Irrevocable Transferable LC for Singapore

Irrevocable Transferable LC Template for Singapore

An Irrevocable Transferable Letter of Credit under Singapore law is a binding financial instrument that provides a payment guarantee from a bank to a seller, which can be transferred to one or more second beneficiaries. It operates under Singapore's robust financial framework and follows both local banking regulations and international trade practices (UCP 600). This document represents an unconditional commitment by the issuing bank that cannot be modified or cancelled without agreement from all parties involved.

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What is a Irrevocable Transferable LC?

The Irrevocable Transferable LC is a specialized financial instrument commonly used in complex international trade transactions where intermediaries are involved. It allows the first beneficiary to transfer all or part of the LC to other parties, facilitating multi-party trade arrangements. Under Singapore law, these LCs are particularly valuable due to Singapore's position as a major trading hub and its well-established legal framework for international commerce. The document includes detailed terms for transfer rights, document requirements, and payment conditions, making it especially suitable for transactions involving multiple parties or back-to-back trading arrangements.

What sections should be included in a Irrevocable Transferable LC?

1. LC Number and Reference: Unique identification details of the LC including issuing bank reference

2. Date of Issue: Date when the LC was issued and becomes effective

3. Applicant Details: Full legal name, address, and contact information of the party requesting the LC

4. Beneficiary Details: Full legal name, address, and contact information of the party in whose favor the LC is issued

5. Currency and Amount: Specified currency and maximum value of the LC, stated in both figures and words

6. Expiry Date: Date and place of expiry of the LC

7. Terms of Payment: Detailed conditions and timing under which payment will be made, including presentation period

8. Required Documents: Comprehensive list of all documents required for presentation under the LC

What sections are optional to include in a Irrevocable Transferable LC?

1. Partial Shipments: Clause specifying whether partial shipments are allowed or prohibited

2. Transhipment: Terms and conditions regarding whether transhipment is permitted during transit

3. Insurance Coverage: Special insurance requirements and minimum coverage specifications

4. Additional Conditions: Any special conditions or requirements specific to this LC

What schedules should be included in a Irrevocable Transferable LC?

1. Schedule of Goods: Detailed description of goods or services covered by the LC, including quantities and specifications

2. Schedule of Documents: Comprehensive list of required documents with specific requirements for each document

3. Transfer Terms: Detailed conditions and procedures for transferring the LC to second beneficiaries

4. Bank Charges Schedule: Detailed breakdown of all applicable banking fees, charges, and commission rates

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Relevant legal definitions

Clauses

Relevant Industries

International Trade
Manufacturing
Commodities
Shipping
Banking

Relevant Teams

Finance
Treasury
International Trade
Legal
Compliance

Relevant Roles

Trade Finance Manager
Treasury Manager
Import/Export Manager
Finance Director
Compliance Officer

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Freely Negotiable Letter Of Credit

A Singapore-law governed bank payment instrument that can be negotiated at any bank, providing secure payment in international trade.

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What is a Irrevocable Transferable LC?

What sections should be included in a Irrevocable Transferable LC?

What sections are optional to include in a Irrevocable Transferable LC?

What schedules should be included in a Irrevocable Transferable LC?

Authors

Alex Denne

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