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.
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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
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
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
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
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