The Acceptance LC (Letter of Credit) is a crucial trade finance instrument used when buyers need extended payment terms while ensuring sellers receive prompt payment. This document is particularly relevant in U.S.-based international trade transactions where there's a need to bridge the timing gap between shipment and payment. The Acceptance LC, governed by U.S. banking regulations and international practices, allows banks to accept time drafts drawn by exporters, effectively creating a banker's acceptance that can be discounted for immediate funding. It includes specific terms regarding credit limits, tenor, documentary requirements, and acceptance conditions, providing security to all parties involved. The document must comply with UCC Article 5 requirements and typically follows UCP 600 guidelines, making it a standardized yet flexible instrument for facilitating international trade finance.
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1. Letter Header: Bank's letterhead, date, reference number, and addressee details
2. Credit Amount and Currency: Specification of the maximum credit amount and currency of the acceptance facility
3. Tenor and Maturity: Terms regarding the duration of drafts and maximum maturity period
4. Purpose and Utilization: Specified purpose of the acceptance facility and how it can be utilized
5. Documentary Requirements: List of required documents for drawing under the acceptance facility
6. Commission and Charges: Details of acceptance commission, fees, and other charges
7. Governing Law: Statement of applicable law and jurisdiction
8. Authorized Signatories: Requirements for authorized signatures and verification process
1. Revolving Terms: Include when the acceptance facility is revolving, specifying reinstatement terms
2. Security Requirements: Include when specific collateral or security is required for the facility
3. Special Instructions: Include when there are specific handling or processing requirements
4. Transfer Rights: Include when the credit is transferable, specifying transfer conditions
5. Syndication Terms: Include when the acceptance facility involves multiple participating banks
1. Schedule A - Document Checklist: Detailed checklist of required documents and their specific requirements
2. Schedule B - Fee Schedule: Detailed breakdown of all applicable fees, charges, and commission rates
3. Schedule C - Draft Format: Prescribed format for drafts to be drawn under the acceptance facility
4. Appendix 1 - Specimen Signatures: Specimen signatures of authorized signatories
5. Appendix 2 - Drawing Request Form: Standard form for requesting drawings under the acceptance facility
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
International Trade
Manufacturing
Import/Export
Shipping & Logistics
Commodities Trading
Wholesale Distribution
Retail
Agriculture
Mining
Relevant Teams
Trade Finance
International Banking
Credit Operations
Treasury
Risk Management
Compliance
Legal
Operations
Finance
Documentary Credits
Relevant Roles
Trade Finance Manager
International Banking Officer
Credit Manager
Treasury Manager
Finance Director
Import/Export Manager
Documentary Credits Specialist
Trade Operations Manager
Risk Manager
Compliance Officer
Banking Relationship Manager
Chief Financial Officer
Trade Finance Analyst
Letter of Credit Specialist
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