The Irrevocable Transferable LC is a crucial document in international trade finance, particularly relevant under Malaysian jurisdiction where it combines local banking regulations with international standards. This instrument is typically used when intermediaries or trading houses are involved in the transaction chain, allowing the first beneficiary to transfer their rights to second beneficiaries. The document provides payment security while facilitating complex international trade transactions, making it especially valuable for Malaysian companies engaged in global trade. The irrevocable nature means the terms cannot be modified or cancelled without agreement from all parties, while the transferable feature enables the original beneficiary to transfer their drawing rights to other parties, subject to the terms and conditions specified in the LC.
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1. LC Number and Type: Unique identification number and clear specification that this is an irrevocable and transferable LC
2. Issuing Bank Details: Complete name and address of the issuing bank
3. Date of Issuance: Date when the LC is issued
4. Applicant Details: Full name and address of the party requesting the LC (buyer/importer)
5. Beneficiary Details: Full name and address of the party in whose favor the LC is issued (seller/exporter)
6. Currency and Amount: Currency and amount of the LC, both in figures and words
7. Expiry Date and Place: Clear statement of when and where the LC expires
8. Transfer Terms: Specific conditions and procedures for transferring the LC
9. Available With/By: Specification of how and with which bank the LC is available
10. Documentary Requirements: Detailed list of required documents for presentation
11. Shipment Terms: Shipping details including latest shipment date and partial shipments/transhipment provisions
12. Payment Terms: Specification of when and how payment will be made
13. Bank Charges: Allocation of banking charges between parties
1. Revolving Terms: Include when the LC is both transferable and revolving, specifying the revolving conditions
2. Red Clause Provisions: Include when advance payment is permitted under the LC
3. Green Clause Provisions: Include when warehouse storage-related advances are permitted
4. Back-to-Back Provisions: Include when the LC is intended to support back-to-back LC arrangements
5. Special Instructions: Include when there are additional specific requirements or conditions
6. Reimbursement Instructions: Include when specific reimbursement arrangements between banks need to be detailed
1. Document Presentation Schedule: Detailed checklist of required documents and presentation requirements
2. Transfer Application Form: Standard form for requesting transfer of the LC
3. Fee Schedule: Detailed breakdown of all applicable banking fees and charges
4. Documents Format Requirements: Specific formatting requirements for required documents
5. Authorized Signatories: List of authorized signatories and specimen signatures for the LC
6. SWIFT Message Format: Standard format for SWIFT messaging related to the LC
Relevant legal definitions
Advising Bank
Applicant
Banking Day
Beneficiary
Complying Presentation
Confirmation
Credit
Document
Expiry Date
First Beneficiary
Issuing Bank
Letter of Credit
Negotiation
Nominated Bank
Presentation
Reimbursing Bank
Second Beneficiary
Sight Payment
Transfer
Transferee Bank
Transferable Credit
UCP 600
Undertaking
Banking Charges
Bill of Lading
Commercial Invoice
Documentary Requirements
Shipping Documents
Transfer Application
Transport Document
Applicant
Banking Day
Beneficiary
Complying Presentation
Confirmation
Credit
Document
Expiry Date
First Beneficiary
Issuing Bank
Letter of Credit
Negotiation
Nominated Bank
Presentation
Reimbursing Bank
Second Beneficiary
Sight Payment
Transfer
Transferee Bank
Transferable Credit
UCP 600
Undertaking
Banking Charges
Bill of Lading
Commercial Invoice
Documentary Requirements
Shipping Documents
Transfer Application
Transport Document
Clauses
Credit Amount
Availability
Expiry
Place of Expiry
Transfer Conditions
Documentary Requirements
Shipment Terms
Payment Terms
Bank Charges
Presentation Period
Partial Shipment
Transhipment
Insurance Coverage
Document Examination
Transfer Procedure
Bank Undertaking
Governing Law
Jurisdiction
Force Majeure
Amendments
Reimbursement
Notices
Compliance
Default
Fraud Prevention
Dispute Resolution
Language
Severability
Availability
Expiry
Place of Expiry
Transfer Conditions
Documentary Requirements
Shipment Terms
Payment Terms
Bank Charges
Presentation Period
Partial Shipment
Transhipment
Insurance Coverage
Document Examination
Transfer Procedure
Bank Undertaking
Governing Law
Jurisdiction
Force Majeure
Amendments
Reimbursement
Notices
Compliance
Default
Fraud Prevention
Dispute Resolution
Language
Severability
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Commodities Trading
Shipping and Logistics
Agriculture
Wholesale Distribution
Retail
Mining and Resources
Textiles and Garments
Electronics and Technology
Relevant Teams
International Banking
Trade Finance
Corporate Banking
Global Transaction Services
Documentary Credits
Trade Operations
Banking Operations
Treasury
Risk Management
Legal and Compliance
Financial Control
Relevant Roles
Trade Finance Manager
International Banking Officer
Letter of Credit Specialist
Export Finance Manager
Import Finance Manager
Trade Operations Officer
Documentary Credits Manager
Global Transaction Banking Officer
Relationship Manager - Corporate Banking
Treasury Manager
Chief Financial Officer
Finance Director
Trade Compliance Officer
Banking Operations Manager
International Trade Specialist
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