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Lc Non Transferable for India

Lc Non Transferable Template for India

A Non-Transferable Letter of Credit under Indian jurisdiction is a formal banking instrument that provides a secure payment mechanism in trade transactions. The document, governed by Indian banking laws and regulations including the Banking Regulation Act 1949 and RBI guidelines, represents an irrevocable commitment by a bank to pay the beneficiary upon presentation of compliant documents. The non-transferable designation ensures that only the named beneficiary can present documents and receive payment, providing additional security and control over the transaction.

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Lc Non Transferable

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What is a Lc Non Transferable?

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.

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. 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

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

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

What schedules should be included in a Lc Non Transferable?

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

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

India

Publisher

Ƶ

Document Type

Letter of Credit

Cost

Free to use
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

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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