The Letter of Credit Fee agreement is essential for businesses engaging in international trade under Danish jurisdiction, where Letters of Credit are used as a secure payment method. This document is typically implemented when a company requires regular Letter of Credit services from their bank and needs a standardized fee structure. The agreement outlines all costs associated with LC services, including issuance fees, amendment charges, and processing fees, while ensuring compliance with Danish financial regulations and international banking standards. It serves as a master agreement that governs all future Letter of Credit transactions between the parties, providing clarity on pricing and avoiding the need to negotiate fees for each individual LC.
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1. Parties: Identification of the bank and the client/applicant
2. Background: Context of the fee agreement and its relation to Letter of Credit services
3. Definitions: Key terms used throughout the agreement including 'Letter of Credit', 'Fee Schedule', 'Banking Day', etc.
4. Fee Structure: Details of the basic fee components including issuance fees, amendment fees, and processing fees
5. Payment Terms: Terms and conditions for fee payment, including timing, method, and currency of payment
6. Bank's Rights and Obligations: The bank's commitments and rights regarding the Letter of Credit service
7. Client's Obligations: The client's responsibilities including providing necessary documentation and maintaining sufficient funds
8. Term and Termination: Duration of the fee agreement and conditions for termination
9. Governing Law and Jurisdiction: Specification of Danish law as governing law and jurisdiction for disputes
1. Security and Collateral: Required when specific security or collateral is needed to support the Letter of Credit
2. Special Handling Fees: Included when non-standard processing or urgent handling may be required
3. Multiple Currency Provisions: Added when Letters of Credit may be issued in multiple currencies
4. Group Company Provisions: Included when the agreement covers Letters of Credit for client's group companies
5. Electronic Banking Provisions: Required when electronic banking services are used for LC applications and fee payments
6. Sanctions and Compliance: Added when dealing with international trade requiring specific compliance measures
1. Fee Schedule: Detailed breakdown of all applicable fees and charges
2. Standard LC Application Form: Template form for Letter of Credit applications
3. Authorized Signatories: List of persons authorized to request Letters of Credit and approve fee payments
4. Bank's Standard Terms and Conditions: General terms and conditions for Letter of Credit services
5. Processing Requirements: Documentation and information requirements for LC applications
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
International Trade
Import/Export
Manufacturing
Wholesale & Distribution
Retail
Energy & Resources
Construction
Agriculture
Shipping & Logistics
Relevant Teams
Treasury
Finance
Legal
Trade Finance
Procurement
Operations
Compliance
International Business
Credit Control
Banking Relations
Relevant Roles
Treasury Manager
Chief Financial Officer
Finance Director
Trade Finance Manager
Import/Export Manager
Procurement Director
Financial Controller
Banking Relationship Manager
Credit Manager
Compliance Officer
Legal Counsel
Operations Manager
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