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.
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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
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
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
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
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