The Irrevocable Transferable LC is a crucial document in international trade finance, particularly relevant in the Pakistani market where it bridges the trust gap between importers and exporters. It provides a secure payment mechanism where the issuing bank makes an irrevocable commitment to pay the beneficiary upon presentation of compliant documents, and the transferable nature allows the first beneficiary to transfer all or part of the credit to a second beneficiary. This document must comply with the State Bank of Pakistan's regulations, the UCP 600 rules, and potentially Islamic banking principles. It's commonly used in complex trade transactions involving intermediaries, particularly in industries where middlemen or traders operate between the end supplier and the ultimate buyer. The document includes detailed terms regarding payment conditions, document requirements, transfer mechanisms, and validity periods, all while ensuring compliance with Pakistani foreign exchange regulations.
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1. Letter of Credit Number: Unique identification number assigned to the LC
2. Date of Issue: Date when the LC is issued
3. Type of Credit: Clearly stating it's an Irrevocable Transferable Letter of Credit
4. Issuing Bank Details: Complete name, address, and SWIFT code of the issuing bank
5. Applicant Details: Full name, address, and contact information of the buyer/importer
6. Beneficiary Details: Full name, address, and contact information of the seller/exporter
7. Currency and Amount: Currency denomination and amount of the LC in both figures and words
8. Expiry Date and Place: Validity period and location where the LC expires
9. Documentation Requirements: Detailed list of required documents for LC negotiation
10. Shipment Terms: Including latest shipment date, partial shipment/transhipment permissions
11. Payment Terms: Specification of when and how payment will be made
12. Transfer Terms: Conditions and procedures for transferring the LC to second beneficiaries
1. Advising Bank Details: Required if LC is advised through a specific bank
2. Confirmation Instructions: Include when confirmation from another bank is requested
3. Reimbursing Bank Details: Required when a separate reimbursing bank is involved
4. Special Conditions: Any additional terms or conditions specific to the transaction
5. Islamic Banking Compliance Statement: Required if LC is issued under Islamic banking principles
6. Secondary Beneficiary Terms: Specific conditions for second beneficiaries if already known
1. Schedule A - Commercial Invoice Requirements: Detailed specifications for acceptable commercial invoice format
2. Schedule B - Required Transport Documents: Specific requirements for bills of lading or other transport documents
3. Schedule C - Goods Description: Detailed description of goods including specifications, quantity, and unit price
4. Schedule D - Transfer Restrictions: Specific conditions and limitations regarding transfer of the LC
5. Appendix 1 - Document Checking Guidelines: Specific instructions for document examination under UCP 600
6. Appendix 2 - Fee Schedule: Breakdown of all applicable fees and charges
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Shipping and Logistics
Commodities Trading
Textile Industry
Agricultural Products
Industrial Equipment
Consumer Goods
Energy and Resources
Chemical Industry
Relevant Teams
Trade Finance
International Banking
Corporate Banking
Risk Management
Legal & Compliance
Treasury
Operations
Documentary Credits
International Trade
Supply Chain
Procurement
Finance
Credit Administration
Relevant Roles
Trade Finance Manager
International Business Director
Import Manager
Export Manager
Trade Operations Officer
Letter of Credit Specialist
Compliance Officer
Treasury Manager
Chief Financial Officer
Banking Relationship Manager
Documentary Credits Manager
International Trade Specialist
Supply Chain Manager
Procurement Manager
Financial Controller
Risk Management Officer
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