Letter Of Credit And Standby Letter Of Credit Template for Nigeria

1. Transferability Clause: Include when the LC/SBLC needs to be transferable to another beneficiary

2. Revolving Credit Clause: Include when the LC/SBLC is intended to be automatically renewed

3. Red Clause: Include when advance payment to the beneficiary is permitted

4. Partial Shipment/Drawing Clause: Include when partial shipments or drawings are allowed or prohibited

5. Insurance Requirements: Include when specific insurance coverage is required

6. Force Majeure Clause: Include when specific force majeure provisions are needed beyond standard UCP/ISP rules

7. Assignment of Proceeds: Include when the beneficiary needs to assign proceeds to a third party

1. Schedule A - Document Requirements: Detailed list and format of all required documents for presentation

2. Schedule B - Payment Schedule: If applicable, detailed schedule of payments or drawings

3. Schedule C - Goods/Services Specification: Detailed technical specifications of goods or services covered

4. Appendix 1 - Form of Demand: Standard format for making a demand under the LC/SBLC

5. Appendix 2 - Form of Transfer: If transferable, standard format for transfer request

6. Appendix 3 - CBN Compliance Checklist: Checklist ensuring compliance with Central Bank of Nigeria requirements