Issue Outgoing Standby Letter of Credit (Detailed)

Field/Control

Description

Beneficiary

Search Image Link

Pressing this image link displays the Party Search page, where you can select the Beneficiary for the instrument from a list of non-bank parties. After you choose a party from the Party Search page, the transaction page redisplays with the Beneficiary fields loaded with the party's information. To complete each Beneficiary field, you can either search for a party by pressing the Search Image Link , or you can type the entry directly into each field.

Beneficiary Name

The name of the Beneficiary for the instrument. To complete this field, you can either search for a party by pressing the the Search Image Link , or you can type the Beneficiary's name directly into this field. This field can contain up to 35 characters and is a required field.

Phone Number

The phone number of the Beneficiary for the instrument. To complete this field, you can either search for a party by pressing the Search Image Link , or you can type the Beneficiary's phone number directly into this field. This field can contain up to 20 characters.

*Address (Line 1)

The first address line of the Beneficiary for the instrument. To complete this field, you can either search for a party by pressing the Search Image Link , or you can type the Beneficiary's address directly into this field. This field can contain up to 35 characters and is a required field.

Address (Line 2)

The second address line of the Beneficiary for the instrument. To complete this field, you can either search for a party by pressing the Search Image Link , or you can type the Beneficiary's address directly into this field. This field can contain up to 35 characters.

City

The city of the Beneficiary for the instrument. To complete this field, you can either search for a party by pressing the Search Image Link , or you can type the Beneficiary's city directly into this field. This field can contain up to 23 characters and is a required field.

Province/State

The province or state of the Beneficiary for the instrument. To complete this field, you can either search for a party by pressing the Search Image Link , or you can type the Beneficiary's province or state directly into this field. This field can contain up to 8 characters.

*Country

The country of the Beneficiary for the instrument. To complete this field, you can either search for a party by pressing the Search Image Link , or you can select the Beneficiary's country from this dropdown list. A country selection is required.

Postal Code

The postal code of the Beneficiary for the instrument. To complete this field, you can either search for a party by pressing the Search Image Link , or you can type the Beneficiary's postal code directly into this field. This field can contain up to 8 characters.

*Applicant

Search Image Link

Pressing this image link displays the Party Search, where you can select the Applicant for the instrument from a list of non-bank parties. After you choose a party from the Party Search page, the transaction page redisplays with the Applicant text box loaded with the party's information in read-only form. An Applicant selection is required.

To change the Applicant information in the text box, press the Search image link again to select a new party.

Applicant’s  Reference Number

Your reference number for the instrument. This field can contain up to 30 characters.

*Currency

The currency for the instrument. To enter the currency, select one from this dropdown list. A currency selection is required.

*Amount

The amount of the transaction. This field can contain up to 22 characters and is a required field.

Type of LC

The type of Letter of Credit between the Applicant and Beneficiary. For example, Tender/Bid Bond, Performance Letter of Credit, or Advance Payment. To specify the Letter of Credit type, make a selection from the dropdown list. A type selection is required.

Issuing Instructions

*The instrument is to be issued by:

Indicates the bank issuing the Letter of Credit. To specify, select either Applicant's Bank or Overseas Bank. If you select Overseas Bank, you must also specify the Validity Date at Overseas Bank and enter other Overseas Bank details (if known).

Validity Date at Overseas Bank

The date on which the Letter of Credit obligation expires at the bank issuing the Letter of Credit. To enter the date, select a day, month, and year from the appropriate dropdown lists. If you selected Overseas Bank as the issuing bank, above, you must enter a validity date.

Search Image Link

Pressing this image link  displays the Party Search, where you can select the overseas bank for the instrument from a list of bank parties. After you choose a party from the Party Search page, the transaction page redisplays with the overseas bank details loaded with the party's information in read-only form.

To change the overseas bank information, press Erase image link. You can then press Search for an Overseas Bank again to select a new party.

Erase Image link

Pressing this image link clears the information in the Overseas Bank fields.

Overseas Bank Name

The name of the overseas bank for the instrument. To complete this field, you can either search for a party by pressing the Search Image Link, or you can type the bank's name directly into this field. This field can contain up to 35 characters.

Phone Number

The phone number of the overseas bank for the instrument. To complete this field, you can either search for a party by pressing the Search Image Link, or you can type the bank's phone number directly into this field. This field can contain up to 35 characters.

