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Deferred Lc for Philippines

Deferred Lc Template for Philippines

A Deferred Letter of Credit agreement under Philippine law is a specialized trade finance document that provides for payment at a specified future date after document presentation. The agreement complies with Philippine banking regulations, particularly the General Banking Law of 2000 and BSP regulations, while incorporating international standards such as UCP 600. It details the terms of deferred payment, document requirements, examination procedures, and parties' obligations, providing security for international trade transactions while accommodating the specific payment timing needs of the parties involved.

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Deferred Lc

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What is a Deferred Lc?

The Deferred LC agreement is essential for international trade transactions where immediate payment upon document presentation is not desired or feasible. This document type is particularly relevant in the Philippine context, where it must comply with local banking regulations while adhering to international trade finance standards. The agreement establishes the terms under which a bank will provide payment at a future date against compliant shipping documents, typically ranging from 30 to 180 days after presentation. It includes comprehensive details about payment terms, document requirements, examination procedures, and parties' obligations, making it suitable for businesses seeking to manage their cash flow while maintaining the security of a bank-backed trade finance instrument. The Deferred LC structure incorporates both the requirements of Philippine banking law and international banking practices, particularly the UCP 600 rules.

What sections should be included in a Deferred Lc?

1. Parties: Identification of all parties including the issuing bank, beneficiary, and applicant

2. Background: Context of the transaction and relationship between parties

3. Definitions: Key terms used throughout the agreement, including banking and trade finance terminology

4. LC Amount and Currency: Specification of the credit amount and currency of payment

5. Payment Terms: Details of the deferred payment period, maturity date, and payment conditions

6. Required Documents: List of documents required for presentation under the LC

7. Presentation and Examination: Rules and timeframes for document presentation and examination

8. Bank's Undertaking: The bank's commitment to pay against compliant documents

9. Applicant's Obligations: Responsibilities and commitments of the LC applicant

10. Fees and Charges: All applicable fees, charges, and commission rates

11. Governing Law and Jurisdiction: Application of Philippine law and jurisdiction details

12. Notices: Communication procedures and contact details for all parties

13. Force Majeure: Provisions for unforeseen circumstances affecting performance

What sections are optional to include in a Deferred Lc?

1. Security Arrangements: Used when additional security or collateral is required from the applicant

2. Insurance Requirements: Included when specific insurance coverage is mandatory for the underlying transaction

3. Transfer Rights: Required if the LC needs to be transferable to other beneficiaries

4. Back-to-Back LC Provisions: Included when the LC is part of a back-to-back LC arrangement

5. Revolving Credit Terms: Used when the LC is structured as a revolving facility

6. Foreign Exchange Provisions: Required when currency conversion or exchange risk management is needed

7. Anti-Money Laundering Compliance: Detailed compliance requirements for high-risk transactions or parties

8. Electronic Presentation: Terms for electronic document presentation if permitted

What schedules should be included in a Deferred Lc?

1. Schedule A - Commercial Invoice Requirements: Detailed requirements for commercial invoice presentation

2. Schedule B - Transport Document Requirements: Specifications for bills of lading or other transport documents

3. Schedule C - Fee Schedule: Detailed breakdown of all applicable fees and charges

4. Schedule D - Document Examination Checklist: Checklist for document compliance examination

5. Appendix 1 - Required Document Formats: Standard formats for required documents

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

7. Appendix 3 - UCP 600 Incorporation: Specific UCP 600 articles applicable to the LC

8. Appendix 4 - Authorized Signatories: List of authorized signatories for all parties

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

Philippines

Publisher

Ƶ

Document Type

Letter of Credit

Cost

Free to use
Relevant legal definitions






































Clauses
































Relevant Industries

Banking and Financial Services

International Trade

Manufacturing

Agriculture and Food

Retail

Construction

Mining and Resources

Textiles

Electronics

Automotive

Pharmaceuticals

Commodities Trading

Relevant Teams

Trade Finance

International Banking

Documentary Credits

Treasury

Risk Management

Legal

Compliance

Finance

International Trade Operations

Credit Administration

Supply Chain

Procurement

Relevant Roles

Trade Finance Manager

International Banking Officer

Documentary Credits Specialist

Treasury Manager

Import/Export Manager

Trade Operations Manager

Compliance Officer

Credit Risk Manager

Banking Relationship Manager

Chief Financial Officer

Finance Director

International Trade Specialist

Supply Chain Manager

Procurement Manager

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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