The International Letter of Credit serves as a crucial financial instrument in international trade, particularly relevant when conducting business under Qatar law. It provides payment security to sellers while offering buyers documentary control over the transaction. Used primarily in cross-border trade where parties seek to mitigate payment risks, this document combines the internationally recognized UCP 600 rules with Qatar's legal framework, including compliance with Qatar Central Bank regulations and, where applicable, Islamic banking principles. The Letter of Credit specifies all terms, conditions, and required documents for payment, typically including shipping documents, commercial invoices, and certificates of origin. It's particularly valuable in transactions where parties don't have established business relationships or when local regulations require formal banking channels for international payments.
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1. Letter of Credit 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. Applicant Details: Full name, address, and contact information of the buyer/importer
4. Beneficiary Details: Full name, address, and contact information of the seller/exporter
5. Credit Amount and Currency: Specified amount and currency of the letter of credit, including any tolerance levels
6. Form of Credit: Whether irrevocable, confirmed, or unconfirmed
7. Available With/By: Specifies where and how the credit is available (sight, deferred payment, acceptance, or negotiation)
8. Expiry Date and Place: Final date and location for presentation of documents
9. Required Documents: Detailed list of all documents required for presentation
10. Shipment Terms: Latest shipment date, partial shipments, transhipment provisions
11. Description of Goods/Services: Detailed description of the underlying transaction
12. Presentation Period: Time period within which documents must be presented after shipment
1. Transferability Clause: Include when the LC needs to be transferable to another beneficiary
2. Confirmation Instructions: Include when confirmation by another bank is requested
3. Red Clause: Include when advance payment to the beneficiary is permitted
4. Green Clause: Include when storage of goods is involved with advance payment
5. Revolving Credit Terms: Include for automatically renewing LCs
6. Back-to-Back Provisions: Include when the LC will be used to support another LC
7. Special Conditions: Include any additional terms specific to the transaction
8. Islamic Banking Compliance: Include specific provisions ensuring compliance with Sharia principles when required
1. Schedule A - Document Requirements: Detailed specifications for each required document
2. Schedule B - Goods Specification: Detailed technical specifications of goods/services
3. Schedule C - Payment Schedule: If payments are to be made in installments or against multiple shipments
4. Appendix 1 - UCP 600 Incorporation: Specific UCP 600 articles applicable to this LC
5. Appendix 2 - Bank Forms: Standard forms required for document presentation
6. Appendix 3 - Shipping Terms: Detailed shipping requirements and Incoterms
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Commodities Trading
Shipping and Logistics
Energy and Resources
Construction
Retail
Agriculture
Technology and Electronics
Automotive
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Export Operations
Import Operations
Compliance
Treasury
Risk Management
Legal
Finance
Procurement
Supply Chain
Credit Control
Relevant Roles
Trade Finance Manager
International Banking Officer
Documentary Credits Specialist
Export Finance Manager
Import Operations Manager
Trade Operations Officer
Compliance Officer
Letter of Credit Analyst
Treasury Manager
Chief Financial Officer
Banking Relationship Manager
International Trade Specialist
Supply Chain Manager
Procurement Manager
Credit Risk Officer
Documentary Collections Officer
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