The Transferable LC At Sight is a crucial document in international trade finance, particularly within the South African legal context. It is typically used when an intermediary (usually a trader or middle party) is involved in the supply chain and needs to transfer the credit to the actual supplier of goods. The document must comply with both South African banking regulations and international standards such as UCP 600. It contains detailed specifications about the credit amount, required documents, shipment terms, and transfer conditions. This type of LC is especially valuable in transactions where the original beneficiary acts as a middleman and requires the ability to transfer the credit to the actual supplier while maintaining confidentiality about the ultimate buyer. The immediate payment feature ('at sight') makes it particularly attractive for suppliers requiring prompt payment upon document presentation.
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1. LC Number and Date: Unique identification number of the LC and date of issuance
2. Form of Credit: Specification that this is a transferable letter of credit available at sight
3. Issuing Bank Details: Full name, address, and SWIFT code of the issuing bank
4. Applicant Details: Full name, address, and reference details of the party requesting the LC
5. Beneficiary Details: Full name, address, and reference details of the party in whose favor the LC is issued
6. Currency and Amount: The currency and amount of the credit in both figures and words
7. Available With/By: Specification of the nominated bank (if any) and manner of availability
8. Transfer Terms: Specific conditions and terms under which the credit may be transferred
9. Documents Required: Detailed list of documents that must be presented for payment
10. Shipment Terms: Details of shipment including latest shipment date and partial shipments/transhipment conditions
11. Presentation Period: Time period within which documents must be presented
12. Description of Goods/Services: Detailed description of the goods or services covered by the LC
13. Governing Law: Specification that the LC is subject to South African law and UCP 600
1. Special Instructions: Any special conditions or instructions specific to this LC
2. Reimbursement Instructions: Used when specific reimbursement arrangements need to be detailed
3. Additional Conditions: Any additional terms or conditions required for specific transactions
4. Second Beneficiary Terms: Specific terms applicable to second beneficiary in case of transfer
5. Insurance Requirements: Detailed insurance requirements if not covered in main documents required section
6. Bank-to-Bank Instructions: Special instructions between banks involved in the transaction
1. Schedule A - Document Requirements: Detailed checklist of required documents and their specifications
2. Schedule B - Goods Specification: Detailed technical specifications of goods, if applicable
3. Schedule C - Transfer Instructions: Specific instructions and procedures for transferring the credit
4. Appendix 1 - UCP 600 References: Relevant articles of UCP 600 applicable to this LC
5. Appendix 2 - Bank Forms: Standard forms required for transfer or presentation
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Commodities Trading
Shipping and Logistics
Agriculture
Mining
Retail
Wholesale Distribution
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Legal and Compliance
Risk Management
Treasury Operations
Trade Operations
Banking Operations
Export Finance
Trade Documentation
Relevant Roles
Trade Finance Manager
International Trade Specialist
Letter of Credit Officer
Banking Operations Manager
Export Finance Manager
Trade Operations Specialist
Documentary Credits Manager
Compliance Officer
Treasury Manager
Import/Export Coordinator
Trade Finance Sales Officer
Risk Management Officer
Banking Relationship Manager
Trade Documentation Specialist
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