The Unconfirmed LC document is essential for international trade transactions where parties seek payment security through bank intermediation. It is particularly relevant in Qatar's business environment, where international trade plays a crucial role in the economy. This document type is used when the beneficiary is satisfied with the creditworthiness of the issuing bank without requiring additional bank confirmation. The document, governed by Qatar law and banking regulations, includes detailed specifications for payment conditions, required documentation, shipping terms, and compliance requirements. It serves as the issuing bank's irrevocable commitment to pay, subject to the presentation of compliant documents within specified timeframes. The unconfirmed nature means that while the issuing bank has a definite obligation to pay, any other banks involved act only as advising banks without adding their confirmation to the credit.
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1. Letter Reference and Date: Unique LC reference number and issuance date
2. Beneficiary Details: Complete name and address of the party in whose favor the LC is issued
3. Applicant Details: Complete name and address of the party requesting the LC
4. Issuing Bank Details: Name and address of the bank issuing the LC
5. LC Amount and Currency: Specific amount and currency of the credit
6. Expiry Date and Place: Clear statement of expiry date and location for document presentation
7. Available With/By: Specification of how and where the credit is available (payment, acceptance, negotiation)
8. Required Documents: Detailed list of documents required for presentation
9. Shipment Terms: Details of shipment including latest shipment date and partial shipments status
10. Description of Goods/Services: Clear description of the underlying goods or services
11. Presentation Period: Time period within which documents must be presented after shipment
12. Governing Law Statement: Clear statement that Qatar law governs the LC
1. Transferability Clause: Include when the LC needs to be transferable to another beneficiary
2. Red Clause: Include when advance payment to the beneficiary is permitted
3. Revolving Credit Terms: Include for LCs that automatically renew for a specified number of times
4. Tolerance Provisions: Include when quantity/amount variations are acceptable
5. Special Conditions: Include any transaction-specific conditions or requirements
6. Reimbursement Instructions: Include when specific reimbursement arrangements are required
1. Commercial Invoice Template: Prescribed format for the commercial invoice if required
2. Transport Document Requirements: Specific requirements and formats for transport documents
3. Insurance Document Requirements: Detailed requirements for insurance documents if required
4. Bank Format Specimens: Sample formats for any bank-specific forms required
5. Fee Schedule: Detailed breakdown of banking charges and fees
6. Document Presentation Checklist: Checklist for required documents and their specifications
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Retail
Commodities Trading
Oil and Gas
Construction
Logistics and Transportation
Maritime Industry
Relevant Teams
Trade Finance
International Banking
Compliance
Treasury
Risk Management
Documentary Credits
Operations
Legal
Supply Chain
Finance
Relevant Roles
Trade Finance Manager
Letter of Credit Specialist
International Banking Officer
Compliance Officer
Treasury Manager
Import/Export Manager
Documentary Credits Officer
Risk Management Officer
Trade Operations Manager
Banking Relations Manager
Financial Controller
Supply Chain Manager
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