This document is essential for banks operating in South Africa that facilitate the transfer of Letters of Credit from original beneficiaries to second beneficiaries. The Transferring Bank In LC agreement is specifically designed to comply with South African banking regulations, including the Banks Act No. 94 of 1990 and Exchange Control Regulations, while adhering to international LC practices under UCP 600. It is typically used when an original beneficiary wishes to transfer all or part of their rights under an LC to a second beneficiary, often in cases where the original beneficiary is an intermediary or trader. The document outlines the bank's role, responsibilities, and procedures in executing the transfer, including document handling, fee structures, and compliance requirements. It incorporates specific provisions for South African regulatory compliance while maintaining international banking standards for LC transfers.
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1. Parties: Identification of the Transferring Bank, Original Beneficiary, and Second Beneficiary
2. Background: Context of the original LC and the transfer request
3. Definitions: Key terms including Original LC, Transfer LC, Transferring Bank, Original Beneficiary, Second Beneficiary
4. Transfer Details: Specific details of the LC transfer including amount, terms, and conditions
5. Bank's Rights and Obligations: Responsibilities and authority of the Transferring Bank in handling the LC transfer
6. Transfer Conditions: Conditions precedent and requirements for the transfer to be effective
7. Fees and Charges: Transfer fees, commission, and other applicable charges
8. Communications: Methods and requirements for notifications and communications
9. Governing Law and Jurisdiction: South African law as governing law and jurisdiction details
10. Execution: Signature blocks and execution requirements
1. Amendments: Terms regarding possible amendments to the Transfer LC - include when amendments to original LC are anticipated
2. Electronic Presentations: Terms for electronic document presentation - include when e-presentations are allowed
3. Multiple Transfers: Provisions for multiple transfers of the LC - include when multiple transfers are permitted
4. Substitution of Documents: Terms for document substitution by Original Beneficiary - include when document substitution is allowed
5. Foreign Currency Provisions: Special provisions for foreign currency transactions - include when dealing with multiple currencies
1. Original Letter of Credit: Copy or details of the original LC being transferred
2. Transfer Application Form: Completed application form for the LC transfer
3. Fee Schedule: Detailed breakdown of all applicable fees and charges
4. Required Documents: List of required documents for the transfer and presentations
5. Specimen Signatures: Authorized signatures for all relevant parties
Relevant legal definitions
Advising Bank
Applicant
Banking Day
Business Day
Complying Presentation
Documentary Credit
Documents
Electronic Presentation
Force Majeure
Governing Law
Issuing Bank
Letter of Credit
Original Beneficiary
Original Letter of Credit
Presentation
Presenting Bank
SARB
Second Beneficiary
Transfer
Transfer Application
Transfer Date
Transferring Bank
Transferred Credit
UCP 600
Underlying Transaction
Applicant
Banking Day
Business Day
Complying Presentation
Documentary Credit
Documents
Electronic Presentation
Force Majeure
Governing Law
Issuing Bank
Letter of Credit
Original Beneficiary
Original Letter of Credit
Presentation
Presenting Bank
SARB
Second Beneficiary
Transfer
Transfer Application
Transfer Date
Transferring Bank
Transferred Credit
UCP 600
Underlying Transaction
Clauses
Interpretation
Appointment of Transferring Bank
Transfer Conditions
Bank's Rights and Obligations
Original Beneficiary's Obligations
Second Beneficiary's Rights
Document Examination
Fees and Charges
Payment Terms
Representations and Warranties
Communications
Document Handling
Amendment Procedures
Compliance Requirements
Anti-Money Laundering
Foreign Exchange Control
Electronic Presentations
Liability and Indemnity
Force Majeure
Confidentiality
Data Protection
Notices
Governing Law
Jurisdiction
Assignment
Severability
Waiver
Entire Agreement
Appointment of Transferring Bank
Transfer Conditions
Bank's Rights and Obligations
Original Beneficiary's Obligations
Second Beneficiary's Rights
Document Examination
Fees and Charges
Payment Terms
Representations and Warranties
Communications
Document Handling
Amendment Procedures
Compliance Requirements
Anti-Money Laundering
Foreign Exchange Control
Electronic Presentations
Liability and Indemnity
Force Majeure
Confidentiality
Data Protection
Notices
Governing Law
Jurisdiction
Assignment
Severability
Waiver
Entire Agreement
Relevant Industries
Banking
International Trade
Import/Export
Manufacturing
Commodities Trading
Retail
Wholesale
Logistics
Financial Services
Relevant Teams
Trade Finance
International Banking
Legal
Compliance
Risk Management
Operations
Treasury
Documentary Credits
Product Management
Trade Operations
Relevant Roles
Trade Finance Manager
Documentary Credits Officer
Letter of Credit Specialist
International Banking Officer
Compliance Officer
Legal Counsel
Trade Operations Manager
Credit Risk Officer
Banking Operations Manager
International Trade Specialist
Treasury Manager
Trade Finance Product Manager
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