LETTER OF CREDIT INSTRUCTIONS for CIF shipments
We have indicated below those terms and conditions that must be included in your documentary letter of credit to be issued in reply to our pro forma invoice. We have made every effort in these
instructions to provide you with terms, which can be easily accommodated. If you or your bank is unable to comply with these terms and conditions, please consult with our office prior to issuance of the credit to avoid delay
and/or amendment costs.
Please instruct your bank to issue this credit subject to the Uniform Customs and Practices for Documentary Credits, International Chamber of Commerce Publication 500 and in accordance with the
following terms and conditions:
- Please establish an irrevocable, documentary letter of credit in favor of:
800 Rockmead Drive, Suite 100
Kingwood, Texas 77339 USA
- The letter of credit (L/C) must be advised and confirmed by:
Export Letters of Credit Department
1420 Fifth Avenue
Seattle, WA 98111 U.S.A.
- The L/C must be payable in U.S. Currency.
- The L/C must expire no earlier than (90 days after the issue date) in the U.S.A.
- The L/C must be payable against presentation and/or acceptance of the beneficiary documents at the counters of Bank of America together with draft(s) drawn on Bank of America payable at: (Sight or
_____ days after bill of lading date)
- The required documents may include:
Commercial Invoice, one original and 3 copies
Packing List, one original and 3 copies
Negotiable Insurance Policy or Certificate Policy for 110% of
invoice value covering the following risks: please specify
Full set Laden On board Ocean Bill of Lading
Consigned to the order of the issuing bank. Marked Notify: Applicant.
Other(s) please specify
- The L/C must describe the goods as follows:
Chemicals as per proforma invoice #_______.
- Shipping Terms must be:
CIF from any U.S. port.
Latest shipment date: at least 60 days from issue date.
- The Bill of Lading shall be marked:
- The L/C must allow 21 days after issuance of the transport documents for presentation of documents at the counters of Bank of America.
- Special Conditions:
Partial Shipments are permitted
Trans-shipments are permitted
The L/C amount +/- 10% is permitted
The quantity of goods shipped +/- 10% is permitted
- Banking Charges:
All bank charges including reimbursement charges (including acceptance commission and discount charges if time draft(s) are required) are for the account of the buyer / applicant.
- The L/C must include reimbursement instructions which designate a U.S. reimbursing agent and authorizes Bank of America to claim reimbursement via SWIFT / Telex from the U.S.