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A Confirmed Irrevocable Letter of Credit is utilized in international trade transactions where parties seek maximum payment security and risk mitigation. This document is particularly relevant when trading partners are in different countries or when there are concerns about the political or economic stability of the issuing bank's country. The confirmation by a second bank (typically in the beneficiary's country) adds an additional layer of payment security. The document must comply with New Zealand banking regulations and the internationally recognized UCP 600 rules, making it a robust instrument for cross-border transactions. It includes detailed specifications about payment terms, document requirements, shipping conditions, and timeframes, while providing both parties with clear guidelines for completing the transaction successfully. The irrevocable nature means it cannot be amended or canceled without the agreement of all parties involved.

1. Letter Reference Number: Unique identification number assigned to the Letter of Credit

2. Date of Issue: The date when the Letter of Credit is issued

3. Type of Credit: Specification that this is a Confirmed Irrevocable Letter of Credit

4. Issuing Bank Details: Complete name, address, and SWIFT code of the issuing bank

5. Confirming Bank Details: Complete name, address, and SWIFT code of the confirming bank

6. Applicant Details: Full name and address of the party requesting the Letter of Credit

7. Beneficiary Details: Full name and address of the party in whose favor the Letter of Credit is issued

8. Currency and Amount: The currency and amount of the Letter of Credit, both in figures and words

9. Expiry Date and Place: The date and location where the Letter of Credit expires

10. Available With/By: Specifies the bank with which the credit is available and the manner of availability

11. Partial Shipments: Whether partial shipments are allowed or prohibited

12. Transhipment: Whether transhipment is allowed or prohibited

13. Loading/Dispatch From: Port or place of loading/dispatch

14. Transportation To: Port or place of final destination

15. Latest Date of Shipment: Final date by which shipment must be made

16. Goods Description: Detailed description of the goods or services covered

17. Required Documents: List of all documents required for presentation

18. Additional Conditions: Any additional terms and conditions that apply to the credit

19. Charges: Specification of which party bears which bank charges

20. Presentation Period: Time period within which documents must be presented after shipment