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Irrevocable Letter Of Credit
Note: The following forms and documents are prepared by the above under the laws and practice prevailing as of [Date].
Except so far as otherwise expressly stated this credit is subject to the Uniform Customs and Practice for documentary credits as most recently published by the International Chamber of Commerce.
THIS CREDIT IS OPENED BY [ ] AIRMAIL
[ ] AIRMAIL WITH BRIEF PRELIMINARY CABLE ADVICE
DATE OF ISSUE
Issuing Bank's No.
Advising Bank's No.
Amount in Words
Amount in figures
Last date for shipment
Last date for negotiation
WE HEREBY ISSUE IN YOUR FAVOR THIS IRREVOCABLE LETTER OF CREDIT WHICH IS AVAILABLE BY YOUR DRAFT(S) AT [BANK] FOR [--%] OF INVOICE VALUE DRAWN ON [BANK]. THE BANK BEARING THE CLAUSE "DRAWN UNDER DOCUMENTARY CREDIT NO. ISSUED BY THE BANK" ACCOMPANIED BY THE FOLLOWING DOCUMENTS:
[ ] FULL SET OF BILLS OF LADING TO ORDER OF ______________ The Bank MARKED "FREIGHT/COLLECT/PREPAID" AND "NOTIFY".
[ ] CLEAN AIR WAYBILL CONSIGNED TO
[ ] COMMERCIAL INVOICE IN (Signed)
[ ] CUSTOMS INVOICE IN
[ ] INSURANCE POLICY OR CERTIFICATE IN NEGOTIABLE FORM COVERING MARINE AND WAR RISKS.
[ ] OTHER DOCUMENTS:
INSURANCE TO BE EFFECTED BY:
COVERING SHIPMENT OF:
PARTIAL SHIPMENTS TRANSHIPMENT
We hereby engage with drawers and/or bona fide holders that drafts drawn and negotiated in conformity with the terms of this credit will be duly honored on presentation and that drafts accepted within the terms of this credit will be duly honored at maturity.
The amount of each draft must be endorsed on the reverse of this credit by the negotiating bank.
NEGOTIATING BANK NOTE: (Documents must accompany draft to drawee)
Advising Bank's notification:
REMARKS, PLACE, DATE, NAME AND SIGNATURE OF THE ADVISING BANK.
Ref. No. of Advising Bank
Place and date of notification
IRREVOCABLE DOCUMENTARY CREDIT
REF. NO. OF ISSUING BANK:
We have been informed by our aforementioned correspondent that the above-mentioned documentary credit has been issued in your favor. Please find enclosed the advice intended for you. please check the credit terms carefully. In the event that you do not agree with the terms and conditions or if you feel unable to comply with any of the terms and conditions, please arrange an amendment of the credit through your contracting party (the applicant for the credit).
[ ] THIS NOTIFICATION AND THE ENCLOSED ADVICE ARE SENT TO YOU WITHOUT ENGAGEMENT ON OUR PART.
[ ] AS REQUESTED BY OUR CORRESPONDENT, WE HEREBY CONFIRM THE ABOVE-MENTIONED CREDIT.