Address (Line 1)

The first address line of the overseas bank for the instrument. To complete this field, you can either search for a party by pressing Search Image Link, or you can type the bank's address directly into this field. This field can contain up to 35 characters.

Address (Line 2)

The second address line of the overseas bank for the instrument. To complete this field, you can either search for a party by pressing the Search Image Link, or you can type the bank's address directly into this field. This field can contain up to 35 characters.

City

The city of the overseas bank for the instrument. To complete this field, you can either search for a party by pressing the Search Image Link, or you can type the bank's city directly into this field. This field can contain up to 23 characters.

Province/State

The province or state of the overseas bank for the instrument. To complete this field, you can either search for a party by pressing the Search Image Link, or you can type the bank's province or state directly into this field. This field can contain up to 8 characters.

Country

The country of the overseas bank for the instrument. To complete this field, you can either search for a party by pressing the Search Image Link, or you can select the bank's country from this dropdown list.

Postal Code

The postal code of the overseas bank for the instrument. To complete this field, you can either search for a party by pressing the Search Image Link button, or you can type the bank's postal code directly into this field. This field can contain up to 8 characters.

Validity

Valid From

Indicates the date from which the Letter of Credit is valid. To specify, select one of the following options:

·         Date of Issue - The Letter of Credit is valid from its issue date.

·         Other Date - The Letter of Credit is valid from a date other than its issue date. If you select this option, you must also enter a date by selecting a day, month, and year from the appropriate dropdown lists.

Valid To

Indicates the date until which the Letter of Credit is valid. To specify, select one of the following options:

·         End Date - The Letter of Credit is valid until a specified date. If you select this option, you must also enter a date by selecting a day, month, and year from the appropriate dropdown lists.

·         Other - The Letter of Credit is valid until a date detailed in the Instructions to Bank text area. If you select this option, be sure to also enter information about the Valid To date in the Instructions to Bank text area.

Delivery Instructions

Deliver To

Indicates who will take delivery of and acknowledge the physical Letter of Credit. To specify, select one of the following options:

·         Applicant

·         Beneficiary

·         Agent (enter details in Agent Details below)

·         Other (click on Search Image Link displays the Party Search page, where you can select the Beneficiary for the instrument from a list of non-bank parties. After you choose a party from the Party Search page, the transaction page redisplays with the Beneficiary fields loaded with the party's information. To complete each Beneficiary fields, you can either search for a party by pressing the Search Image Link , or you can type the entry directly into Delivery To Details field.)

Deliver By

Indicates the method by which the Letter of Credit is to be delivered. To specify, select one of the following options:

·         Swift

·         Registered Mail

·         Mail

·         Courier

Agent Details

Search Image Link

Pressing this button displays the Party Search, where you can select the Applicant's Agent for the instrument from a list of non-bank parties. After you choose a party from the Party Search page, the transaction page redisplays with the Agent fields loaded with the party's information.

To change the Agent information, press Erase image link You can then press Search Image Link again to select a new party.

Erase Image link

Pressing this button clears the information in the Agent Details fields.

Agent Name

The name of the Agent for the instrument. To complete this field, you can either search for a party by pressing the Search Image Link, or you can type the Agent's name directly into this field. This field can contain up to 35 characters.

Address (Line 1)

The first address line of the Agent for the instrument. To complete this field, you can either search for a party by pressing the Search Image Link, or you can type the Agent's address directly into this field. This field can contain up to 35 characters.

Address (Line 2)

The second address line of the Agent for the instrument. To complete this field, you can either search for a party by pressing the Search Image Link, or you can type the Agent's address directly into this field. This field can contain up to 35 characters.

City

The city of the Agent for the instrument. To complete this field, you can either search for a party by pressing the Search Image Link, or you can type the Agent's city directly into this field. This field can contain up to 23 characters.

Province / State

The province or state of the Agent for the instrument. To complete this field, you can either search for a party by pressing the Search Image Link, or you can type the Agent's province or state directly into this field. This field can contain up to 8 characters.

Country

The country of the Agent for the instrument. To complete this field, you can either search for a party by pressing the Search Image Link, or you can select the Agent's country from this dropdown list.

Postal Code

The postal code of the Agent for the instrument. To complete this field, you can either search for a party by pressing the Search Image Link, or you can type the Agent's postal code directly into this field. This field can contain up to 8 characters.

