The Irrevocable Transferable LC is a specialized banking instrument used in international trade finance, particularly valuable in transactions involving intermediary traders or multiple parties. This document type combines the security of an irrevocable payment commitment with the flexibility to transfer rights to a second beneficiary, typically used when the first beneficiary acts as a middleman or in complex supply chain arrangements. Operating under Swiss law, which is renowned for its sophisticated banking and commercial framework, this LC type provides robust protection for all parties while facilitating complex international trade structures. The document includes detailed specifications for transfer mechanisms, document requirements, and payment conditions, all while ensuring compliance with both Swiss banking regulations and international standards such as UCP 600.
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1. Letter Reference Number: Unique identification number of the LC
2. Date of Issuance: Date when the LC is issued
3. Applicant Details: Full name and address of the party requesting the LC
4. Beneficiary Details: Full name and address of the party in whose favor the LC is issued
5. Issuing Bank Details: Name, address, and SWIFT code of the issuing bank
6. Amount and Currency: Credit amount and currency, stating both in figures and words
7. Type and Form: Explicitly stating it's an irrevocable and transferable LC
8. Expiry Details: Expiry date and place for presentation of documents
9. Transfer Terms: Specific conditions and procedures for transfer of the credit
10. Required Documents: Detailed list of required documents for presentation
11. Shipment Terms: Details of shipment, latest shipment date, and partial shipments if applicable
12. Payment Terms: Specific conditions for payment, including timing and method
13. Governing Law Statement: Clear statement that Swiss law governs the LC
1. Advising Bank Details: Include when an advising bank is involved in the transaction
2. Confirmation Instructions: Include when confirmation is requested from another bank
3. Reimbursing Bank Details: Include when a separate reimbursing bank is involved
4. Special Conditions: Include when there are additional requirements or conditions beyond standard terms
5. Transhipment Terms: Include when specific transhipment conditions need to be addressed
6. Insurance Requirements: Include when specific insurance requirements need to be detailed
7. Second Beneficiary Terms: Include specific terms for second beneficiary when transfer is anticipated
1. Document Presentation Schedule: Detailed checklist of required documents and presentation requirements
2. Fee Schedule: Breakdown of all applicable fees, charges and commissions
3. Transfer Conditions Appendix: Detailed conditions and procedures for transferring the LC
4. Required Document Formats: Standard formats for required documents like commercial invoices, bills of lading etc.
5. SWIFT Message Format: Standard format for SWIFT MT700 series messages related to this LC
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