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Letter Of Credit Transferable for Pakistan

Letter Of Credit Transferable Template for Pakistan

A Transferable Letter of Credit document governed under Pakistani law is a specialized financial instrument that enables the first beneficiary to transfer all or part of the credit to a second beneficiary. This document follows the Uniform Customs and Practice for Documentary Credits (UCP 600) while complying with Pakistani banking regulations, particularly the Banking Companies Ordinance, 1962 and Foreign Exchange Regulation Act, 1947. It outlines the terms, conditions, and mechanisms for transfer, specifying the rights and obligations of all parties involved in the international trade transaction.

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Letter Of Credit Transferable

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What is a Letter Of Credit Transferable?

The Transferable Letter of Credit is a crucial document in international trade finance, particularly relevant under Pakistani jurisdiction where it must comply with both local banking regulations and international standards. This document type is specifically used when an intermediary trader (first beneficiary) needs to transfer the credit to the actual supplier of goods (second beneficiary). The transferable nature of the LC allows for complex international trade transactions where middlemen or trading houses are involved. The document includes detailed specifications about the transfer conditions, documentary requirements, and payment terms, all structured in accordance with Pakistani law while following UCP 600 guidelines. It's particularly important in Pakistan's major export sectors such as textiles, agriculture, and manufacturing, where multi-party international trade transactions are common.

What sections should be included in a Letter Of Credit Transferable?

1. Letter Reference and Date: Unique LC reference number and issuance date

2. Applicant Details: Full name and address of the party requesting the LC

3. First Beneficiary Details: Full name and address of the original beneficiary

4. Issuing Bank Details: Name and address of the bank issuing the LC

5. Credit Amount and Currency: The maximum amount and currency of the LC

6. Validity and Expiry: Validity period and expiry date of the LC

7. Transfer Terms: Specific conditions under which the LC may be transferred

8. Documentary Requirements: List of required documents for LC activation

9. Payment Terms: Conditions and timing of payment

10. Governing Law Declaration: Statement of applicable law (Pakistan) and UCP 600 applicability

What sections are optional to include in a Letter Of Credit Transferable?

1. Advising Bank Details: Include when a separate advising bank is involved in the transaction

2. Partial Shipments Clause: Include when partial shipments are allowed or prohibited

3. Transhipment Clause: Include when specific transhipment conditions apply

4. Insurance Requirements: Include when specific insurance coverage is required

5. Special Conditions: Include when there are additional terms specific to the transaction

6. Red Clause Provisions: Include when advance payment facilities are provided

7. Transfer Restrictions: Include when there are specific limitations on transfer conditions

What schedules should be included in a Letter Of Credit Transferable?

1. Schedule A - Document Requirements: Detailed list of required documents and their specifications

2. Schedule B - Transfer Application Form: Standard form for requesting transfer of the LC

3. Schedule C - Shipping Terms: Detailed shipping and delivery requirements

4. Schedule D - Price Schedule: Breakdown of prices and quantities, if applicable

5. Appendix 1 - Bank Contact Details: Contact information for all banks involved in the transaction

6. Appendix 2 - Document Presentation Guidelines: Specific instructions for document presentation

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Pakistan

Publisher

Ƶ

Document Type

Letter of Credit

Cost

Free to use
Relevant legal definitions












































Clauses




























Relevant Industries

Banking and Financial Services

International Trade

Manufacturing

Import/Export

Logistics and Supply Chain

Commodities Trading

Retail

Wholesale Distribution

Agriculture

Textiles

Electronics

Relevant Teams

Trade Finance

International Banking

Legal

Treasury

Export Operations

Import Operations

Compliance

Documentary Credits

Risk Management

Corporate Banking

Relevant Roles

Trade Finance Manager

International Trade Specialist

Letter of Credit Manager

Chief Financial Officer

Finance Director

Treasury Manager

Banking Relations Manager

Export Manager

Import Manager

Trade Operations Officer

Documentary Credits Specialist

Compliance Officer

Legal Counsel

Senior Bank Officer

Trade Finance Analyst

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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