The LC Without Recourse is a specialized financial instrument utilized in international trade transactions where the beneficiary requires additional security against potential claims. This document type is particularly crucial when dealing with high-value international transactions or when trading with new partners in unfamiliar markets. The without recourse provision means that once the beneficiary has presented compliant documents, the issuing bank cannot later claim reimbursement from them, even if issues arise with the underlying transaction. Operating under United States jurisdiction, specifically UCC Article 5 and federal banking regulations, this document incorporates standard international banking practices (UCP 600) while providing comprehensive details about payment terms, document requirements, shipping conditions, and bank obligations. It's commonly used in situations where the beneficiary wants to eliminate the risk of future claims or when the transaction involves complex international shipping and payment arrangements.
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1. Issuing Bank Details: Complete name, address, and reference numbers of the issuing bank
2. Form of Credit: Specification that this is an irrevocable letter of credit without recourse
3. Date and Place of Expiry: Clear statement of when and where the LC expires
4. Beneficiary Details: Complete name and address of the beneficiary (seller/exporter)
5. Applicant Details: Complete name and address of the applicant (buyer/importer)
6. Currency and Amount: Specified currency and maximum amount available under the LC
7. Available With/By: Specification of where and how the credit is available (payment, acceptance, negotiation)
8. Partial Shipments/Transhipment: Whether partial shipments or transhipment is allowed or prohibited
9. Loading/Dispatch/Taking in Charge: Shipping details including place of departure
10. For Transportation To: Final destination of the goods
11. Latest Date of Shipment: Final date by which shipment must be made
12. Required Documents: List of all required documents for presentation
13. Additional Conditions: Any specific conditions or terms that must be met
14. Charges: Specification of which party bears which bank charges
15. Presentation Period: Time period within which documents must be presented
1. Transferability Clause: Required if the LC needs to be transferable to another beneficiary
2. Revolving Credit Terms: Include when the LC is designed to be automatically renewed under specified conditions
3. Red Clause Provisions: Include when advance payment to the beneficiary is permitted
4. Back-to-Back Arrangements: Required when the LC is part of a back-to-back LC structure
5. Green Clause Provisions: Include when storage of goods is involved with advance payment
6. Confirmation Instructions: Required when confirmation by another bank is requested
7. Special Reimbursement Instructions: Include when specific reimbursement arrangements are required
1. Schedule A - Document Requirements: Detailed list and specifications of required documents including format, copies, and content requirements
2. Schedule B - Goods Description: Detailed description of the goods, including specifications, quantity, and unit price
3. Schedule C - Special Payment Terms: Detailed description of any special payment arrangements or conditions
4. Appendix 1 - Required Document Formats: Sample formats or templates for required documents
5. Appendix 2 - Shipping Terms: Detailed shipping instructions and requirements
6. Appendix 3 - Bank Contact Details: Complete contact information for all banks involved in the transaction
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