Transferable LC for Singapore

Transferable LC Template for Singapore

A Transferable Letter of Credit under Singapore law is a specialized financial instrument that allows the first beneficiary to transfer all or part of their rights to a second beneficiary. Governed by Singapore's banking regulations and international UCP 600 rules, it provides a secure method of payment in international trade while offering flexibility in complex trading arrangements. The document incorporates specific Singapore compliance requirements while maintaining international banking standards.

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What is a Transferable LC?

The Transferable LC is essential in international trade transactions where intermediaries are involved. This document type is particularly relevant when the first beneficiary acts as a middleman and needs to transfer the credit to the actual supplier (second beneficiary). Under Singapore jurisdiction, the Transferable LC must comply with both local banking regulations and international UCP 600 guidelines, providing clear terms for transfer rights, documentation requirements, and payment conditions. It's commonly used in back-to-back trading arrangements and complex supply chain financing.

What sections should be included in a Transferable LC?

1. LC Number and Date: Unique identifier and issuance date of the LC

2. Applicant Details: Complete information of the party requesting the LC

3. Beneficiary Details: Complete information of the party in whose favor the LC is issued

4. Amount and Currency: Value of the LC and currency denomination

5. Expiry Date: Validity period of the LC

6. Transfer Terms: Specific conditions under which the LC can be transferred

7. Documentation Requirements: List of required documents for LC activation

What sections are optional to include in a Transferable LC?

1. Partial Shipments: Terms for allowing partial shipments, if applicable

2. Transhipment: Terms for allowing transhipment, if applicable

3. Insurance Coverage: Specific insurance requirements, if any

What schedules should be included in a Transferable LC?

1. Document Checklist: Detailed list of required documentation

2. Transfer Instructions: Specific instructions for transfer process

3. Bank Correspondents: List of nominated banks and their roles

4. Fee Schedule: Breakdown of applicable banking charges and fees

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

Cost

Free to use

Relevant legal definitions

Clauses

Relevant Industries

International Trade
Banking and Finance
Manufacturing
Commodities Trading
Shipping and Logistics

Relevant Teams

Trade Finance
International Banking
Legal
Treasury
Compliance

Relevant Roles

Trade Finance Manager
International Trade Specialist
Letter of Credit Officer
Compliance Officer
Treasury Manager

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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 Transferable LC?

What sections should be included in a Transferable LC?

What sections are optional to include in a Transferable LC?

What schedules should be included in a Transferable LC?

Authors

Alex Denne

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