Domestic Inbound Letters of Credit (tcgtc0150m300)

Field Information

Company Set

financial company set

Company

company

Letter of Credit ID

The generated identification number of the letter of credit (L/C).

Version

The version number of the letter of credit (L/C). This number is increased by 1 when a document is linked or when the letter of credit is unapproved to allow adjustments.

Note: You can only change the most recent version of the letter of credit.

Status

The status of the letter of credit (L/C).

Allowed values

Preliminary

The initial status of the letter of credit (L/C).

Closed

The letter of credit (L/C) procedure is completed.

Canceled

The letter of credit (L/C) is no longer used. Users can set the letter of credit to Canceled at any stage in the procedure.

Definitive

The documents linked to the letter of credit (L/C) can be approved, or, in case of contract deliverables, to be activated and document compliance checks can be performed for the letter of credit.

Requested

Applicable for import or domestic purchase letters of credit (L/C). The buyer has sent the request to open a letter of credit to the issuing bank.

Received

For import or domestic purchase letters of credit (L/C), this status indicates that the letter of credit is received from the issuing bank.

For export or domestic sales letters of credit, this status indicates that the seller agrees with the contents of the letter of credit received from the advising bank.

Issued

For import or domestic purchase letters of credit (L/C), this status indicates that the issuing bank has issued the letter of credit to the advising bank.

Returned

Applicable for export or domestic sales letters of credit (L/C). The letter of credit (L/C) received from the buyer requires amendment.

Accepted

Applicable for export or domestic sales letters of credit (L/C). The letter of credit (L/C) is acceptable for the seller.

Sent

Applicable for export or domestic sales letters of credit (L/C). The required documents are presented to the advising or confirming bank and the goods are sent.

Paid

The amount stated in the letters of credit (L/C) is paid.

Approved

If this check box is selected, the letter of credit (L/C) is approved.

Letter of Credit Number

The manually entered number of the letter of credit (L/C), for example, the number of the copy of the letter of credit received from the advising bank or the issuing bank.

Revolving

If this check box is selected, the letter of credit is revolving.

Irrevocable

If this check box is selected, the letter of credit is irrevocable.

From

The location from which the goods transacted under the L/C must be shipped.

Port of Loading

The sea port or airport at which the goods must be loaded. The port of loading must be indicated on the transport documents that the seller must present to the bank to get paid.

Transferable

If this check box is selected, the letter of credit is transferable.

Port of Discharge

The sea port or airport at which the goods must be unloaded. The port of discharge must be indicated on the transport documents that the seller must present to the bank to get paid.

Final Place Delivery

The place of final destination stated in the letter of credit (L/C). The place of final destination must be indicated on the transport documents that the seller must present to the bank to get paid.

Delivery Terms

delivery terms

Insurance Company

The insurance company that covers the insurance of the goods of the letter of credit (L/C). Insurance companies are defined as business partners.

Policy Reference

The reference number of the insurance policy.

Policy Voyage Clause

The details of the shipment covered by the insurance policy of the letter of credit (L/C).

Policy Location Clause

The details of the location to which goods can be shipped covered by the insurance policy of the letter of credit (L/C).

Standby

If this check box is selected, the letter of credit is of type stand by.

Risks Covered

The details of the risks covered by the insurance policy of the letter of credit (L/C).

Additional Remarks

Additional remarks about the insurance policy.

Note: You can also add information in the Note (tcstl1650m000) session, which is available in the Notes tab.

Total Assured Amount

The total amount covered by the insurance policy.

Text

If this check box is selected, additional text about the letter of credit (L/C) is available.

The text referred to in this field is created using the editor that you can select in the toolbar. You can also create notes in the Note (tcstl1650m000) session, which is available in the Notes tab.

Utilized Amount

The amount of the insurance that has been paid.

Available Amount

The total assured amount minus the utilized amount.

Policy Effective Date

The date on which the insurance policy becomes effective.

Policy Expiry Date

The date on which the insurance policy expires.

Beneficiary

The buyer, also called customer.

Policy Cover Date

The date on which coverage becomes effective, as displayed on the policy date page of the policy document.

Amendment Number

The identification number of the amendment. This number must be the latest in the series of all amendments made, regardless of the means by which previous amendments were sent.

