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Irrevocable Transferable Lc for Qatar

Irrevocable Transferable Lc Template for Qatar

An Irrevocable Transferable Letter of Credit under Qatar law is a specialized banking instrument that provides a secure method of payment in international trade transactions. This document, governed by Qatar's banking regulations and the UCP 600, represents a bank's irrevocable commitment to pay the beneficiary upon presentation of compliant documents, with the additional feature that the beneficiary can transfer all or part of the credit to another party. It incorporates specific requirements of Qatar's banking laws while maintaining international banking standards, making it particularly suitable for complex trade transactions involving multiple parties.

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Irrevocable Transferable Lc

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What is a Irrevocable Transferable Lc?

The Irrevocable Transferable LC is a crucial document in international trade finance, particularly under Qatar's legal framework. It serves as a secure payment mechanism where a bank irrevocably commits to pay the beneficiary, who has the right to transfer the credit to another party. This document type is especially useful in transactions involving intermediaries or trading houses, where the first beneficiary may need to transfer the credit to ultimate suppliers. The transferable nature allows for complex trade structures while maintaining the security of an irrevocable bank undertaking. Used primarily in international trade transactions, it must comply with both Qatar's banking regulations and international standards such as UCP 600, providing a balance between local legal requirements and global banking practices.

What sections should be included in a Irrevocable Transferable Lc?

1. Letter Reference Number and Date: Unique identification number and issuance date of the LC

2. Type of Credit: Clear statement that this is an Irrevocable Transferable Documentary Credit

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 amount of the LC both in figures and words

7. Expiry Date and Place: Clear statement of when and where the LC expires

8. Transfer Terms: Specific conditions and terms under which the credit may be transferred

9. Payment Terms: Specifications of when and how payment will be made (at sight, deferred payment, etc.)

10. Required Documents: Detailed list of documents that must be presented for payment

11. Shipment Terms: Details of shipment including latest shipment date and partial shipments if allowed

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

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

1. Revolving Terms: Include when the LC is both transferable and revolving, specifying how the credit reinstates

2. Red Clause: Include when advance payment to the beneficiary is permitted

3. Green Clause: Include when warehouse storage-related advance payment is permitted

4. Back-to-Back Provisions: Include when the LC can be used as collateral for issuing another LC

5. Confirmation Instructions: Include when confirmation by another bank is requested

6. Reimbursement Instructions: Include when specific reimbursement arrangements between banks are required

What schedules should be included in a Irrevocable Transferable Lc?

1. Schedule A - Document Requirements: Detailed specifications for each required document including format and content requirements

2. Schedule B - Commercial Invoice Requirements: Specific requirements for the format and content of commercial invoices

3. Schedule C - Transport Document Requirements: Detailed requirements for bills of lading or other transport documents

4. Schedule D - Insurance Document Requirements: Specifications for insurance certificates or policies if required

5. Appendix 1 - Bank's Standard Terms: Standard terms and conditions of the issuing bank

6. Appendix 2 - UCP 600 Incorporation: 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

Qatar

Publisher

Ƶ

Document Type

Letter of Credit

Cost

Free to use
Relevant legal definitions






























Clauses


























Relevant Industries

Banking & Financial Services

International Trade

Manufacturing

Import/Export

Shipping & Logistics

Commodities Trading

Retail

Wholesale

Oil & Gas

Construction

Agricultural Products

Relevant Teams

Trade Finance

International Banking

Risk Management

Compliance

Legal

Operations

Treasury

Commercial Banking

Credit Administration

Documentary Credits

Trade Operations

Relevant Roles

Trade Finance Manager

International Trade Specialist

Documentary Credits Officer

Banking Operations Manager

Compliance Officer

Trade Finance Analyst

Credit Manager

Import/Export Manager

Treasury Manager

Financial Controller

Commercial Banking Officer

Letters of Credit Specialist

Risk Management Officer

Trade Operations Manager

Industries





Teams

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