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Lc Non Transferable for Australia

Lc Non Transferable Template for Australia

A non-transferable Letter of Credit is a financial instrument governed by Australian law that provides a secure payment mechanism in international trade transactions. It represents an irrevocable undertaking by a bank to make payment to a beneficiary against the presentation of compliant documents, with the specific restriction that the beneficiary cannot transfer their rights to another party. The document incorporates provisions from Australian banking regulations, international trade practices, and typically follows UCP 600 guidelines while maintaining compliance with Australian financial services laws.

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Lc Non Transferable

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What is a Lc Non Transferable?

The LC Non Transferable document is a specialized financial instrument used in international trade transactions under Australian jurisdiction. It is particularly useful when the buyer (applicant) wants to ensure that only the named seller (beneficiary) can draw under the Letter of Credit, preventing any transfer of drawing rights to third parties. This type of LC provides security for both parties while maintaining strict control over who can claim payment. The document includes essential elements such as payment terms, document requirements, and shipping conditions, all structured in compliance with Australian banking regulations and international trade practices. It's commonly used in direct trade relationships where middlemen or intermediaries are not desired, and where the applicant wants to maintain a direct relationship with the specific supplier or service provider.

What sections should be included in a Lc Non Transferable?

1. LC Number and Date: Unique identification number and issuance date of the Letter of Credit

2. Issuing Bank Details: Complete name, address, and contact information of the issuing bank

3. Applicant Details: Full name, address, and contact information of the party requesting the LC

4. Beneficiary Details: Complete name, address, and contact information of the party in whose favor the LC is issued

5. Currency and Amount: Specified currency and maximum amount of the LC in both figures and words

6. Expiry Date and Place: Clear statement of when and where the LC expires

7. Non-Transferability Clause: Explicit statement that the LC is non-transferable

8. Document Requirements: Detailed list of required documents for presentation

9. Goods/Services Description: Brief but clear description of the underlying goods or services

10. Shipment Terms: Shipment details including latest shipment date and partial shipments status

11. Presentation Period: Timeframe within which documents must be presented after shipment

12. Payment Terms: Specific conditions and timing of payment

What sections are optional to include in a Lc Non Transferable?

1. Revolving Conditions: Include when the LC is revolving, specifying reinstatement terms

2. Red Clause Provisions: Include when advance payment is permitted under the LC

3. Back-to-Back Provisions: Include when the LC is part of a back-to-back arrangement

4. Standby Provisions: Include when the LC functions as a standby credit

5. Special Instructions: Include when there are additional specific requirements or conditions

6. Reimbursement Instructions: Include when specific reimbursement arrangements are required

What schedules should be included in a Lc Non Transferable?

1. Commercial Invoice Template: Standard format for the commercial invoice required under the LC

2. Transport Document Requirements: Detailed specifications for bills of lading or other transport documents

3. Insurance Document Requirements: Specific requirements for insurance documentation

4. Certificate of Origin Requirements: Format and content requirements for certificate of origin

5. Inspection Certificate Requirements: Specifications for any required inspection certificates

6. Bank Authorization Forms: Standard forms for bank processing and authorization

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

Australia

Publisher

Ƶ

Document Type

Letter of Credit

Sector

Cost

Free to use
Relevant legal definitions







































Clauses

























Relevant Industries

Banking and Financial Services

International Trade

Manufacturing

Import/Export

Retail

Commodities Trading

Agriculture

Mining

Energy

Telecommunications

Construction

Automotive

Textile and Apparel

Pharmaceuticals

Chemical Industry

Relevant Teams

Trade Finance

International Banking

Documentary Credits

Credit Operations

Risk Management

Treasury Operations

Compliance

Legal

Commercial Banking

Trade Operations

Relevant Roles

Trade Finance Manager

International Trade Specialist

Letter of Credit Officer

Banking Operations Manager

Credit Manager

Import/Export Manager

Trade Operations Officer

Documentary Credits Specialist

Compliance Officer

Treasury Manager

Risk Manager

Financial Controller

Commercial Banking Officer

Trade Finance Analyst

International Business Development Manager

Industries








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