The Transferable LC is a crucial tool in international trade finance, particularly when intermediaries or trading houses are involved in the supply chain. This document type is specifically designed for transactions where the first beneficiary may not be the actual supplier of the goods and needs to transfer the credit to the actual supplier (second beneficiary). Under Irish law and aligned with UCP 600, the Transferable LC must explicitly state that it is transferable and typically allows for only one transfer to second beneficiaries. It's commonly used in back-to-back trading arrangements, commodity trading, and large international procurement contracts where middlemen or trading companies are involved. The document incorporates specific Irish legal requirements while maintaining international banking standards and practices.
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1. Letter of Credit Number and Date: Unique identification number and issuance date of the LC
2. Issuing Bank Details: Complete name, address, and SWIFT code of the issuing bank
3. Beneficiary Details: Full name and address of the first beneficiary who has the right to transfer
4. Applicant Details: Full name and address of the party requesting the LC
5. Amount and Currency: Maximum credit amount and currency specification
6. Expiry Date and Place: Validity period and location where the credit must be presented
7. Transfer Terms: Specific conditions and procedures for transferring the credit
8. Available With/By: Nominated bank details and method of availability (sight, deferred payment, etc.)
9. Partial Shipments/Transhipment: Whether partial shipments or transhipment is allowed or prohibited
10. Required Documents: Detailed list of documents required for presentation
11. Additional Conditions: Any special conditions or requirements
12. Charges: Specification of bank charges and who bears them
1. Red Clause Provisions: Include when advance payment to the beneficiary is permitted
2. Green Clause Provisions: Include when storage-related advances are permitted
3. Revolving Credit Terms: Include when the LC is intended to be automatically renewed
4. Special Insurance Requirements: Include when specific insurance coverage or terms are required
5. Secondary Beneficiary Restrictions: Include when there are specific limitations on potential second beneficiaries
6. Electronic Presentation Terms: Include when electronic presentation of documents is permitted
1. Schedule A - Document Requirements: Detailed specifications for each required document
2. Schedule B - Transfer Application Form: Standard form for requesting transfer of the credit
3. Schedule C - Fee Schedule: Detailed breakdown of all applicable fees and charges
4. Appendix 1 - UCP 600 Articles: Relevant UCP 600 articles applicable to this LC
5. Appendix 2 - Specimen Signatures: Authorized signatures for the issuing bank and/or nominated bank
6. Appendix 3 - Communication Procedures: Procedures for authenticated SWIFT messages and other communications
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