The Transferring Bank In LC document is essential for financial institutions operating in the UAE that facilitate Letter of Credit transfers. It serves as the primary agreement governing the transfer of LCs from original beneficiaries to second beneficiaries, particularly crucial in the UAE's dynamic international trade environment. The document incorporates requirements from UAE Federal Laws, Central Bank regulations, and international banking practices (UCP 600). It is typically used when a first beneficiary wishes to transfer their rights under an LC to a second beneficiary, often in scenarios involving intermediary traders or multiple suppliers. The document details the transferring bank's obligations, document handling procedures, fees, liability limitations, and compliance requirements specific to UAE banking regulations. It's particularly relevant given the UAE's position as a global trade hub and its sophisticated banking sector that handles significant volumes of LC transactions.
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1. Parties: Identification of the Transferring Bank and the Second Beneficiary (Transferee)
2. Background: Context of the LC transfer request and reference to the original LC
3. Definitions: Key terms including 'Original LC', 'Transfer LC', 'First Beneficiary', 'Second Beneficiary', 'Issuing Bank'
4. Transfer Terms: Core terms of the LC transfer including amount, expiry date, and shipment terms
5. Document Handling: Procedures for presentation, examination, and forwarding of documents
6. Bank's Rights and Obligations: Detailed responsibilities and authorities of the transferring bank
7. Fees and Charges: Transfer commission, document handling charges, and payment terms
8. Communications: Methods and requirements for notices and communications
9. Governing Law and Jurisdiction: Application of UAE law and jurisdiction provisions
1. Substitution Rights: Terms regarding the First Beneficiary's right to substitute invoices and drafts (include when First Beneficiary requests this right)
2. Partial Transfers: Provisions for handling partial transfers of the LC (include when partial transfers are permitted)
3. Special Instructions: Any specific requirements for document preparation or handling (include when there are unique requirements)
4. Electronic Presentation: Terms for electronic document presentation (include when e-presentation is allowed)
5. Multiple Transfer Rights: Terms for multiple transfers to different beneficiaries (include when multiple transfers are permitted)
1. Schedule 1 - Original LC Details: Complete copy or key details of the original Letter of Credit
2. Schedule 2 - Transfer Instructions: Detailed transfer instructions from the First Beneficiary
3. Schedule 3 - Fee Schedule: Detailed breakdown of all applicable fees and charges
4. Schedule 4 - Document Requirements: Specific requirements for document preparation and presentation
5. Appendix A - Communication Procedures: Detailed procedures for various types of communications and notifications
6. Appendix B - Required Forms: Standard forms for transfer requests, substitutions, and other common procedures
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking
International Trade
Import/Export
Commodities Trading
Manufacturing
Retail
Shipping and Logistics
Energy and Resources
Construction
Agricultural Trade
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Legal and Compliance
Risk Management
Operations
Treasury
Trade Services
Banking Operations
Documentary Collections
Relevant Roles
Trade Finance Manager
Documentary Credits Officer
Compliance Officer
Banking Operations Manager
Letter of Credit Specialist
Trade Services Head
Risk Management Officer
International Banking Manager
Treasury Manager
Trade Finance Operations Supervisor
Documentary Collections Officer
Banking Legal Counsel
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