The Transferable LC At Sight is a crucial trade finance instrument used when intermediaries or trading houses are involved in international trade transactions. It enables the first beneficiary to transfer their rights to one or more second beneficiaries, typically suppliers or manufacturers, while maintaining the security of a bank-guaranteed payment instrument. This document is particularly relevant under Dutch law, which provides a robust legal framework for international trade finance. The LC specifies immediate payment terms upon presentation of compliant documents, making it attractive for suppliers requiring quick payment. It includes detailed specifications for document presentation, transfer conditions, and payment terms, all governed by Dutch law while incorporating UCP 600 requirements and international banking practices.
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1. LC Number and Reference: Unique identification number and reference details of the LC
2. Date of Issue: Date when the LC is issued
3. Issuing Bank Details: Complete name and address of the issuing bank
4. Applicant Details: Full name and address of the party requesting the LC
5. Beneficiary Details: Full name and address of the party in whose favor the LC is issued
6. Currency and Amount: Currency denomination and amount of the LC in both figures and words
7. Expiry Date and Place: Final date and location for presentation of documents
8. Transfer Terms: Specific conditions and terms under which the LC can be transferred
9. Payment Terms: Specification that payment is to be made at sight upon presentation of compliant documents
10. Required Documents: Detailed list of documents required for presentation
11. Shipment Terms: Details of shipment including latest shipment date and partial shipments clause
12. Presentation Period: Time period within which documents must be presented after shipment
13. Governing Law: Specification of Dutch law as governing law and applicable regulations
1. Revolving Terms: Include when the LC is both transferable and revolving, specifying reinstatement conditions
2. Red Clause: Include when advance payment provisions are required
3. Green Clause: Include when warehouse storage provisions are needed
4. Reimbursement Instructions: Include when specific reimbursement bank arrangements are required
5. Special Conditions: Include when there are additional requirements or conditions specific to the transaction
6. Confirmation Instructions: Include when confirmation by another bank is required
7. Transhipment Terms: Include when specific transhipment arrangements are needed
8. Insurance Requirements: Include when specific insurance requirements beyond standard coverage are needed
1. Schedule A - Document Requirements: Detailed checklist of required documents and their specific requirements
2. Schedule B - Standard Banking Forms: Standard forms required for document presentation and transfer
3. Schedule C - Transfer Application Form: Standard form for requesting transfer of the LC
4. Schedule D - Specimen Signatures: Authorized signatures for the LC transaction
5. Appendix 1 - UCP 600 References: Relevant articles of UCP 600 applicable to this LC
6. Appendix 2 - Fee Schedule: Detailed breakdown of all applicable fees and charges
7. Appendix 3 - Document Presentation Guidelines: Specific instructions for document preparation and presentation
Authors
Relevant legal definitions
Clauses
Relevant Industries
International Trade
Banking and Financial Services
Manufacturing
Import/Export
Shipping and Logistics
Commodities Trading
Wholesale Distribution
Agriculture
Energy
Mining
Textile Industry
Electronics Manufacturing
Chemical Industry
Automotive Industry
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Legal
Compliance
Risk Management
Treasury Operations
Global Transaction Banking
Trade Operations
Commercial Banking
Credit Administration
Supply Chain Finance
Relevant Roles
Trade Finance Manager
International Banking Officer
Documentary Credits Specialist
Export Finance Manager
Import Finance Manager
Treasury Manager
Trade Operations Manager
Credit Risk Officer
Compliance Officer
Legal Counsel
Senior Banking Executive
Trade Finance Sales Officer
Commercial Banking Manager
Global Transaction Banking Officer
Supply Chain Finance Manager
International Trade Specialist
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