The Transferable LC is a crucial document in international trade finance, particularly relevant under Maltese jurisdiction which combines local banking laws with EU regulations and international banking practices. This type of letter of credit is specifically designed for transactions where intermediaries, such as traders or middlemen, are involved in the supply chain. It allows the first beneficiary to transfer their rights to one or more second beneficiaries, typically suppliers or manufacturers. The document must comply with Malta's Banking Act, the UCP 600 rules, and relevant EU regulations, making it particularly suitable for companies operating through Malta's well-established financial services sector. The Transferable LC includes comprehensive details about transfer conditions, required documentation, payment terms, and the roles and responsibilities of all involved parties.
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1. Letter Reference and Date: Unique identification number of the LC and issuance date
2. Form of Credit: Specification that this is a Transferable Letter of Credit
3. Applicant Details: Full name and address of the party requesting the LC
4. Beneficiary Details: Full name and address of the first beneficiary
5. Issuing Bank Details: Name and address of the issuing bank
6. Amount and Currency: Maximum credit amount and currency specification
7. Expiry Details: Expiry date and place of the credit
8. Transfer Terms: Specific conditions under which the credit may be transferred
9. Required Documents: List of documents required for presentation
10. Shipment Terms: Shipping details, latest shipment date, and partial shipments/transhipment conditions
11. Payment Terms: Method and timing of payment, negotiation, or acceptance
12. Bank Charges: Allocation of banking charges between parties
13. Presentation Period: Time period within which documents must be presented
1. Revolving Terms: Include when the LC is both transferable and revolving, specifying reinstatement conditions
2. Red Clause Provisions: Include when advance payment is permitted to the beneficiary
3. Green Clause Provisions: Include when warehousing provisions are required
4. Transferring Bank Nomination: Include when a specific bank is nominated for transfer
5. Special Instructions: Include when there are additional requirements or conditions
6. Back-to-Back Provisions: Include when the LC may be used as collateral for another LC
7. Electronic Presentation Terms: Include when electronic presentation of documents is permitted
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 LC
3. Schedule C - Transfer Instructions Form: Standard form for requesting transfer of the credit
4. Appendix 1 - UCP 600 References: Relevant UCP 600 articles applicable to this LC
5. Appendix 2 - Fee Schedule: Detailed breakdown of all applicable banking charges and fees
6. Appendix 3 - Amendment Form: Standard form for requesting amendments to the LC
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