The Irrevocable Transferable LC is a crucial document in international trade finance, particularly when intermediate parties are involved in the supply chain. This specialized form of Letter of Credit, governed by United States law and international banking practices, combines the security of an irrevocable payment commitment with the flexibility of transferability. It is commonly used when a middleman or trading house is involved between the ultimate supplier and the end buyer. The irrevocable nature means that once issued, the terms cannot be modified or canceled without agreement from all parties, while the transferable feature allows the first beneficiary to transfer their rights to a second beneficiary, typically a supplier. This document includes detailed specifications about transfer mechanisms, required documentation, payment terms, and compliance requirements, making it essential for complex international trade transactions involving multiple parties.
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1. Letter Reference and Date: Unique LC reference number and issuance date
2. Applicant Details: Full name and address of the party requesting the LC
3. Beneficiary Details: Full name and address of the party in whose favor the LC is issued
4. Issuing Bank Details: Name, address, and SWIFT code of the issuing bank
5. Amount and Currency: Credit amount in figures and words, plus currency specification
6. Expiry Details: Expiry date and place for document presentation
7. Transfer Terms: Specific conditions and procedures for transferring the LC
8. Required Documents: List of documents required for LC payment
9. Shipment Terms: Details of shipment, latest shipment date, and partial shipments
10. Payment Terms: Payment conditions, timing, and method
11. Governing Law: Specification of US law governance and UCP 600 applicability
12. Bank Signatures: Authorized signatures and authentication
1. Advising Bank: Details of the advising bank when LC is advised through another bank
2. Confirmation Instructions: Used when confirmation from another bank is required
3. Special Payment Conditions: Added when there are specific payment requirements or restrictions
4. Revolving Terms: Included if the LC is both transferable and revolving
5. Red Clause: Used when advance payment provisions are required
6. Green Clause: Added when warehouse storage provisions are needed
7. Transferability Restrictions: Any specific limitations on transfer rights
1. Schedule A - Document Requirements: Detailed list and format of all required documents
2. Schedule B - Goods Description: Detailed description of goods or services covered
3. Schedule C - Transfer Procedures: Step-by-step process for transferring the LC
4. Schedule D - Fee Schedule: Breakdown of all applicable fees and charges
5. Appendix 1 - Standard Transfer Request Form: Template form for requesting LC transfer
6. Appendix 2 - Document Presentation Checklist: Checklist for required documents and their specifications
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