The Acceptance LC is a specialized form of Letter of Credit commonly used in international trade finance, particularly relevant under Qatar law where it must comply with both international banking standards and local regulations. This document is typically used when a seller requires a bank's guarantee of payment at a future date, creating a negotiable instrument in the form of a banker's acceptance. The Acceptance LC is particularly valuable in transactions requiring extended payment terms while maintaining security for the seller. The document must conform to Qatar's Commercial Code, Central Bank regulations, and where applicable, Islamic banking principles. It includes specific details about the acceptance terms, document requirements, and presentation conditions, while incorporating necessary provisions for compliance with Qatar's anti-money laundering regulations and financial center requirements.
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1. LC Reference Number and Date: Unique identification number and issuance date of the LC
2. Issuing Bank Details: Complete name, address, and SWIFT code of the issuing bank
3. Beneficiary Details: Full name and address of the beneficiary (seller/exporter)
4. Applicant Details: Full name and address of the applicant (buyer/importer)
5. Currency and Amount: LC amount in figures and words, including currency specification
6. Acceptance Terms: Specific terms under which the bank agrees to accept the draft
7. Expiry Date and Place: Clear statement of when and where the LC expires
8. Document Presentation Terms: Required documents and timeline for presentation
9. Shipment Details: Information about goods, shipping terms, and latest shipment date
10. Authentication: Official bank signatures and authentication details
1. Transferability Clause: Include when the LC needs to be transferable to another beneficiary
2. Confirmation Instructions: Required when confirmation from another bank is requested
3. Revolving Terms: Include for revolving LCs that automatically renew
4. Red Clause: Include when advance payment to beneficiary is permitted
5. Islamic Banking Compliance: Required when the LC must comply with Shariah principles
6. Back-to-Back LC Terms: Include when the LC is part of a back-to-back arrangement
1. Document Requirements List: Detailed list of required documents and their specifications
2. Commercial Invoice Template: Prescribed format for the commercial invoice
3. Draft/Bill of Exchange Format: Template for the time draft to be presented for acceptance
4. Bank Authorization Forms: Required forms for bank processing and authorization
5. Compliance Certificates: Templates for required compliance and origin certificates
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
International Trade
Import/Export
Manufacturing
Commodities Trading
Oil & Gas
Construction
Retail
Wholesale Distribution
Maritime & Shipping
Agriculture
Industrial Equipment
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Treasury
Banking Operations
Compliance
Legal
Risk Management
Finance
International Trade Operations
Relevant Roles
Trade Finance Manager
International Banking Officer
Documentary Credits Specialist
Treasury Manager
Export Finance Manager
Trade Operations Officer
Compliance Officer
Banking Relationship Manager
Chief Financial Officer
Finance Director
Import/Export Manager
Trade Finance Analyst
Legal Counsel
Banking Operations Manager
Credit Risk Officer
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