LC SWIFT MT700 Fields (Clause-wise Explanation

Field 40A – Form of Documentary Credit
Specifies whether the credit is Irrevocable / Revocable / Confirmed.
👉 Meaning: Almost all modern LCs are Irrevocable, i.e., cannot be cancelled without consent of all parties.

Field 20 – Documentary Credit Number
Unique LC number assigned by the issuing bank.
👉 Meaning: Used for identification and correspondence.

Field 31C – Date of Issue
The date when the LC is issued.
👉 Meaning: Marks the beginning of LC validity.

Field 31D – Date and Place of Expiry
Specifies the expiry date and the place where documents must be presented.
👉 Meaning: If documents are not presented before this date/place, the LC is no longer valid.

Field 50 – Applicant
The buyer/importer who requests the bank to issue the LC.
👉 Meaning: Party responsible for payment obligation to bank.

Field 59 – Beneficiary
The seller/exporter in whose favor the LC is issued.
👉 Meaning: Party entitled to receive payment upon compliance.

Field 32B – Currency and Amount
Specifies the LC amount (e.g., USD 500,000).
👉 Meaning: Maximum liability of the issuing bank.

Field 39A – Percentage Credit Amount Tolerance
Indicates if +/- tolerance is allowed on LC amount (e.g., 10%).
👉 Meaning: Gives flexibility in shipment quantity and value.

Field 39B – Maximum Credit Amount
States whether the LC amount is the absolute maximum payable.
👉 Meaning: Protects the buyer and issuing bank.

Field 41A – Available With / By
Indicates with which bank (advising/negotiating) the LC is available and how (by payment/acceptance/negotiation).
👉 Meaning: Defines where and how the beneficiary can present documents for payment.

Field 42C – Drafts at…
States whether drafts are payable at sight or usance (e.g., 60 days from BL date).
👉 Meaning: Determines immediate vs. deferred payment.

Field 42A – Drawee
The party (usually issuing bank) who will accept or pay the draft.
👉 Meaning: Specifies who is responsible for honoring drafts.

Field 43P – Partial Shipments
States whether partial shipments are allowed or not.
👉 Meaning: Protects buyer from multiple small consignments if not desired.

Field 43T – Trans-shipments
States whether trans-shipment is allowed or not.
👉 Meaning: Ensures clarity on direct shipment or via multiple ports.

Field 44A – Place of Taking in Charge/Dispatch
Origin place of shipment.
👉 Meaning: Where goods begin the journey.

Field 44B – Place of Final Destination
Final destination where goods must reach.
👉 Meaning: Ensures delivery as per contract.

Field 44C – Latest Date of Shipment
Deadline by which shipment must take place.
👉 Meaning: Protects buyer by ensuring timely dispatch.

Field 44D – Shipment Period
Time period allowed for multiple shipments.
👉 Meaning: Defines acceptable shipping window.

Field 45A – Description of Goods and Services
Detailed description of goods, HS code, specifications, quantity, etc.
👉 Meaning: Documents must match this exactly, else discrepancies arise.

Field 46A – Documents Required
List of documents beneficiary must present (Invoice, Packing List, Bill of Lading, Insurance, Certificate of Origin, etc.).
👉 Meaning: Bank pays only against compliant documents, not against actual goods.

Field 47A – Additional Conditions
Special buyer requirements (e.g., “Third party documents not acceptable”, “Original documents only”).
👉 Meaning: Adds extra safeguards for buyer.

Field 71B – Charges
Defines who bears LC-related charges (applicant or beneficiary).
👉 Meaning: Allocates cost responsibility.

Field 48 – Period for Presentation
Time allowed (e.g., 21 days after shipment) for presenting documents to bank.
👉 Meaning: Prevents delayed presentation.

Field 49 – Confirmation Instructions
States whether LC should be confirmed by another bank.
👉 Meaning: Provides added payment security for exporter.

Field 53A/53D – Reimbursing Bank
Name of the bank authorized to reimburse the negotiating bank.
👉 Meaning: Ensures settlement between banks.

Field 57A – Advise Through Bank
Advising bank details in exporter’s country.
👉 Meaning: Bank that authenticates LC and informs beneficiary.

Field 72 – Sender to Receiver Information
Free text instructions or additional information.
👉 Meaning: Covers details not covered in structured fields.