1) Date of issue of the letter of credit
The date of issue is the date on which the issuing bank issues the letter of credit. The date of issue must be clearly stated in the letter of credit. If there is no “date of issue” in the letter of credit, the date of telex (telegraph-issued letter of credit) or the date of the letter of credit (letter-issued letter of credit) sent by the issuing bank shall be the date of issue. The date of issue of the letter of credit shall be clear, explicit and complete. It is very important to determine the date of issue of the letter of credit, because the date of issue is needed to calculate other times, or to determine whether the date of the presented document is after the date of issue. At the same time, the date of issue also indicates whether the importer has opened the letter of credit within the period of issue stipulated in the commercial contract.
2) Draft clause of the letter of credit
The letter of credit shall clearly stipulate the terms for the issuance of drafts, that is, the draft issued under the letter of credit shall indicate that it is issued based on a certain letter of credit, and clearly indicate that the draft is issued to the issuing bank or the applicant. Such as: “All drafts drawn under this credit must contain the clause ‘Drafts drawn Under Bank or Applicant of .. credit No .. date…” (All drafts drawn under this letter of credit must contain this clause “Drafts drawn under the following bank or applicant… credit number… date…”).