Legal Templates
Non Transferable Letter Of Credit

Non Transferable Letter Of Credit for South Africa

Non Transferable Letter Of Credit Template for South Africa

A Non-Transferable Letter of Credit is a specialized banking instrument governed by South African banking and trade laws, incorporating international standards such as UCP 600. This document represents an irrevocable undertaking by a bank to pay the beneficiary a specified amount upon presentation of compliant documents, with the unique feature that it cannot be transferred to another beneficiary. Under South African jurisdiction, it must comply with the Banks Act 94 of 1990 and Exchange Control Regulations, while also adhering to international banking practices.

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What is a Non Transferable Letter Of Credit?

A Non-Transferable Letter of Credit serves as a crucial financial instrument in international trade transactions within the South African context. It provides payment security to exporters while offering financial protection to importers, ensuring that payment is made only upon presentation of specified documents that comply with the credit terms. This document type is particularly important in South Africa's trade environment, where it must align with both local banking regulations and international standards. The non-transferable nature specifically prevents the original beneficiary from transferring their rights to another party, providing additional security and control over the transaction. The document includes detailed specifications of payment terms, document requirements, and compliance conditions, all structured within South African legal framework while acknowledging international banking practices.

What sections should be included in a Non Transferable Letter Of Credit?

1. Issuing Bank Details: Complete details of the issuing bank including name, address, SWIFT code, and reference numbers

2. Credit Number: Unique identification number of the Letter of Credit

3. Issue Date: Date of issuance of the Letter of Credit

4. Applicant Details: Full name and address of the party requesting the Letter of Credit

5. Beneficiary Details: Full name and address of the party in whose favor the Letter of Credit is issued

6. Currency and Amount: Specification of the currency and amount of the Letter of Credit, both in figures and words

7. Expiry Details: Expiry date and place of the Letter of Credit

8. Non-Transferability Declaration: Clear statement that the Letter of Credit is non-transferable

9. Documentary Requirements: Detailed list of required documents for presentation

10. Payment Terms: Specification of when and how payment will be made

11. Presentation Period: Time period within which documents must be presented

What sections are optional to include in a Non Transferable Letter Of Credit?

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

2. Transhipment: Include when specifying whether transhipment is allowed or prohibited

3. Insurance Coverage: Include when specific insurance requirements need to be detailed

4. Special Conditions: Include when there are additional terms or conditions specific to the transaction

5. Back-to-Back Credit Provisions: Include when the credit is part of a back-to-back arrangement

6. Reimbursement Instructions: Include when specific reimbursement arrangements between banks need to be detailed

What schedules should be included in a Non Transferable Letter Of Credit?

1. Schedule A - Document Requirements: Detailed specifications of required documents including exact format and content requirements

2. Schedule B - Goods Description: Detailed description of the goods or services covered by the Letter of Credit

3. Schedule C - Special Payment Conditions: Details of any special payment terms or conditions

4. Appendix 1 - UCP 600 References: Specific articles of UCP 600 that apply to this Letter of Credit

5. Appendix 2 - Bank Forms: Standard forms required by the issuing bank for document presentation

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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Jurisdiction

South Africa

Publisher

Genie AI

Document Type

Letter of Credit

Sector

International Trade

Cost

Free to use
Relevant legal definitions
Advising Bank
Applicant
Banking Day
Beneficiary
Bill of Exchange
Bill of Lading
Commercial Invoice
Complying Presentation
Confirmation
Credit
Documentary Credit
Documents
Draft
Expiry Date
Forwarding Agent
Goods
ICC
Insurance Certificate
Insurance Policy
Issuing Bank
Latest Shipment Date
Letter of Credit
Negotiation
Nominated Bank
Non-Transferable
Packing List
Partial Shipment
Place of Expiry
Port of Discharge
Port of Loading
Presentation
Reimbursing Bank
Shipment
Shipping Documents
Sight Payment
SWIFT
Trade Terms
Transhipment
UCP 600
Usance Payment
Relevant Industries

Banking and Financial Services

International Trade

Import/Export

Manufacturing

Retail

Commodities Trading

Agriculture

Mining

Energy

Textile Industry

Technology and Electronics

Automotive

Relevant Teams

Trade Finance

International Banking

Treasury

Risk Management

Compliance

Legal

Operations

Commercial Banking

Documentary Credits

Global Transaction Services

Supply Chain Finance

Corporate Banking

Relevant Roles

Trade Finance Manager

Import/Export Manager

Financial Controller

Treasury Manager

International Trade Specialist

Documentary Credits Officer

Compliance Officer

Banking Operations Manager

Trade Operations Analyst

Credit Risk Manager

Commercial Banking Officer

International Business Development Manager

Supply Chain Manager

Chief Financial Officer

Banking Relationship Manager

Industries
Banks Act 94 of 1990: Primary legislation governing banking institutions in South Africa, which includes regulations on banking instruments like Letters of Credit
Currency and Exchanges Act 9 of 1933: Regulates foreign exchange transactions and international payments, which is crucial for international Letters of Credit
Exchange Control Regulations: Supplementary regulations under the Currency and Exchanges Act that provide specific requirements for cross-border financial transactions
South African Reserve Bank Act 90 of 1989: Governs the central banking system and provides regulatory framework for international banking transactions
ICC Uniform Customs and Practice for Documentary Credits (UCP 600): While not strictly legislation, these international rules are universally accepted in South Africa for Letters of Credit operations
Consumer Protection Act 68 of 2008: May be applicable if the Letter of Credit involves consumer transactions within its scope
Financial Intelligence Centre Act 38 of 2001: Covers anti-money laundering requirements that must be considered in financial instruments like Letters of Credit
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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