An Outstanding Letter of Credit is utilized when parties need to formally document and confirm the current status of an existing Letter of Credit. This document becomes particularly relevant in international trade transactions where there is a need to track and verify remaining balances, validate terms, or address any amendments to the original LC. Under English and Welsh jurisdiction, the Outstanding Letter of Credit must comply with UCP 600 rules and local banking regulations, providing crucial information about payment status, beneficiary rights, and any modifications to the original terms.
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1. Letter of Credit Reference: Unique identifier and details of the original Letter of Credit
2. Amount Outstanding: Current balance and currency of the outstanding credit, including any partial drawings
3. Original Terms: Reference to original LC terms including issue date, expiry date, and key conditions
4. Beneficiary Details: Complete details of the beneficiary including name, address, and banking information
5. Applicant Details: Complete details of the applicant including name, address, and contact information
6. Payment Status: Current status of payments and draws against the LC, including payment history
1. Amendment History: List of any amendments made to the original LC, including dates and nature of amendments
2. Discrepancy Details: Information about any discrepancies in documents presented under the LC
3. Transfer Details: Information about any transfers of the LC to new beneficiaries
4. Regulatory Compliance: Specific mentions of compliance with UCP 600 and other applicable regulations
1. Schedule A - Original LC Copy: Complete copy of the original Letter of Credit
2. Schedule B - Amendment Documents: Copies of all amendments made to the original LC
3. Schedule C - Payment Records: Detailed statement of all payments made against the LC
4. Schedule D - Outstanding Claims: Schedule of any pending or outstanding claims against the LC
5. Schedule E - Supporting Documents: Any additional supporting documentation including shipping documents, bills of lading, or invoices
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