General Details

The first part of the Import Letter of Credit application form contains the General Details section. This section appears when you first open a new Letter of Credit.

You may also access the General Details section from anywhere in the application form. Clicking on any heading of the Navigation Toolbar that precedes each section will bring you to that section.

The General Details section requests the following information:

· Reference Number - A unique deal identification number, decided by the TFO user. For example, the importer purchase order number, contract reference number, etc.

· Amount - The L/C amount.

· Currency - The currency in which the L/C amount is expressed.

· Deal Number - This field contains the Deal Number created by your Bank.

· Send L/C By - Specifies by which mode of transmission the L/C is to be sent to the advising bank. Methods may include: airmail, courier, mail, SWIFT, telex etc.

· Receive Documents By - Specifies by which mode the relevant documents are to be sent to the issuing bank by the negotiating bank.

· L/C Type - Specifies the type of L/C. Deal types include

· Back to Back L/C - A secondary letter of credit issued to a beneficiary on the strength of a primary credit.

· Transferable L/C - A Letter of Credit that can be transferred to a secondary beneficiary.

· Normal Import L/C - A Regular L/C

· Standby L/C - A L/C that acts as a guarantee and may not ever be utilized. If the applicant purchases items on clean payment and defaults, the beneficiary may then receive payment.

If the L/C deal type is Back-To-Back or Transfer, enter the L/C deal number for the original L/C in the Master L/C field.

· Goods Origin - Specifies the country from which the goods described in the L/C originate.

· Amount Terms - Specifies whether the terms of payment must be exact or can vary. Valid payment terms include:

· About - Documents presented may vary from the L/C amount by a deviation of plus or minus 10% (UCP 500, Article 39a).

· Exactly - The value of the documents must conform exactly to the amount of the L/C.

· Not Exceeding - The value of the documents may not exceed the L/C amount. However, the value can be up to 5% less than the amount, unless the credit states the quantity in terms of a stated number of packing units or individual items (UCP 500, Article 39b).

· Vary Amount/Percentage - Vary the payment terms according to the upper and lower percentages specified in the Varied Amount % fields or the varied amount sum stated in the Varied Amount Sum field.

· Up To - Permits any value up to and including the amount listed.

· Maximum - Limits the amount to one value. This is the maximum amount allowed, but the amount must be used in its entirety.

· Varied Amount Sum - The amount by which the documents may vary from the L/C amount (when the terms are varied).

· Varied Amount % - The percentage variation by which the documents may vary from the L/C amount (in the situation that the terms are varied). For example, +12% or -7%.

· Varied Quantity %· Varied Amount Sum - The amount by which the documents may vary from the L/C amount (when the terms are varied).

Select the amount terms from the drop-down list. If the terms are Varied, enter the Varied Amount Sum, or Varied Amount Percentage. If relevant, enter the Varied Quantity Percentage.

· Expiry Date - Specifies the date that the L/C expires. Once the date has passed, no additional documents may be presented by the beneficiary.

· Country - Enter the country in which the L/C expires. It is important to the beneficiary since this will effect the time available to present the required documents for payment.