Sender's Reference

The reference assigned by the sender to clearly identify the message.

Receiver's Reference

The reference number assigned to the letter of credit (L/C) by the receiver of the message.

Issuing Bank's Reference

The letter of credit (L/C) number of the issuing bank. This field is used if the message is sent by a bank other than the issuing bank, that is, by an advising bank.

Addition Remarks

Additional information.

Note: You can also add information in the Note (tcstl1650m000) session, which is available in the Notes tab.

Modified Date

The date on which the current version of the letter of credit (L/C) is modified.

Modified By

The user who modified the letter of credit (L/C).

Applicant Bank

The bank of the applicant or buyer, if different from the issuing bank. This field is used if the applicant's bank cannot issue the letter of credit (L/C), for example due to corporate rules or government regulations.

Available with Bank

The bank with which the credit is available (the place for presentation) and an indication of how the credit is available.

Issuing Bank

issuing bank

Advising Bank 1

advising bank

Issue Date

The date on which the letter of credit (L/C) is issued.

Effective Date

The date on which the letter of credit (L/C) becomes effective.

Default value

The Issue Date date.

Expiry Date

The date on which the letter of credit (L/C) expires. This is the last date on which the letter of credit can be presented.

Expiry Place

The place where the documents must be presented. For example, the issuing bank's or the advising bank's location.

Currency

currency

Amount

The amount payable under the letter of credit (L/C).

Maximum Amount

The amount in excess of the letter of credit (L/C) amount that is covered by the letter of credit.

The final sum that the buyer must pay can be higher than the original amount of the letter of credit, for example, to include freight or insurance costs.

The maximum amount is either manually specified or calculated by adding the percentage specified in the Amount Tolerance (+) field.

Ordered Consumed Amount

The total ordered amount of the document lines linked to the letter of credit (L/C).

Details of this amount are available in the Consumptions tab in the lines section of this session.

Delivered Consumed Amount

The total amount of the goods listed on confirmed shipment lines or receipt lines related to the document lines linked to the letter of credit (L/C).

Details of this amount are available in the Consumptions tab in the lines section of this session.

Trade License Reference

The license to import or export the goods sold under the letter of credit (L/C).

License Expiry Date

The date the trade license expires.

Goods Description

The description of the goods sold under the letter of credit (L/C).

Reference to Pre-Advice

A brief advice of documentary credit sent by the issuing bank to the advising bank. It notifies the recipient that the buyer has opened an L/C for a specified amount for the seller (beneficiary).

Sender to Receiver Notification

Additional information of the sender, the issuing bank, to the receiver, the advising bank, about the settlement of the L/C.

Additional Conditions

Extra conditions about the settlement of the L/C.

Note: You can also add information in the Note (tcstl1650m000) session, which is available in the Notes tab.

Remarks

Extra information about the letter of credit (L/C) conditions.

Note: You can also add information in the Note (tcstl1650m000) session, which is available in the Notes tab.

Applicable Rules

The rules to which the letter of credit (L/C) is subject.

Allowed values

• EUCP Latest Version
• EUCPURR Latest Version
• ISP Latest Version
• Othr
• UCP Latest Version
• UCPURR Latest Version

Available By

The availability options for the letter of credit (L/C).

Allowed values

• Sight payment

  Payment is made as soon as the complying presentation is seen by the issuing bank or the bank nominated in the letter of credit. The nominated bank fulfills its payment obligation on recourse basis. The nominated bank can demand the return of the amount paid to the beneficiary if the issuing bank finds the documents noncomplying.

• Deferred payment

  Payment is made after the period of time specified in the letter of credit. The payment period is usually determined as a specific number of days after the date of presentation of the documents or after the date of the transport document. Bills of exchange or drafts are not required for deferred payment.

• Acceptance

  Payment is made on the maturity date (due date) after the bank accepts the draft and the required documents presented by the seller.

• Negotiation

  Verifying that the documents presented for an L/C conform to the requirements before releasing the funds to the seller.

Confirmation Instruction

The mode of instruction of the confirming bank, in addition to that of the issuing bank, to honor or negotiate a compliance of the required documents presented by the seller.

