The Transferring Bank In LC document is essential for international trade transactions in Indonesia where the original beneficiary of a Letter of Credit wishes to transfer their rights to a second beneficiary. This typically occurs in intermediary trade scenarios, where the first beneficiary acts as a middleman between the LC applicant and the actual supplier of goods. The document ensures compliance with Indonesian banking regulations, particularly Bank Indonesia's requirements for international trade transactions, while adhering to UCP 600 standards. It includes crucial details about the transfer process, document requirements, fee structures, and risk allocation between parties. This document type is particularly important given Indonesia's significant role in international trade and its strict regulatory framework for banking and foreign exchange transactions. It provides legal certainty and operational clarity for all parties involved in the LC transfer process.
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1. Parties: Identification of all parties: Transferring Bank, First Beneficiary, Second Beneficiary, and reference to the Issuing Bank
2. Background: Context of the LC transfer, including reference to the original LC and the basis for transfer
3. Definitions: Key terms used in the document, including banking, LC, and transfer-specific terminology
4. Transfer Terms and Conditions: Specific conditions under which the LC is being transferred, including any modifications to the original LC
5. Rights and Obligations: Detailed responsibilities of each party in the transfer process
6. Transfer Processing: Procedures for handling the LC transfer, including document presentation and examination
7. Fees and Charges: Details of all banking charges, transfer fees, and payment terms
8. Communications: Methods and requirements for notifications and communications between parties
9. Governing Law and Jurisdiction: Reference to Indonesian law and jurisdiction for dispute resolution
10. Force Majeure: Provisions for unforeseen circumstances affecting the transfer process
1. Anti-Money Laundering Compliance: Include when enhanced compliance requirements are needed or when dealing with high-risk jurisdictions
2. Partial Transfer Provisions: Include when the LC allows for partial transfers to multiple second beneficiaries
3. Back-to-Back LC Arrangements: Include when the transfer is part of a back-to-back LC structure
4. Electronic Documentation: Include when parties agree to use electronic platforms for LC transfer processing
5. Currency Exchange Provisions: Include when the transfer involves currency conversion or specific exchange rate considerations
1. Original LC Details: Copy or summary of the original LC terms and conditions
2. Transfer Application Form: Standard form used by the First Beneficiary to request the transfer
3. Fee Schedule: Detailed breakdown of all applicable fees and charges
4. Required Documents Checklist: List of documents required for the transfer process
5. Specimen Signatures: Authorized signatures of relevant parties for verification purposes
6. Communication Protocols: Detailed procedures for secure communications and document transmission
Relevant legal definitions
Clauses
Relevant Industries
Banking
International Trade
Trade Finance
Import/Export
Manufacturing
Commodities Trading
Shipping and Logistics
Financial Services
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Compliance
Risk Management
Operations
Legal
Treasury
Client Relations
Trade Services
Relevant Roles
Trade Finance Manager
LC Operations Officer
International Banking Manager
Compliance Officer
Documentary Credits Specialist
Trade Services Head
Banking Operations Manager
Risk Management Officer
International Trade Specialist
Treasury Manager
Banking Relationship Manager
Trade Finance Documentation Officer
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