The Transferable Letter of Credit is a crucial document in international trade finance, particularly relevant under Maltese law which combines both EU regulations and local banking requirements. This instrument is typically used when intermediaries or trading companies are involved in the supply chain, allowing the first beneficiary to transfer their rights to a second beneficiary, usually the actual supplier of goods. The document must comply with both the Maltese Banking Act and international UCP 600 rules, making it a sophisticated banking instrument that provides security for all parties involved. It contains specific provisions for transfer mechanisms, document requirements, payment terms, and bank obligations, while incorporating necessary safeguards to protect all parties' interests. The transferable nature of this letter of credit makes it particularly useful in back-to-back trading arrangements and complex international trade transactions where multiple parties are involved in the supply chain.
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1. Letter Reference Number and Date: Unique identification number and issuance date of the letter of credit
2. Issuing Bank Details: Complete name, address, and contact information of the issuing bank
3. Beneficiary Information: Full name, address, and contact details of the first beneficiary
4. Applicant Information: Complete details of the party requesting the letter of credit
5. Amount and Currency: Maximum credit amount and currency denomination
6. Expiry Date and Place: Validity period and location where the credit must be presented
7. Transferability Statement: Explicit declaration that the credit is transferable under UCP 600 Article 38
8. Transfer Terms: Conditions under which the credit may be transferred and number of allowed transfers
9. Required Documents: Detailed list of documents required for presentation
10. Shipment Terms: Specifications for shipment including latest shipment date and partial shipments
11. Payment Terms: Payment conditions, timing, and method of payment
12. Governing Law and Jurisdiction: Specification of Maltese law as governing law and relevant jurisdiction
1. Revolving Terms: Include when the credit is both transferable and revolving, specifying reinstatement conditions
2. Red Clause Provisions: Include when advance payment to the beneficiary is permitted
3. Green Clause Provisions: Include when storage of goods is involved with advance payment
4. Special Instructions for Second Beneficiary: Include when specific requirements apply to potential second beneficiaries
5. Bank-to-Bank Reimbursement Instructions: Include when specific reimbursement arrangements between banks are required
6. Confirmation Instructions: Include when confirmation by another bank is requested or authorized
1. Schedule A - Document Requirements: Detailed checklist of required documents and their specifications
2. Schedule B - Goods Description: Detailed description of the goods or services covered by the letter of credit
3. Schedule C - Transfer Conditions: Specific conditions and procedures for transferring the credit
4. Appendix 1 - UCP 600 Incorporation: Standard terms incorporating UCP 600 rules
5. Appendix 2 - Fee Schedule: Breakdown of all applicable bank charges and fees
6. Appendix 3 - Specimen Signatures: Authorized signatures for the issuing bank and other relevant parties
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