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Irrevocable Non Transferable Letter Of Credit for the Netherlands

Irrevocable Non Transferable Letter Of Credit Template for Netherlands

This document represents a formal undertaking by a bank (the issuing bank) to make payment to a beneficiary under specific conditions, governed by Dutch law and aligned with UCP 600 regulations. It serves as a secure payment mechanism in international trade, providing the beneficiary with the assurance of payment upon presentation of compliant documents, while protecting the applicant's interests by ensuring conditions are met before payment is released. The document's irrevocable and non-transferable nature means it cannot be cancelled or amended without all parties' agreement and cannot be transferred to another beneficiary.

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Irrevocable Non Transferable Letter Of Credit

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What is a Irrevocable Non Transferable Letter Of Credit?

The Irrevocable Non-Transferable Letter of Credit is a crucial financial instrument in international trade transactions, governed by Dutch law and UCP 600 guidelines. It is typically used when parties seek a secure payment method in cross-border transactions, particularly when the buyer and seller don't have an established relationship or when local regulations require such instruments. The document provides security to both parties: the seller receives a bank's payment guarantee, while the buyer ensures goods meet specifications before payment is released. The irrevocable nature means the credit cannot be cancelled or modified without agreement from all parties, while the non-transferable aspect ensures the beneficiary cannot transfer their rights to another party. This instrument is particularly valuable in Dutch and European trade contexts, where it facilitates secure international commerce while complying with local banking regulations and EU trade laws.

What sections should be included in a Irrevocable Non Transferable Letter Of Credit?

1. Issuing Bank Information: Complete details of the issuing bank, including name, address, SWIFT code, and reference numbers

2. Letter of Credit Number: Unique identification number of the Letter of Credit

3. Date of Issue: The date when the Letter of Credit is issued

4. Beneficiary Details: Complete name and address of the party in whose favor the Letter of Credit is issued

5. Applicant Details: Complete name and address of the party requesting the Letter of Credit

6. Currency and Amount: The currency and amount for which the Letter of Credit is issued, both in figures and words

7. Expiry Date and Place: The date and location where the Letter of Credit expires

8. Available With/By: Details of how and where the Letter of Credit is available (payment, acceptance, negotiation)

9. Partial Shipments/Transhipment: Whether partial shipments or transhipment is allowed or prohibited

10. Documentary Requirements: Detailed list of documents required for presentation

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

12. Non-Transferability clause: Explicit statement that the Letter of Credit is non-transferable

13. Governing Law and Jurisdiction: Statement that Dutch law governs and reference to UCP 600

What sections are optional to include in a Irrevocable Non Transferable Letter Of Credit?

1. Description of Goods: Detailed description of the goods when the Letter of Credit is for a specific trade transaction

2. Special Conditions: Any additional terms or conditions specific to this Letter of Credit

3. Reimbursement Instructions: Details of reimbursement arrangements between banks, used when involving a reimbursing bank

4. Confirmation Instructions: Instructions regarding confirmation, used when confirmation is requested from another bank

5. Insurance Requirements: Specific insurance requirements, used when insurance coverage needs to be specified

6. Pre-Shipment Inspection: Requirements for pre-shipment inspection, used when quality control is critical

7. Red Clause Provisions: Advance payment provisions, used in cases where advance payment is allowed

What schedules should be included in a Irrevocable Non Transferable Letter Of Credit?

1. Schedule A - Document Presentation Checklist: Detailed checklist of required documents and their specific requirements

2. Schedule B - Standard Banking Forms: Standard forms required by the issuing bank for document presentation

3. Schedule C - Payment Terms Schedule: Detailed schedule of payment terms and conditions

4. Appendix 1 - UCP 600 Reference: Relevant articles of UCP 600 specifically applicable to this Letter of Credit

5. Appendix 2 - Documentary Requirements Format: Specific formats and templates for required documents

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

Netherlands

Publisher

Ƶ

Document Type

Letter of Credit

Cost

Free to use
Relevant legal definitions








































Clauses






























Relevant Industries

International Trade

Banking and Financial Services

Manufacturing

Import/Export

Commodities Trading

Shipping and Logistics

Agriculture

Energy

Construction

Wholesale Distribution

Relevant Teams

Trade Finance

Treasury

Legal

Compliance

Risk Management

International Sales

Commercial Banking

Documentary Credits

Supply Chain Operations

Financial Control

Relevant Roles

Trade Finance Manager

International Business Development Manager

Treasury Manager

Finance Director

Import/Export Manager

Documentary Credits Specialist

Trade Operations Manager

Compliance Officer

Legal Counsel

Credit Risk Manager

Commercial Banking Manager

Supply Chain Manager

Chief Financial Officer

International Sales Manager

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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