Documentary Credit Application

Documentary Credit Application
•
Buyer
1. BENEFICIARY: Always write the seller's company name and 
address completely and correctly. A simple mistake here 
may result in the seller preparing inconsistent or improper 
documentation on the other end.
2. AMOUNT: State the actual amount of the credit. You may 
state a maximum amount in a situation where actual count 
or quantity is in question. You also may use the words 
APPROXIMATE, CIRCA, or ABOUT to indicate an acceptable 
10 percent plus or minus amount from the stated amount. 
If you use such wording, you will need to be consistent and 
use it also in connection with the quantity as well.
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Documentary Credit Application
•
Buyer
3. VALIDITY PERIOD The validity and period for presentation of 
the documents following shipment of the goods should be 
sufficiently long to allow the exporter time to prepare the 
necessary documents and send them to the bank.
4. BENEFICIARY'S BANK Either leave blank to indicate that the 
issuing bank may freely select the correspondent bank or 
name the seller's bank.
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Documentary Credit Application
•
Buyer
5. TYPE OF PAYMENT AVAILABILITY: Sight drafts, time drafts, or 
deferred payment may be used, as previously agreed to by 
the seller and buyer.
6. DESIRED DOCUMENTS: The buyer specifies which documents 
are needed. Buyer can list, for example, a bill of lading, a 
commercial invoice, a certificate of origin, certificates of 
analysis, and so on.
7. NOTIFY ADDRESS: An address is given for notification of the 
imminent arrival of goods at the port or airport of destination. 
This address can also be used for notification of damage to 
the shipment while en route. The buyer's business or shipping 
agent is most often used.
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