The Transferable LC at Sight is a crucial trade finance instrument in Saudi Arabia's international commerce landscape, designed to facilitate complex trading relationships where intermediaries or multiple parties are involved. It is particularly useful when the first beneficiary acts as a middleman and needs to procure goods from suppliers (second beneficiaries) to fulfill the underlying commercial contract. This document type combines the immediate payment feature of a Sight LC with transferability rights, all while adhering to Saudi Arabian banking regulations and Shariah principles. It includes detailed specifications for document presentation, transfer mechanisms, and payment terms, providing security to all parties involved in the transaction. The document is essential in Saudi Arabia's trade finance operations, especially in industries where multi-party transactions are common, such as commodities trading and large-scale import/export operations.
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1. LC Number and Reference: Unique identification number and reference details of the Letter of Credit
2. Date of Issue: The date when the Letter of Credit is issued
3. Issuing Bank Details: Complete name, address, and SWIFT code 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 primary beneficiary
6. Currency and Amount: The currency and amount of the Letter of Credit in both figures and words
7. Transferability Clause: Explicit statement that the credit is transferable and conditions for transfer
8. Expiry Details: Expiry date and place of the Letter of Credit
9. Payment Terms: Specification that payment is at sight upon presentation of compliant documents
10. Required Documents: Detailed list of all required documents for presentation
11. Shipment Terms: Details of shipment including latest shipment date and partial shipments clause
12. Presentation Period: Time period within which documents must be presented after shipment
13. Governing Law: Statement that Saudi Law and UCP 600 govern the LC
14. Authentication: Authentication details and authorized signatures
1. Advising Bank Details: Include when an advising bank is involved in the transaction
2. Confirmation Instructions: Include when confirmation is requested from another bank
3. Reimbursing Bank Details: Include when a separate reimbursing bank is designated
4. Special Conditions: Include when there are additional requirements or conditions specific to the transaction
5. Transfer Restrictions: Include when there are specific limitations on how the credit can be transferred
6. Shariah Compliance Declaration: Include when explicitly required to demonstrate Islamic finance compliance
1. Schedule A - Goods Description: Detailed description of the goods or services covered by the LC
2. Schedule B - Document Requirements: Detailed specifications for each required document
3. Schedule C - Banking Charges: Breakdown of all applicable banking charges and their allocation
4. Appendix 1 - Transfer Instructions Form: Standard form for requesting transfer of the credit
5. Appendix 2 - Document Presentation Checklist: Checklist for beneficiary to ensure complete document presentation
6. Appendix 3 - SAMA Compliance Declaration: Required declarations for Saudi Arabian Monetary Authority compliance
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Shipping and Logistics
Manufacturing
Wholesale Trade
Commodities Trading
Oil and Gas
Agricultural Products
Industrial Equipment
Consumer Goods
Islamic Banking
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Compliance
Legal
Risk Management
Treasury Operations
Trade Operations
Islamic Banking
Credit Administration
Global Transaction Services
Commercial Banking
Corporate Banking
Relevant Roles
Trade Finance Manager
Documentary Credits Officer
International Banking Officer
Compliance Officer
Export Finance Manager
Import Operations Manager
Treasury Manager
Letter of Credit Specialist
Trade Operations Supervisor
Credit Risk Officer
Shariah Compliance Officer
International Trade Specialist
Banking Operations Manager
Senior Trade Finance Executive
Documentary Collections Manager
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