The Transferable LC is a crucial document in international trade finance, particularly relevant in transactions where intermediary traders are involved. It enables the first beneficiary (typically a middleman) to transfer their rights under the letter of credit to one or more second beneficiaries (typically the actual suppliers). This document, governed by New Zealand law and compliant with UCP 600, specifies all terms and conditions of the transfer, including document requirements, payment terms, and transfer restrictions. It's commonly used in back-to-back trading arrangements, commodity trading, and complex supply chain transactions where the original beneficiary acts as an intermediary. The document must comply with both New Zealand banking regulations and international banking standards, making it a sophisticated instrument that requires careful drafting and attention to detail.
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1. Issuing Bank Details: Complete details of the bank issuing the LC including name, branch, reference numbers and contact information
2. Original Beneficiary Details: Full identification and contact details of the first beneficiary
3. Applicant Details: Complete information about the party requesting the LC
4. LC Number and Date: Unique identification number and issuance date of the LC
5. Transfer Terms: Explicit statement that the LC is transferable and the conditions for transfer
6. Credit Amount: The total amount of the credit and currency specification
7. Expiry Date and Place: Clear statement of when and where the LC expires
8. Available With/By: Specification of the nominated bank and manner of availability (sight, deferred payment, etc.)
9. Required Documents: Detailed list of all documents required for presentation
10. Shipment Terms: Specific requirements regarding shipment, including latest shipment date and partial shipments
11. Transfer Conditions: Specific conditions under which the credit may be transferred and any limitations
1. Second Beneficiary Terms: Used when the second beneficiary is already identified at the time of LC issuance
2. Special Transfer Instructions: Include when there are specific requirements for the transfer process beyond standard procedures
3. Transferring Bank Nomination: Used when a specific bank is designated for handling transfers
4. Partial Transfer Terms: Include when partial transfers are allowed and specific conditions apply
5. Document Substitution Rights: Used to specify rights of the first beneficiary to substitute their own invoices and drafts
6. Transfer Fee Arrangements: Include when there are specific arrangements regarding transfer fees
1. Schedule A - Document Requirements: Detailed checklist of required documents and their specific format requirements
2. Schedule B - Transfer Application Form: Standard form to be used when requesting transfer of the LC
3. Schedule C - Fee Schedule: Detailed breakdown of all applicable fees and charges
4. Appendix 1 - UCP 600 References: Specific articles of UCP 600 applicable to this transferable LC
5. Appendix 2 - Document Presentation Guidelines: Specific instructions for document presentation under this LC
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