Allowed values

• Confirm

  The receiver is requested to confirm the credit.

• May add

  The receiver may add their confirmation to the credit.

• Without

  The receiver is not requested to confirm the credit.

Drafts At

The time when the drafts under the letter of credit (L/C) must be drawn: at sight or after a specified number of days.

Note: 

If you specify the Drafts At field, you must also specify a drawee. If the Drafts At and Drawee fields are specified, the Mixed Payment Details and Deferred Payment Details fields are unavailable.

If the Mixed Payment Details field or the Deferred Payment Details fields are filled, the Drafts At and Drawee fields are unavailable.

Drawee

drawee

Note: 

If you specify the Drafts At field, you must also specify a drawee. If the Drafts At and Drawee fields are specified, the Mixed Payment Details and Deferred Payment Details fields are unavailable.

If the Mixed Payment Details field or the Deferred Payment Details field is specified, the Drafts At and Drawee fields are unavailable.

Mixed Payment Details

The details about the mixed payment pertaining to the letter of credit (L/C).

For example, %25 pro-forma invoice is paid via advance payment outside L/C, %75 pro-forma invoice amount is paid at sight L/C.

Note: 

If you fill the Drafts At field, you must also specify a drawee. If the Drafts At and Drawee fields are filled, the Mixed Payment Details and Deferred Payment Details fields are unavailable.

If the Mixed Payment Details field or the Deferred Payment Details fields are filled, the Drafts At and Drawee fields are unavailable.

Deferred Payment Details

If the letter of credit (L/C) is available by deferred payment, in this field you can specify the payment date or how to determine the payment date, for example, a fixed number of days after the bill of lading issue date.

Note: 

If you fill the Drafts At field, you must also specify a drawee. If the Drafts At and Drawee fields are filled, the Mixed Payment Details and Deferred Payment Details fields are unavailable.

If the Mixed Payment Details field or the Deferred Payment Details fields are filled, the Drafts At and Drawee fields are unavailable.

Amount Tolerance (-)

The percentage expressing the negative amount tolerance of the letter of credit (L/C) amount. For example, a negative amount tolerance of 5% means that the L/C amount minus 5% of that amount is the lowest amount allowed.

Amount Tolerance (+)

The percentage expressing the positive amount tolerance of the letter of credit (L/C) amount. The L/C amount is allowed to be exceeded by this percentage.

Additional Amounts Covered

Additional amounts covered such as insurance, freight, or interest.

Reimbursing Bank

reimbursing bank

Advise through Bank

advise through bank

Negotiating Bank

The bank that reviews the documents required in the letter of credit for compliance with its terms and remits payment to the beneficiary. The bank can be specifically named in the letter of credit (L/C), or can be a bank chosen by the seller.

Advising Bank 2

Usually the local branch of the first advising bank.

Confirming Bank

confirming bank

Transferee Bank

transferee bank

Transferring Bank

transferring bank

Instructions by Paying Bank

Instructions to the paying bank, accepting bank, or negotiating bank. The instructions can also indicate if pre-notification of a reimbursement claim or pre-debit notification to the issuing bank is required.

Period of Presentation

The period of time after the date of shipment within which the documents must be presented for payment, acceptance or negotiation.

The period of time is expressed in number of days.

If this field is blank, the presentation period is 21 days, where applicable. In some cases a presentation by or on behalf of the beneficiary must be made on or before the expiry date.

A presentation including one or more original transport documents must be made by or on behalf of the beneficiary not later than 21 calendar days after the date of shipment as described in these rules, but in any event not later than the expiry date of the credit.

Consignee

Party into whose possession goods must be delivered.

The consignee is a party, usually a buyer, named by the consignor, usually a seller, in transportation documents as the party to whose order a consignment will be delivered at the port of destination.

The consignee is considered to be the owner of the consignment for the purpose of filing the customs declaration, and for paying duties and taxes. Formal ownership of the consignment, however, transfers to the consignee only upon payment of the seller's invoice in full.

Notify Party 1

Party to be notified by the carrier of the arrival of the goods at their destination. Normally the notify party is the importer or the importer’s agent for clearing goods through customs.

Note: You can specify two notify parties.