Special requirements of the foreign financial institution letter of credit and the terms and conditions document, if applicable.

CFR · 2024-01-01 · US · Title 7

(a) (i) If the obligation to pay by the foreign financial institution is conditioned on shipment documentation, the letter of credit must stipulate presentation of at least one original clean on board bill of lading as a required document, unless: (A) The seller, or a related company previously reported to CCC by the seller pursuant to 1493.220(a)(5), is named as the shipper on the clean, on-board bill of lading. If the seller or a related company is named the shipper on the (B) The letter of credit stipulates presentation of electronic documents per paragraph (a)(1)(ii) of this section. (ii) If the letter of credit will allow for presentation of electronic documents, the letter of credit must so stipulate. (iii) If the obligation to pay by the foreign financial institution is conditioned on a contractual event requiring other than shipment documentation, the contractual event must be clearly stipulated in either the letter of credit or the terms and conditions document. (2) The use of a terms and conditions document is optional. The terms and conditions document, if any, must be specifically identified and referred to in the foreign financial institution letter of credit. (3) The special requirements in paragraph (b) of this section must be documented in one of the two following ways: (i) The special requirements may be set forth in the foreign financial institution letter of credit as a special instruction from the foreign financial institution; or (ii) The special requirem

official document · source cfr-2024 · id 7:§ 1493.280