UCP 600 Declaration: Statement of subjection to UCP 600 rules
1. Partial Shipments/Drawings: Include when specifying whether partial shipments or drawings are allowed
2. Transhipment Terms: Include when specific transhipment conditions need to be addressed
3. Special Conditions: Include when there are additional conditions specific to the transaction
4. Anti-Money Laundering Provisions: Include when enhanced due diligence or specific AML requirements are needed
5. Bank-to-Bank Reimbursement: Include when specifying special reimbursement arrangements between banks
6. Force Majeure Conditions: Include when specific force majeure provisions need to be addressed
7. Amendment Procedures: Include when specific procedures for amendments need to be detailed
1. Schedule A - Document Requirements: Detailed list and format of required documents for presentation
2. Schedule B - Restriction Details: Comprehensive details of all restrictions and their implementation
3. Schedule C - Fee Schedule: Breakdown of all applicable fees and charges
4. Appendix 1 - Standard Presentation Forms: Templates for document presentation
5. Appendix 2 - Authorized Signatories: List of authorized signatories and specimen signatures
6. Appendix 3 - Compliance Checklist: Checklist for ensuring compliance with restrictions and requirements
Authors
Relevant legal definitions
Clauses
Relevant Industries
International Trade
Banking and Financial Services
Manufacturing
Import/Export
Wholesale Trade
Commodities Trading
Shipping and Logistics
Agriculture
Energy and Resources
Construction
Relevant Teams
Legal
Finance
Treasury
International Trade
Compliance
Risk Management
Trade Operations
Documentary Credits
Commercial Banking
Credit Administration
Relevant Roles
Trade Finance Manager
International Banking Officer
Chief Financial Officer
Treasury Manager
Finance Director
Import/Export Manager
Compliance Officer
Legal Counsel
Credit Risk Manager
Documentary Credits Specialist
Trade Operations Manager
Senior Banking Executive
Commercial Banking Manager
International Trade Specialist
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