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Transferable Lc At Sight for India

Transferable Lc At Sight Template for India

A Transferable Letter of Credit (LC) at Sight is a specialized financial instrument governed by Indian banking laws and international trade practices, particularly UCP 600. This document enables the first beneficiary to transfer all or part of the credit to one or more second beneficiaries. It represents a bank's irrevocable commitment to pay the beneficiary upon presentation of compliant documents, with payment being made immediately (at sight) rather than on a deferred basis. The document incorporates specific Indian regulatory requirements while maintaining international standards for trade finance, making it particularly suitable for intermediary traders and complex international trade transactions.

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Transferable Lc At Sight

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What is a Transferable Lc At Sight?

The Transferable LC at Sight is a crucial trade finance instrument in the Indian banking and international trade landscape, designed to facilitate complex trade transactions involving multiple parties. It's particularly valuable when intermediary traders are involved in the supply chain, allowing them to bridge the gap between ultimate suppliers and end buyers. The document must comply with the Reserve Bank of India's guidelines, FEMA regulations, and international UCP 600 rules. It includes detailed specifications for document presentation, payment terms, transfer conditions, and bank obligations. This type of LC is especially useful in transactions where the first beneficiary doesn't supply the goods directly but acts as a middleman, and requires immediate payment upon document presentation rather than deferred payment terms.

What sections should be included in a Transferable Lc At Sight?

1. LC 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. Applicant Details: Full name, address, and contact information of the party requesting the LC

4. First Beneficiary Details: Complete information of the primary beneficiary who has the right to transfer the LC

5. Currency and Amount: LC amount in figures and words, and specified currency

6. Form of Credit: Specification that this is a transferable LC available at sight

7. Expiry Date and Place: Clear statement of when and where the LC expires

8. Transfer Terms: Specific conditions and procedures for transferring the LC to second beneficiaries

9. Documents Required: Detailed list of all required documents for LC negotiation

10. Shipment Terms: Specifications for shipment including latest shipment date and partial shipments

11. Presentation Period: Timeframe within which documents must be presented after shipment

12. Banking Charges: Clear allocation of all banking charges including transfer charges

What sections are optional to include in a Transferable Lc At Sight?

1. Revolving Terms: Include when the LC is both transferable and revolving, specifying reinstatement conditions

2. Red Clause Provisions: Include when advance payment is allowed to the beneficiary before document presentation

3. Green Clause Provisions: Include when storage-related advances are permitted under the LC

4. Confirmation Instructions: Include when the LC requires confirmation from another bank

5. Special Payment Conditions: Include for any specific payment terms or conditions beyond standard sight payment

6. Transhipment Terms: Include when specific transhipment conditions need to be detailed

What schedules should be included in a Transferable Lc At Sight?

1. Document Presentation Checklist: Detailed checklist of required documents and their specifications

2. Transfer Application Form: Standard form for beneficiaries to request transfer of the LC

3. Fee Schedule: Detailed breakdown of all applicable banking charges and fees

4. Required Document Formats: Templates or formats for specific required documents

5. SWIFT Message Format: Format and fields of the SWIFT MT 700 series message to be used

6. Compliance Checklist: List of regulatory requirements and compliance checks for the LC transaction

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

India

Document Type

Letter of Credit

Cost

Free to use
Relevant legal definitions



































Clauses


























Relevant Industries

International Trade

Banking and Financial Services

Manufacturing

Import/Export

Commodities Trading

Textile Industry

Agricultural Products

Heavy Industries

Petroleum and Oil Products

Mining and Minerals

Chemical Industry

Consumer Goods

Relevant Teams

Trade Finance

International Banking

Documentary Credits

Global Transaction Services

Treasury Operations

Compliance

Risk Management

Supply Chain Operations

Procurement

Legal

Trade Operations

Relevant Roles

Trade Finance Manager

International Trade Specialist

Documentary Credits Officer

Import/Export Manager

Treasury Manager

Trade Operations Officer

Compliance Officer

Letter of Credit Specialist

Banking Operations Manager

Chief Financial Officer

Trade Finance Analyst

Risk Management Officer

Supply Chain Manager

Procurement Manager

Industries








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