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.
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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
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
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
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
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