The Transferable LC is a crucial document in international trade finance, particularly when intermediaries or middlemen are involved in the transaction chain. This type of letter of credit, governed by South African law and banking regulations, allows the first beneficiary to transfer their rights to one or more second beneficiaries, typically manufacturers or suppliers. The document must comply with the South African Banks Act, Exchange Control Regulations, and international UCP 600 rules. It includes specific provisions for transfer mechanisms, documentary requirements, payment terms, and bank responsibilities. The Transferable LC is particularly valuable in transactions where the first beneficiary acts as a trading house or procurement agent, facilitating trade between ultimate buyers and sellers while maintaining confidentiality of trading margins.
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1. Issuing Bank Details: Complete details of the bank issuing the LC, including registration number, address, and authorized signatories
2. LC Number and Date: Unique identification number of the LC and date of issuance
3. Applicant Details: Full details of the party requesting the LC, including registration/ID number and address
4. Beneficiary Details: Complete information of the initial beneficiary, including registration/ID number and address
5. Amount and Currency: Specific amount and currency of the LC, including words and figures
6. Expiry Date and Place: Clear statement of when and where the LC expires
7. Transfer Terms: Specific conditions under which the LC may be transferred to second beneficiaries
8. Documents Required: Detailed list of all documents required for presentation
9. Shipment Terms: Specifications for shipment including latest shipment date and partial shipments
10. Payment Terms: Conditions and timing of payment, including any deferred payment terms
11. Transfer Conditions: Specific conditions and procedures for transferring the LC
12. Governing Law and Jurisdiction: Statement of South African law as governing law and jurisdiction details
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 before document presentation
3. Back-to-Back Arrangements: Include when the LC allows for back-to-back LC arrangements
4. Green Clause Provisions: Include when warehouse storage and advance payment terms are applicable
5. Confirmation Instructions: Include when confirmation by another bank is required
6. Special Instructions: Include for any unique requirements or conditions specific to the transaction
1. Schedule A - Document Requirements: Detailed checklist of required documents and their specifications
2. Schedule B - Transfer Application Form: Standard form for requesting transfer of the LC
3. Schedule C - Fee Schedule: Breakdown of all applicable fees and charges
4. Appendix 1 - Authorized Signatories: List of authorized signatories for the issuing bank
5. Appendix 2 - Specimen Signatures: Specimen signatures of authorized persons
6. Appendix 3 - SWIFT Format: Standard SWIFT message format for the LC
Relevant legal definitions
Advising Bank
Applicant
Banking Day
Beneficiary
Bill of Exchange
Bill of Lading
Clean Collection
Commercial Invoice
Confirmation
Confirming Bank
Credit
Documentary Credit
Documents
Draft
Expiry Date
First Beneficiary
Force Majeure
Governing Law
Issuing Bank
Letter of Credit
Negotiating Bank
Negotiation
Notice of Transfer
Original Documents
Packing List
Partial Shipment
Payment Terms
Presentation
Presenting Bank
RERA
Second Beneficiary
Shipment
SWIFT
Transfer
Transferable Credit
Transferring Bank
UCP 600
Underlying Transaction
Unit Price
Applicant
Banking Day
Beneficiary
Bill of Exchange
Bill of Lading
Clean Collection
Commercial Invoice
Confirmation
Confirming Bank
Credit
Documentary Credit
Documents
Draft
Expiry Date
First Beneficiary
Force Majeure
Governing Law
Issuing Bank
Letter of Credit
Negotiating Bank
Negotiation
Notice of Transfer
Original Documents
Packing List
Partial Shipment
Payment Terms
Presentation
Presenting Bank
RERA
Second Beneficiary
Shipment
SWIFT
Transfer
Transferable Credit
Transferring Bank
UCP 600
Underlying Transaction
Unit Price
Clauses
Issuance
Credit Amount
Availability
Transfer Rights
Documentation Requirements
Payment Terms
Expiry and Presentation
Bank Obligations
Transfer Conditions
Fees and Charges
Force Majeure
Assignment
Governing Law
Jurisdiction
Notices
Amendment
Confirmation
Compliance
Anti-Money Laundering
Foreign Exchange
Representations and Warranties
Default
Dispute Resolution
Severability
Entire Agreement
SWIFT Communications
Bank Disclaimers
Document Examination
Sanctions
Confidentiality
Credit Amount
Availability
Transfer Rights
Documentation Requirements
Payment Terms
Expiry and Presentation
Bank Obligations
Transfer Conditions
Fees and Charges
Force Majeure
Assignment
Governing Law
Jurisdiction
Notices
Amendment
Confirmation
Compliance
Anti-Money Laundering
Foreign Exchange
Representations and Warranties
Default
Dispute Resolution
Severability
Entire Agreement
SWIFT Communications
Bank Disclaimers
Document Examination
Sanctions
Confidentiality
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Commodities Trading
Shipping and Logistics
Agriculture
Mining
Retail
Wholesale Distribution
Energy
Textiles
Relevant Teams
Trade Finance
International Banking
Global Transaction Services
Documentary Credits
Risk Management
Compliance
Legal
Treasury Operations
Trade Operations
Credit Administration
Banking Operations
Relevant Roles
Trade Finance Manager
International Trade Specialist
Documentary Credits Officer
Export Finance Manager
Import Finance Manager
Treasury Manager
Compliance Officer
Credit Risk Manager
Banking Operations Manager
Trade Operations Officer
Letters of Credit Specialist
Global Transaction Banking Officer
Trade Solutions Manager
Financial Controller
Chief Financial Officer
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