The Transferable LC is a crucial document in international trade finance, particularly relevant when intermediaries or trading houses are involved in the transaction chain. This specialized form of Letter of Credit, operating under Indonesian law and banking regulations, enables the original beneficiary to transfer their rights to receive payment to one or more second beneficiaries, typically suppliers or sub-suppliers. The document incorporates essential elements including the credit amount, transfer terms, documentation requirements, and compliance with both Indonesian banking regulations and international standards such as UCP 600. It's particularly useful in transactions where the first beneficiary acts as a middleman and needs to pay their own suppliers using the same LC, making it an efficient tool for complex international trade structures.
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1. Letter of Credit Number: Unique identification number of the LC
2. Date of Issue: Date when the LC is issued
3. Issuing Bank Details: Complete name and address of the issuing bank
4. Applicant Details: Full name, address and contact information of the party requesting the LC
5. Beneficiary Details: Full name, address and contact information of the party in whose favor the LC is issued
6. Currency and Amount: The currency and maximum amount available under the LC
7. Expiry Date and Place: The expiration date and location where documents must be presented
8. Transfer Terms: Specific conditions and requirements for transferring the LC to second beneficiaries
9. Documentation Requirements: Detailed list of required documents for LC payment
10. Shipment Terms: Details of shipment including latest shipment date and partial shipments allowance
11. Payment Terms: Specification of when and how payment will be made
12. Governing Law: Statement that the LC is governed by Indonesian law and UCP 600
1. Revolving Terms: Include when the LC is both transferable and revolving, specifying how the LC amount reinstates
2. Back-to-Back Provisions: Include when the LC may be used as collateral for another LC
3. Red Clause Terms: Include when advance payment provisions are required
4. Green Clause Terms: Include when warehouse storage-related advance payments are permitted
5. Confirmation Instructions: Include when confirmation by another bank is requested
6. Transfer Restrictions: Include when specific limitations on transfer are required beyond standard transfer terms
7. Special Instructions: Include when there are unique requirements or conditions for this specific LC
1. Schedule A - Document Requirements: Detailed checklist of all required documents and their specific requirements
2. Schedule B - Transfer Application Form: Standard form to be used when requesting transfer of the LC
3. Schedule C - Shipping Schedule: If applicable, detailed timeline for shipments and documentation
4. Appendix 1 - Bank Contact Details: Complete contact information for all banks involved
5. Appendix 2 - Fee Schedule: Detailed breakdown of all applicable banking fees and charges
6. Appendix 3 - SWIFT Formats: Standard SWIFT message formats to be used for communication
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Commodities Trading
Shipping and Logistics
Agriculture
Mining and Resources
Textiles
Consumer Goods
Industrial Products
Energy
Relevant Teams
Trade Finance
International Banking
Letter of Credit Operations
Global Transaction Services
Trade Operations
Risk Management
Compliance
Treasury Operations
Documentary Credits
Transaction Banking
Relevant Roles
Trade Finance Manager
International Banking Officer
Letter of Credit Specialist
Export Finance Manager
Import Operations Manager
Trade Operations Officer
Credit Risk Officer
Documentary Credits Manager
Global Trade Finance Head
Banking Operations Manager
Compliance Officer
International Trade Specialist
Treasury Manager
Supply Chain Finance Manager
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