The LC Non Transferable document serves as a crucial instrument in international trade finance, particularly when the applicant wants to ensure that only the specified beneficiary can draw under the credit. This type of Letter of Credit is commonly used in the United States when buyers want to maintain control over their supply chain and prevent unauthorized parties from claiming payment. The document, governed by US law and international banking practices (UCP 600), outlines the terms of payment, documentary requirements, and specific conditions that must be met for the beneficiary to receive payment. It includes detailed specifications about document presentation, examination criteria, and payment terms while explicitly stating its non-transferable nature. This format is particularly relevant when dealing with direct suppliers or manufacturers, rather than intermediaries or traders.
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Key Requirements PROMPT example:
Lc Non Transferable
"I need a Non-Transferable LC for importing industrial machinery from Germany worth EUR 500,000, with documentary requirements for partial shipments allowed and expiry date of March 15, 2025, to be issued by Wells Fargo under US law."
1. Letter Header: Bank letterhead, date, LC number, and contact information of the issuing bank
2. Beneficiary Details: Full name and address of the beneficiary to whom the LC is issued
3. Applicant Details: Full name and address of the applicant requesting the LC
4. Credit Amount: Specified amount and currency of the Letter of Credit
5. Availability & Expiry: How and where the credit is available, expiration date and place
6. Non-Transferability Declaration: Clear statement that the LC is non-transferable
7. Documentary Requirements: Detailed list of required documents for presentation
8. Shipment Terms: Shipping details including latest shipment date and partial shipments status
9. Presentation Period: Timeframe within which documents must be presented
10. Governing Law: Statement that the LC is subject to UCP 600 and US law
11. Authentication: Bank authorized signatures and authentication codes
1. Revolving Terms: Include when the LC is revolving, specifying reinstatement terms
2. Red Clause: Include when advance payment provisions are required
3. Green Clause: Include when storage-related advance payment provisions are needed
4. Tolerance Provisions: Include when quantity or amount tolerances are permitted
5. Transhipment Terms: Include when specific transhipment conditions need to be addressed
6. Insurance Requirements: Include when specific insurance coverage needs to be specified
7. Special Conditions: Include when additional conditions or requirements apply
1. Schedule A - Document Checklist: Detailed checklist of required documents and their specifications
2. Schedule B - Technical Specifications: Detailed product or service specifications if referenced in the LC
3. Schedule C - Banking Instructions: Specific banking details and instructions for payments
4. Appendix 1 - UCP 600 Reference: Relevant articles of UCP 600 applicable to this LC
5. Appendix 2 - Document Samples: Sample formats of required documents if specified by the issuing bank
Authors
Relevant legal definitions
Clauses
Relevant Industries
International Trade
Banking & Financial Services
Manufacturing
Import/Export
Retail
Commodities Trading
Agriculture
Energy
Mining
Telecommunications
Construction
Shipping & Logistics
Relevant Teams
Trade Finance
International Banking
Treasury
Operations
Legal
Compliance
Risk Management
Supply Chain
Finance
Credit Analysis
Documentary Credits
Trade Operations
Relevant Roles
Trade Finance Manager
Letter of Credit Specialist
International Banking Officer
Treasury Manager
Import Manager
Export Manager
Trade Operations Officer
Documentary Credits Manager
Compliance Officer
Risk Manager
Supply Chain Manager
Chief Financial Officer
Banking Relationship Manager
International Trade Specialist
Credit Analysis Manager
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