The Irrevocable Transferable LC is a crucial document in international trade finance, particularly relevant under Hong Kong law given the jurisdiction's significance as a global financial center. This document type is typically used when the first beneficiary acts as a middleman and needs to transfer the credit to an actual supplier (second beneficiary). The irrevocable nature means it cannot be amended or cancelled without agreement from all parties, providing security to both buyers and sellers. The document includes detailed specifications about payment conditions, required documentation, shipping terms, and transfer mechanisms. It's particularly valuable in complex trade transactions where multiple parties are involved in the supply chain, and when suppliers require payment security before shipment.
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1. Issuing Bank Details: Complete name, address, and reference numbers of the issuing bank
2. Date and Place of Issue: The date and location where the LC is issued
3. LC Number: Unique identification number of the Letter of Credit
4. Applicant Details: Full name and address of the party requesting the LC
5. Beneficiary Details: Full name and address of the party in whose favor the LC is issued
6. Currency and Amount: The currency and amount of the LC, both in figures and words
7. Type and Form: Specification that this is an Irrevocable Transferable Documentary Credit
8. Expiry Details: Expiry date and place of the LC
9. Transfer Terms: Specific conditions and terms under which the LC may be transferred
10. Required Documents: Detailed list of all documents required for presentation
11. Shipment Terms: Details of shipment including latest shipment date and partial shipments if applicable
12. Presentation Period: Time period within which documents must be presented
13. Payment Terms: Specification of when and how payment will be made
14. Banking Charges: Allocation of banking charges between parties
1. Revolving Terms: Include when the LC is both transferable and revolving, specifying the revolving conditions
2. Red Clause Provisions: Include when advance payment is permitted under the LC
3. Green Clause Provisions: Include when storage of goods is involved with advance payment
4. Back-to-Back Provisions: Include when the LC may be used as collateral for another LC
5. Special Instructions: Include when there are specific requirements for document preparation or presentation
6. Transferring Bank Nomination: Include when a specific bank is nominated for transfer
7. Reimbursement Instructions: Include when specific reimbursement arrangements are required between banks
1. Schedule A - Document Requirements: Detailed checklist of required documents and their specific requirements
2. Schedule B - Shipping Terms: Detailed shipping instructions and requirements
3. Schedule C - Goods Description: Detailed description of the goods covered by the LC
4. Appendix 1 - Transfer Application Form: Standard form for requesting transfer of the LC
5. Appendix 2 - Document Presentation Checklist: Checklist for beneficiary to ensure complete document presentation
6. Appendix 3 - Bank Contact Details: Contact information for all relevant banking parties
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Commodities Trading
Shipping and Logistics
Retail
Wholesale
Agriculture
Mining and Resources
Textiles
Electronics
Construction Materials
Relevant Teams
Trade Finance
International Banking
Export Operations
Import Operations
Treasury
Risk Management
Compliance
Financial Control
Supply Chain Operations
Documentary Credits
Global Transaction Banking
Trade Operations
Relevant Roles
Trade Finance Manager
Documentary Credits Officer
International Banking Manager
Export Finance Specialist
Import Operations Manager
Treasury Manager
Trade Operations Officer
Credit Risk Officer
Compliance Officer
Financial Controller
Supply Chain Manager
Chief Financial Officer
Banking Relationship Manager
Documentary Collections Specialist
Letter of Credit Specialist
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