Contact Name

The contact name of the Agent for the instrument. To complete this field, you can either search for a party by pressing the Search Image Link, or you can type the Agent's contact name directly into this field. This field can contain up to 35 characters.

Phone Number

The phone number of the Agent for the instrument. To complete this field, you can either search for a party by pressing the Search Image Link, or you can type the Agent's phone number directly into this field. This field can contain up to 20 characters.

Accept instructions from this party

If this checkbox is selected, the Agent can modify details of the original instructions for this Letter of Credit.

Advise Issuance

If this checkbox is selected, notify the Agent that the Letter of Credit has been issued, but do not deliver the Letter of Credit to him or her.

Details of Tender / Order / Contract

[Tender / Order / Contract details text]

The details of the Letter of Credit tender, order, or contract; for example, a description of the work to be completed, or the goods to be provided, in order to meet the terms of the Letter of Credit. To enter text, you can either type directly into the text area, or add a phrase from the dropdown list to the text area. The text area can contain up to 5000 characters.

Other Conditions

ICC Applicable Rules

Version

Details

Additional Information

The Additional Information section of the Issue Outgoing Standby Letter of Credit (Detailed) page contains information about the terms for the Standby Letter of Credit (detailed version) issue transaction. The fields and controls contained in the section are described below.

Customer Text

The actual wording of the Letter of Credit that will be issued. You must either enter the Letter of Credit text here or in the Bank Standard Wording text area (but not in both). To enter text in the Customer Text area, you can either type directly into the text area, or add a phrase from the dropdown list to the text area. The text area can contain up to 5000 characters.

Bank Standard Wording

The actual wording of the Letter of Credit that will be issued. You must either enter the Letter of Credit text here or in the Customer Text area (but not in both). To enter text in the Bank Standard Wording area, you must add a phrase from the dropdown list to the text area. If you add a phrase that requires you to fill in gaps, you will be prompted to enter all variable text items and press Submit to add the entered text items to the text area. The text area can contain up to 5000 characters.

Instructions to Bank

The Instructions to Bank section of the Issue Outgoing Standby Letter of Credit (Detailed) page contains instructions to your bank for the Standby Letter of Credit (detailed version) issue transaction. The fields and controls contained in this section are described below.

[special instructions text]

The special instructions text for the transaction. To enter text, you can either type directly into the text area, or add a phrase from the dropdown list to the text area. The text area can contain up to 2000 characters.

Settlement Instructions

Branch Code

The bank branch code for settlement. To specify, enter a bank code into the text box. This field can contain up to 30 characters.

Debit:  Our Account Number

The debit account number for settlement. To specify, enter an account number into the text box. This field can contain up to 30 characters.

Debit: Foreign Ccy Account Number

The foreign currency debit account number for settlement. To specify, enter an account number into the text box. This field can contain up to 30 characters.

Currency of Account

The currency of the settlement foreign currency account. To specify, make a selection from the dropdown list.

Commissions & Charges

Debit:  Our Account Number

The debit account number for commissions and charges. To specify, enter an account number into the text box. This field can contain up to 30 characters.

Debit: Foreign Ccy Account Number

The foreign currency debit account number for commissions and charges. To specify, enter an account number into the text box. This field can contain up to 30 characters.

Currency of Account

The currency of the commissions and charges foreign currency account. To specify, make a selection from the dropdown list.

[additional text for Settlement or Commissions & Charges]

The additional text describing settlement or commissions and charges for the instrument. To enter text, you can either type directly into the text area, or add a phrase from the dropdown list to the text area. The text area can contain up to 1000 characters.

Internal Instructions

The Internal Instructions section of the Issue Outgoing Standby Letter of Credit page contains instructions internal to your organisation that will not be sent to the bank with the Standby Letter of Credit (detailed version) issue transaction.

The Internal Instructions section contains a text area for internal use text for the transaction. To enter the internal instructions text, type directly into the text area. This field can contain up to 1000 characters.

Standby Application Form

The Standby Application Form link on the Issue Outgoing SLC page appears only after the transaction has been verified. When you click on this link, an Adobe Acrobat PDF file is generated of the transaction's collection schedule and is displayed in a new browser window. You can then print the PDF file or save it to your local drive.

Note: This feature requires that Adobe Acrobat Reader is installed on your computer. If you do not have Adobe Acrobat installed, click the icon below to download the free software from Adobe: