The Irrevocable Transferable Letter of Credit is a crucial financial instrument in international trade transactions under Canadian jurisdiction. It serves as a secure payment method where the issuing bank makes an irrevocable commitment to pay the beneficiary, and uniquely allows the first beneficiary to transfer their rights to a second beneficiary. This document type is particularly useful in scenarios involving intermediaries, large international transactions, or complex supply chains. It combines the security of an irrevocable payment commitment with the flexibility of transferability, making it ideal for trading houses, middlemen, and multi-party transactions. The document must comply with Canadian banking regulations, the Bank Act, and international banking practices under UCP 600, while addressing anti-money laundering requirements and provincial contract law considerations.
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1. Letter of Credit Number and Date: Unique identification number and issuance date of the LC
2. Issuing Bank Details: Complete name, address, and SWIFT code of the issuing bank
3. Beneficiary Details: Full name and address of the beneficiary
4. Applicant Details: Full name and address of the applicant (buyer)
5. Amount and Currency: Maximum credit amount and currency designation
6. Expiry Date and Place: Clear statement of expiry date and location for document presentation
7. Form of Credit: Specification that this is an irrevocable and transferable letter of credit
8. Available With: Specification of the bank with which the credit is available (nominated bank)
9. Transfer Terms: Specific conditions and procedures for transfer of the credit
10. Payment Terms: Method of payment (sight, deferred payment, acceptance, or negotiation)
11. Required Documents: Detailed list of all required documents for presentation
12. Shipment Terms: Details of shipment including latest shipment date if applicable
13. Special Conditions: Any additional terms or conditions specific to this LC
14. UCP Declaration: Statement that the LC is subject to UCP 600
1. Advising Bank Details: Details of the advising bank if different from the nominated bank - include when an advising bank is involved
2. Confirmation Instructions: Instructions regarding confirmation of the LC - include when confirmation is requested
3. Partial Shipments/Drawings: Whether partial shipments or drawings are allowed - include when relevant to the transaction
4. Transhipment: Whether transhipment is allowed - include for international trade transactions
5. Insurance Requirements: Specific insurance requirements - include when relevant to the transaction
6. Additional Transfer Restrictions: Any specific restrictions on transfer beyond standard terms - include when additional transfer controls are needed
1. Schedule A - Document Requirements: Detailed checklist of required documents and their specific requirements
2. Schedule B - Transfer Application Form: Standard form to be used when requesting transfer of the LC
3. Schedule C - Presentation Schedule: Timeline and process for document presentation
4. Appendix 1 - Bank Contact Details: Complete contact information for all banks involved in the transaction
5. Appendix 2 - Shipping Terms Glossary: Definitions of shipping and trade terms used in the LC
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
International Trade
Import/Export
Manufacturing
Retail
Commodities Trading
Shipping & Logistics
Agriculture
Energy
Mining
Textile
Construction
Heavy Equipment
Relevant Teams
Trade Finance
International Banking
Global Transaction Services
Treasury
Documentary Credits
Trade Operations
Compliance
Risk Management
Legal
Supply Chain Finance
Customer Relations
International Business
Relevant Roles
Trade Finance Manager
International Trade Specialist
Letter of Credit Officer
Global Transaction Banking Manager
Treasury Manager
Trade Operations Officer
Compliance Officer
Documentary Credits Specialist
Export Finance Manager
Import Finance Manager
Banking Relationship Manager
Supply Chain Finance Manager
Senior Trade Finance Officer
International Business Development Manager
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