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) 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 Exporter, or a related company previously reported to CCC by the Exporter pursuant to § 1493.30(a)(5), is named as the shipper on the clean on board bill of lading. If the Exporter or a related company is named the shipper on the bill of lading, the Letter of Credit may stipulate a copy or photocopy of an original clean on board bill of lading; or (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. (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 requirements may be set forth in a separate Terms and Conditions Document. (b) (1) The terms of the Repayment Obligation, including a specific promise by the Foreign Financial Institution issuing the Letter of Credit to pay the Repayment Obligation; (2) T

official document · source cfr-2024 · id 7:§ 1493.90