The Mixed Payment LC is a crucial trade finance instrument in Saudi Arabia, designed to facilitate international trade while ensuring compliance with both Islamic banking principles and international banking standards. This document type is particularly useful when transactions require a combination of immediate and future payments, typically used in large-scale trade deals or when extended payment terms are needed. The document provides security to sellers through bank guarantees while offering buyers flexible payment options. Under Saudi Arabian jurisdiction, these instruments must comply with both the UCP 600 and local banking regulations, including SAMA guidelines. The Mixed Payment LC includes detailed payment schedules, document requirements, and specific conditions for both sight and deferred payments, making it particularly suitable for complex international trade transactions requiring structured financing solutions.
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1. Letter Head and Reference: Bank letterhead, LC number, and date of issuance
2. Parties: Identification of the issuing bank, beneficiary, and applicant with full legal names and addresses
3. Form of Credit: Specification that this is an irrevocable Mixed Payment Letter of Credit
4. Currency and Amount: The currency and total amount of the LC
5. Payment Terms: Detailed breakdown of the mixed payment structure, including sight payment portion and deferred payment portion
6. Payment Schedule: Specific dates or conditions for each payment installment
7. Required Documents: List of all documents required for presentation
8. Shipment Terms: Details of shipment including latest shipment date and partial shipments if allowed
9. Expiry Date: Final date for document presentation and LC validity
10. Presentation Period: Timeframe within which documents must be presented after shipment
11. Governing Law: Reference to Saudi law and UCP 600 governance
12. Authentication: Bank authorization and authentication details
1. Transfer Terms: Include when the LC is transferable to other beneficiaries
2. Confirmation Instructions: Include when confirmation by another bank is requested
3. Special Conditions: Include when there are additional requirements specific to the transaction
4. Islamic Finance Compliance: Include specific provisions ensuring Sharia compliance when required
5. Foreign Exchange Provisions: Include when payments involve currency conversion requirements
6. Document Handling Instructions: Include when specific document handling or transmission methods are required
1. Payment Schedule: Detailed table showing payment dates, amounts, and conditions for each installment
2. Required Documents Checklist: Detailed list of required documents with specific format and content requirements
3. Bank's Standard Terms: Standard terms and conditions of the issuing bank for Mixed Payment LCs
4. Compliance Certificate Format: Template for the beneficiary's compliance certificate
5. Document Presentation Schedule: Timeline and process for document presentation and examination
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Oil and Gas
Petrochemicals
Construction
Retail
Agriculture
Mining
Telecommunications
Automotive
Pharmaceuticals
Textiles
Technology Hardware
Relevant Teams
Trade Finance
International Banking
Legal and Compliance
Treasury
Risk Management
Operations
Financial Control
Credit Administration
Islamic Banking
Documentary Credits
Supply Chain
Procurement
Relevant Roles
Trade Finance Manager
International Banking Officer
Letter of Credit Specialist
Compliance Officer
Treasury Manager
Import/Export Manager
Trade Operations Manager
Financial Controller
Credit Risk Manager
Documentary Credits Manager
Chief Financial Officer
Banking Relationship Manager
Supply Chain Manager
Procurement Director
Islamic Banking Specialist
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