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Modifying Settlement Instructions

The Settlement Instructions for an existing L/C includes settlement and transportation details specified at issuance. To modify settlement instruction parameters, select a field and enter the new information or select from a drop-down list.

Payment Options
There are three settlement Payment options that specify the way payment is made on presentation of all the required documents:

· Installment - The value of the L/C is payable according to an installment schedule.

· Time - The value of the L/C is payable on a specified date (Due Date), or after a period of time (Tenor Days) and a condition has been fulfilled (Draft After).

· Sight - The value of the L/C is payable immediately on presentation of the required documents.

To complete the application, select the payment method by selecting one of the Payment check options.

· The payment is by Installment, define a payment schedule.
· Payment is by Sight, the Due Date, Tenor Days and Draft After fields are protected.
· The payment is by Time, enter the Due Date or enter the number of Tenor Days, followed by selecting a Draft After option from the drop-down list.

· Due Date - A specific date the L/C is due for payment.

· Tenor Days - The number of days after a certain event that payment is due.

· Draft After - Payment is due after a specified event (and the tenor days have passed). Examples of Choices consist of:

· After Draft Date - When payment is due after the date written on the draft.

· After B/L Date - When payment is due after the date written on the Bill of Lading.

· After Custom Clearance - When payment is due after the goods clear customs.

· After Goods Pass F.D.A. - When payment is due after the goods have been cleared by the Federal Drugs Administration.

· After First Presentation (of documents). - When payment is due after the documents reach the bank where the funds are available.

· After Arrival of Goods - When payment is due after the goods arrive at the destination. This depends on the shipping terms.

· After Date of Invoice - When payment is due after the date written on the Shipping Invoice.

· On Sight - When payment is due after the goods arrive.

· After Dispatch of Goods - When payment is due after the goods have been sent.

· Days for Presentation - Specifies the number of days the documents can be presented for payment following the date of the transportation documents. The default time is 21 days, in accordance with I.C.C. regulations. The days for presentation and latest shipment date may not exceed the expiry date.

In the Application Form, enter the number of days in the Days for Presentation field.

· Available With - Specifies which bank is authorized to negotiate the documents on behalf of the beneficiary. Authorized banks include:

· Advising Bank. - The Beneficiary's bank

· Any Bank (only if the Settlement By is specified as Negotiation) - the Exporter may present the Letter of Credit to any bank, and that bank will buy the title, pay the bearer and arrange reimbursement.

· Issuing Bank - The Applicant's bank

· Reimbursing Bank - An Intermediary bank that operates as a go between the Advising bank and the Issuing bank.

Select the bank which is authorized to negotiate the documents from the Available With drop-down list and enter it in to the application form.

· Settlement By - Specifies how payment is made for the deal, and varies according to the payment method. This is important to the beneficiary since it determines how the L/C is paid. The following are the available options:

· Payment - The customer receives the documents at payment.

· Deferred Payment - Payment is made at a specified date in the future.

· Acceptance - The customers accepts the documents and a future pay date.

· Negotiation - The purchase by the nominated bank of drafts (drawn on a bank other than the nominated bank) For you as a customer it means the same as by payment

· Mixed Payment - When more than one of the above methods are used.

Note: As the precise definitions of these terms are extremely complicated, no attempt is made here to define them. Refer to UCP 600 for further details.

· Draft Drawn On - Specifies the drawee of drafts under the L/C (if required). Valid parties include:

· Advising Bank - The Beneficiary's Bank.

· Applicant. - The person who applies for the L/C.

· Issuing Bank - The Applicant's Bank.

· Other - Any Intermediary , or the Beneficiary Bank if it is not the Advising Bank.

Note: There is a strict link between the selected Settlement method, and the Draft Drawn on field. For example, no value is allowed in this field for Payment or Deferred Payment. Refer to your bank for further details.

In the application form, if there is a draft required, select the drawee from the Draft Drawn On drop-down list.

· Forward Contract - If the L/C is tied to a forward contract, the contract number is specified. Enter the contract number in the Forward Contract field in the application field.

· Incoterm - An international code defining where responsibility for the goods starts and ends, and which party is responsible for the various charges. Select the Incoterm code from the drop-down list in the application form.

· Transportation Type - Specifies the mode of transport to send the goods detailed in the L/C. Transportation methods may include: air, combined transport, overland transport, parcel post, sea and so on. In the application form, select the Transportation Type from the drop-down list.

· Shipment - Specifies the location from which the goods are sent, and the destination of the goods. The Earliest field specifies the earliest date the goods can be shipped. The Latest field specifies the latest date the goods must be shipped.

The days for presentation and latest shipment date may not exceed the expiry date.

The Installment Instructions section appears in this part of the Import Letter of Credit application form. Scroll down from the Settlement Data to access these fields.

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