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A Restricted Letter of Credit is a crucial financial instrument in international trade transactions, particularly relevant under Australian jurisdiction. It is commonly used when parties seek the security of a letter of credit but wish to limit its transferability, typically to prevent unauthorized trading or maintain direct control over the transaction. The document incorporates essential elements required by Australian banking regulations, including the Banking Act 1959 and international trade practices, while following UCP 600 guidelines. It specifies the terms of payment, document requirements, and explicit transfer restrictions, providing security to both importers and exporters while maintaining strict control over who can claim payment. This instrument is particularly valuable in situations where the applicant wants to ensure that only the named beneficiary can draw under the credit, preventing any secondary market trading of the letter of credit.

1. Issuing Bank Details: Complete details of the issuing bank including name, branch, contact information and reference numbers

2. Beneficiary Information: Full details of the beneficiary including name, address and reference details

3. Applicant Information: Complete details of the applicant (buyer) including name, address and contact information

4. Credit Amount and Currency: Specific amount of the letter of credit and the currency in which it is issued

5. Expiry Date and Place: Clear statement of when and where the letter of credit expires

6. Transfer Restrictions: Explicit statement of transfer restrictions and limitations on the letter of credit

7. Required Documents: Detailed list of all documents required for presentation

8. Shipment Terms: Specific details about shipment including latest shipment date and partial shipments if applicable

9. Payment Terms: Conditions and timing of payment, including any specific requirements or restrictions

10. Governing Law Statement: Clear statement that the LC is governed by Australian law and UCP 600