The Irrevocable Transferable LC is a crucial document in international trade finance, particularly relevant under German banking and commercial law framework. It serves as a payment security instrument where the original beneficiary (typically a middleman or trader) needs to transfer the credit to actual suppliers. The document's irrevocable nature means it cannot be amended or cancelled without agreement from all parties involved, providing maximum security. The transferable feature enables the first beneficiary to transfer their rights to second beneficiaries, facilitating complex trading chains. This type of LC is commonly used in commodity trading, large international transactions, and situations where intermediaries are involved in the trade process. The document must comply with German banking regulations, the German Commercial Code (HGB), and international banking practices under UCP 600.
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1. LC Number and Date: Unique identification number of the LC and date of issuance
2. Issuing Bank Details: Complete name and address of the issuing bank
3. Beneficiary Details: Full name and address of the primary beneficiary
4. Applicant Details: Full name and address of the LC applicant
5. Amount and Currency: LC value and currency, including any tolerance levels
6. Expiry Date and Place: Clear statement of expiry date and location for document presentation
7. Available With/By: Specification of nominated bank (if any) and manner of availability (payment, acceptance, negotiation)
8. Partial Shipments/Transhipment: Whether partial shipments and transhipment are allowed or prohibited
9. Loading/Dispatch/Taking in Charge: Place of taking in charge, dispatch, and final destination
10. Latest Date of Shipment: Final date by which shipment must be made
11. Required Documents: Detailed list of all required documents and their specifications
12. Additional Conditions: Any special conditions or requirements
13. Transfer Terms: Specific conditions and procedures for transfer of the LC
14. Charges: Distribution of banking charges between parties
15. Presentation Period: Time period for document presentation after shipment
1. Second Beneficiary Details: Used when the LC is already transferred to specify the second beneficiary details
2. Insurance Requirements: Include when specific insurance requirements need to be detailed
3. Special Payment Conditions: Used when there are specific payment terms like deferred payment or installments
4. Back-to-Back Provisions: Include when the LC may be used as collateral for another LC
5. Green Clause Provisions: Used when advance payment facilities are to be included
6. Revolving Terms: Include when the LC has revolving characteristics
7. Refinancing Instructions: Used when specific refinancing arrangements are required
1. Document Requirements Schedule: Detailed specifications for each required document
2. Goods Description Schedule: Detailed description of goods or services covered by the LC
3. Price Schedule: Breakdown of prices if multiple goods or services are involved
4. Transfer Procedures: Detailed procedures and requirements for transferring the LC
5. Banking Instructions: Specific instructions for participating banks
6. SWIFT Format Templates: Standard templates for SWIFT messages related to the LC
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Shipping and Logistics
Commodities Trading
Retail
Agriculture
Energy
Construction
Automotive
Textiles
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Export Finance
Import Finance
Trade Operations
Compliance
Risk Management
Treasury
Commercial Banking
Global Transaction Banking
Legal
Supply Chain Finance
Relevant Roles
Trade Finance Manager
International Banking Officer
Documentary Credits Specialist
Export Finance Manager
Import Finance Manager
Trade Operations Manager
Letter of Credit Specialist
Compliance Officer
Risk Manager
Treasury Manager
Commercial Banking Manager
International Trade Specialist
Supply Chain Finance Manager
Global Transaction Banking Officer
Trade Solutions Advisor
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