The Irrevocable Transferable LC is a crucial document in international trade finance, particularly relevant when the first beneficiary acts as a middleman and needs to transfer the credit to the actual supplier (second beneficiary). This specialized banking instrument, governed by Indian banking regulations and international UCP 600 rules, provides payment security while enabling trade intermediation. It's commonly used in scenarios where trading companies, agents, or distributors need to transfer their rights under the LC to manufacturers or suppliers. The document includes detailed terms for transfer rights, document requirements, payment conditions, and bank obligations. Its irrevocable nature means it cannot be amended or cancelled without the agreement of all parties involved, providing enhanced security for international trade transactions.

1. LC Number and Type: Unique identification number of the LC and clear specification that it is irrevocable and transferable

2. Issue Date and Place: Date and location of LC issuance

3. Expiry Date and Place: Validity period and location where documents must be presented

4. Applicant Details: Complete name and address of the party requesting the LC (typically the buyer)

5. Beneficiary Details: Complete name and address of the party in whose favor the LC is issued (initially the seller)

6. Issuing Bank Details: Name and address of the bank issuing the LC

7. Currency and Amount: Currency denomination and maximum amount available under the LC

8. Transfer Terms: Specific conditions under which the LC may be transferred to other beneficiaries

9. Available With/By: Specification of how and where the credit is available (payment, acceptance, or negotiation)

10. Partial Shipments/Drawings: Whether partial shipments or drawings are allowed or prohibited

11. Transhipment: Whether transhipment is allowed or prohibited

12. Loading/Dispatch/Taking in Charge: Place of taking in charge, dispatch, or loading

13. For Transportation To: Final destination of goods

14. Latest Date of Shipment: Final date by which shipment must be made

15. Goods Description: Brief description of goods, quantity, unit price

16. Required Documents: Detailed list of documents required for LC negotiation

17. Additional Conditions: Any additional terms and conditions applicable to the LC

18. Charges: Specification of which party bears various banking charges