The Trade LC (Letter of Credit) is a fundamental document in international trade finance, particularly crucial in the Indonesian market where it helps facilitate secure import-export transactions. This document is essential when parties seek a bank-guaranteed payment method in international trade, providing security to sellers while offering buyers credit facility. Under Indonesian law, Trade LCs must comply with Bank Indonesia regulations and international banking practices (UCP 600), making them standardized yet adaptable to specific trade requirements. The document is typically used when there's a need for a secure payment mechanism in cross-border trades, especially in transactions involving substantial amounts or new trading partners. It includes detailed specifications about payment terms, document requirements, shipping conditions, and compliance requirements specific to Indonesian regulatory framework.
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Key Requirements PROMPT example:
Trade Lc
"I need a Trade LC for an Indonesian textile export transaction worth USD 500,000, with quarterly shipments starting March 2025, including special provisions for partial shipments and quality inspection requirements at the port of loading."
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OR
1. LC Number and Date: Unique identification number and issuance date of the Letter of Credit
2. Form of Credit: Specification of whether the LC is irrevocable, transferable, etc.
3. Applicant Details: Complete name and address of the party requesting the LC (buyer/importer)
4. Beneficiary Details: Complete name and address of the party in whose favor the LC is issued (seller/exporter)
5. Issuing Bank Details: Name and address of the bank issuing the LC
6. Currency and Amount: Currency denomination and maximum amount of the LC
7. Expiry Date and Place: Validity period and location where the LC expires
8. Available With/By: Terms of availability and method of payment (sight, deferred payment, etc.)
9. Shipment Terms: Latest shipment date, partial shipments, transhipment provisions
10. Document Requirements: List of required documents for LC settlement
11. Goods Description: Detailed description of merchandise, quantity, unit price
12. Incoterms: Specified trade terms (FOB, CIF, etc.)
1. Advising Bank: Details of the intermediary bank, used when there's a bank in beneficiary's country involved
2. Confirmation Instructions: Added when confirmation by another bank is required
3. Reimbursing Bank: Include when a third bank is designated for reimbursement
4. Special Conditions: Any additional terms or conditions specific to the transaction
5. Transfer Provisions: Include when the LC needs to be transferable to second beneficiaries
6. Red Clause Provisions: Used when advance payment to beneficiary is allowed
7. Back-to-Back Provisions: When the LC can be used as collateral for another LC
8. Insurance Requirements: Detailed insurance requirements beyond standard coverage
1. Commercial Invoice Template: Standardized format for commercial invoice presentation
2. Packing List Requirements: Detailed specifications for packing list preparation
3. Transport Document Requirements: Specific requirements for bills of lading or airway bills
4. Insurance Document Requirements: Format and coverage requirements for insurance documents
5. Certificate of Origin Requirements: Specifications for origin certification
6. Inspection Certificate Requirements: Requirements for pre-shipment inspection certification
7. Bank Draft Format: Template for drafts to be drawn under the LC
8. Amendment Format: Standard format for future amendments to the LC
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Agriculture
Mining and Resources
Textiles
Electronics
Automotive
Chemical Industry
Consumer Goods
Energy
Commodities Trading
Shipping and Logistics
Insurance
Relevant Teams
Trade Finance
International Banking
Legal
Compliance
Risk Management
Treasury
Operations
Credit Administration
Corporate Banking
Documentary Credits
International Trade Operations
Supply Chain
Procurement
Relevant Roles
Trade Finance Manager
International Banking Officer
Documentary Credits Specialist
Import Manager
Export Manager
Treasury Manager
Credit Risk Officer
Compliance Officer
Trade Operations Manager
Banking Relationship Manager
Chief Financial Officer
International Trade Specialist
Supply Chain Manager
Procurement Manager
Legal Counsel
Documentary Collections Officer
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