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.
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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
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
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
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
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