The Non-Transferable Letter of Credit (LC) is a crucial trade finance instrument used when parties seek a secure payment method with the assurance that only the named beneficiary can claim payment. This type of LC is particularly relevant in Indian trade contexts where direct relationships between buyers and sellers need to be maintained without the possibility of third-party involvement. The document, structured as an LC Non Transferable, includes detailed specifications about the transaction, required documents, payment terms, and shipping conditions. It operates under Indian banking regulations and RBI guidelines, while also incorporating international banking practices such as UCP 600. This instrument is commonly used when buyers want to ensure that the payment obligation remains strictly between the original parties, preventing any transfer of drawing rights to other entities.
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1. LC Number and Date: Unique identification number and issuance date of the Letter of Credit
2. Non-Transferable Declaration: Clear statement that the LC is non-transferable, prominently displayed
3. Issuing Bank Details: Complete name and address of the issuing bank
4. Applicant Details: Full name, address and contact information of the applicant (buyer)
5. Beneficiary Details: Full name, address and contact information of the beneficiary (seller)
6. Currency and Amount: LC amount in figures and words, and specified currency
7. Expiry Date and Place: Clear statement of expiry date and location for document presentation
8. Available With/By: Specification of whether LC is available by sight, acceptance, or deferred payment
9. Required Documents: Detailed list of documents required for LC presentation
10. Shipment Terms: Latest shipment date and shipment details including port of loading/discharge
11. Presentation Period: Time period within which documents must be presented after shipment
12. Partial Shipment/Transhipment: Whether partial shipments or transhipments are allowed or prohibited
1. Advising Bank Details: Include when LC is advised through a separate bank
2. Confirmation Instructions: Include when confirmation is requested from another bank
3. Special Payment Conditions: Include when there are specific requirements for payment release
4. Reimbursement Instructions: Include when separate reimbursement arrangements are required
5. Additional Conditions: Include when there are special requirements or conditions beyond standard terms
6. Description of Goods: Detailed only when required by regulatory requirements or bank policy
1. Document Checklist: Detailed checklist of required documents with specific format requirements
2. Fee Schedule: Breakdown of all applicable bank charges and fees
3. Amendment Format: Standard format for future amendments to the LC
4. UCP 600 Referenced Articles: Specific UCP 600 articles applicable to this LC
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Retail
Commodities Trading
Agriculture
Textiles
Automotive
Electronics
Heavy Industries
Mining
Oil and Gas
Chemical Industries
Relevant Teams
Trade Finance
International Banking
Credit Operations
Documentary Credits
Risk Management
Compliance
Treasury
Procurement
Finance
Legal
International Trade
Supply Chain
Relevant Roles
Trade Finance Manager
Import Manager
Export Manager
Credit Manager
Banking Operations Officer
Documentary Credits Specialist
International Trade Specialist
Compliance Officer
Treasury Manager
Risk Management Officer
Commercial Banking Officer
Finance Director
Procurement Manager
Supply Chain Manager
Chief Financial Officer
Banking Relationship Manager
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