The Transferable LC is a crucial document in international trade finance, particularly when middlemen or intermediary traders are involved in the transaction chain. It allows the first beneficiary to transfer their rights to receive payment to one or more second beneficiaries, typically suppliers or manufacturers. This document, governed by Australian law and international banking practices (UCP 600), specifies all necessary terms, conditions, and documentation requirements for the transfer of credit rights. It's commonly used when the original beneficiary is not the actual manufacturer or supplier of the goods but acts as an intermediary trader. The document must comply with Australian banking regulations while maintaining international standardization to ensure smooth cross-border transactions.
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1. Letter Reference and Date: Unique LC reference number and issuance date
2. Parties Details: Full details of the issuing bank, first beneficiary, and advising bank
3. Credit Amount: Specification of the credit amount and currency
4. Transfer Terms: Explicit statement that the credit is transferable and conditions of transfer
5. Expiry Details: Expiry date and place for presentation of documents
6. Shipment Terms: Latest shipment date and period for presentation
7. Payment Terms: Payment, acceptance, or negotiation conditions
8. Required Documents: List of documents required for credit utilization
9. General Conditions: Reference to UCP 600 and other applicable rules
10. Authentication: Authorized signatures and authentication details
1. Partial Shipments/Transhipment: Include when specific shipping arrangements need to be specified or restricted
2. Special Transfer Conditions: Used when there are specific conditions for transfer beyond standard terms
3. Secondary Beneficiary Limitations: Include when there are specific restrictions on transfer to secondary beneficiaries
4. Confirmation Instructions: Required when confirmation by another bank is requested
5. Special Payment Conditions: Include for deferred payment terms or special payment arrangements
6. Reimbursement Instructions: Required when specific reimbursement arrangements between banks need to be detailed
1. Schedule A - Document Requirements: Detailed list and format of required documents including commercial invoice, transport documents, insurance documents
2. Schedule B - Goods Description: Detailed description of the goods or services covered by the LC
3. Schedule C - Transfer Procedures: Step-by-step procedures for transferring the LC to second beneficiaries
4. Appendix 1 - Form of Transfer Application: Standard form to be used when requesting transfer of the LC
5. Appendix 2 - Fee Schedule: Details of all applicable bank charges and fees
6. Appendix 3 - Instructions for Document Presentation: Specific instructions for how and where to present documents
Relevant legal definitions
Advising Bank
Applicant
Banking Day
Beneficiary
Commercial Invoice
Complying Presentation
Confirmation
Credit
Documents
Draft
Expiry Date
First Beneficiary
Issuing Bank
Letter of Credit
Negotiating Bank
Negotiation
Original Credit
Partial Transfer
Presentation
Reimbursing Bank
Second Beneficiary
Shipment
Transfer
Transferring Bank
Transport Document
UCP 600
Unit Price
Unutilized Balance
Acceptance
Bill of Lading
Credit Amount
Deferred Payment
Documentary Requirements
Guarantee
Incoterms
Notice of Transfer
Payment at Sight
Substitute Invoice
Transfer Application
Applicant
Banking Day
Beneficiary
Commercial Invoice
Complying Presentation
Confirmation
Credit
Documents
Draft
Expiry Date
First Beneficiary
Issuing Bank
Letter of Credit
Negotiating Bank
Negotiation
Original Credit
Partial Transfer
Presentation
Reimbursing Bank
Second Beneficiary
Shipment
Transfer
Transferring Bank
Transport Document
UCP 600
Unit Price
Unutilized Balance
Acceptance
Bill of Lading
Credit Amount
Deferred Payment
Documentary Requirements
Guarantee
Incoterms
Notice of Transfer
Payment at Sight
Substitute Invoice
Transfer Application
Clauses
Credit Amount and Currency
Transfer Rights
Documentation Requirements
Payment Terms
Expiry and Presentation
Bank Charges
Force Majeure
Governing Law
Dispute Resolution
Amendment Conditions
Transfer Restrictions
Document Examination
Bank Obligations
Reimbursement Terms
Compliance Requirements
Anti-Money Laundering
Sanctions Compliance
Notice Requirements
Partial Transfer Rights
Substitution Rights
Authentication
Disclaimers and Limitations
Security Provisions
Confidentiality
Communication Methods
Default Events
Assignment Rights
Severability
Waiver
Indemnification
Transfer Rights
Documentation Requirements
Payment Terms
Expiry and Presentation
Bank Charges
Force Majeure
Governing Law
Dispute Resolution
Amendment Conditions
Transfer Restrictions
Document Examination
Bank Obligations
Reimbursement Terms
Compliance Requirements
Anti-Money Laundering
Sanctions Compliance
Notice Requirements
Partial Transfer Rights
Substitution Rights
Authentication
Disclaimers and Limitations
Security Provisions
Confidentiality
Communication Methods
Default Events
Assignment Rights
Severability
Waiver
Indemnification
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Logistics and Supply Chain
Wholesale Trade
Retail Trade
Commodities Trading
Agricultural Products
Industrial Products
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Export Operations
Import Operations
Treasury
Risk Management
Compliance
Legal
Supply Chain Operations
Financial Operations
International Business Development
Relevant Roles
Trade Finance Manager
International Trade Specialist
Letter of Credit Officer
Documentary Credits Manager
Export Finance Manager
Import Finance Manager
Trade Operations Officer
Compliance Officer
Risk Manager
Treasury Manager
International Business Development Manager
Supply Chain Manager
Chief Financial Officer
Banking Relationship Manager
Trade Documentation Specialist
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