The Transferable LC is a specialized form of Letter of Credit that enables the first beneficiary to transfer all or part of their rights to one or more second beneficiaries. This document is particularly useful in transactions involving intermediaries, trading houses, or situations where the original beneficiary needs to source goods from other suppliers. The document must comply with both U.S. banking regulations and international standards, including UCP 600 and UCC Article 5. It contains specific provisions regarding the transfer mechanism, document requirements, and conditions for payment. Transferable LCs are commonly used in international trade to facilitate complex supply chain transactions while providing payment security to all parties involved. The document includes detailed information about all parties, transfer conditions, required documentation, and applicable fees.
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1. Issuing Bank Details: Complete identification and contact information of the issuing bank
2. LC Number and Date: Unique identification number of the LC and date of issuance
3. Applicant Details: Full name, address, and contact information of the party requesting the LC
4. Beneficiary Details: Complete information of the initial beneficiary, including full name, address, and banking details
5. Amount and Currency: The maximum amount and currency of the credit, including any tolerance if applicable
6. Expiry Date and Place: Clear statement of when and where the LC expires
7. Transfer Terms: Specific conditions and procedures for transferring the LC to second beneficiaries
8. Required Documents: Detailed list of all documents required for presentation
9. Shipment Terms: Specifications for shipment, including latest shipment date if applicable
10. Presentation Period: Time period within which documents must be presented after shipment
11. Governing Law: Statement of applicable law and jurisdiction
1. Partial Shipments: Include when partial shipments are allowed or prohibited
2. Transhipment: Include when specific transhipment conditions need to be specified
3. Insurance Requirements: Include when specific insurance coverage needs to be stipulated
4. Special Conditions: Include when there are additional requirements or conditions specific to the transaction
5. Confirmation Instructions: Include when the LC requires confirmation by another bank
6. Deferred Payment Terms: Include when payment is to be made at a future date after document presentation
7. Transfer Restrictions: Include when there are specific limitations on transfer conditions
1. Schedule A - Document Requirements: Detailed checklist of required documents and their specific requirements
2. Schedule B - Transfer Application Form: Standard form to be used when requesting transfer of the LC
3. Schedule C - Fee Schedule: Breakdown of all applicable fees and charges related to the LC and its transfer
4. Appendix 1 - Specimen Signatures: Authorized signatures for the issuing bank and any confirming banks
5. Appendix 2 - SWIFT Format: Technical specifications for SWIFT message format if applicable
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