The Irrevocable Transferable LC is a specialized financial instrument commonly used in complex international trade transactions where intermediaries are involved. It allows the first beneficiary to transfer all or part of the LC to other parties, facilitating multi-party trade arrangements. Under Singapore law, these LCs are particularly valuable due to Singapore's position as a major trading hub and its well-established legal framework for international commerce. The document includes detailed terms for transfer rights, document requirements, and payment conditions, making it especially suitable for transactions involving multiple parties or back-to-back trading arrangements.
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1. LC Number and Reference: Unique identification details of the LC including issuing bank reference
2. Date of Issue: Date when the LC was issued and becomes effective
3. Applicant Details: Full legal name, address, and contact information of the party requesting the LC
4. Beneficiary Details: Full legal name, address, and contact information of the party in whose favor the LC is issued
5. Currency and Amount: Specified currency and maximum value of the LC, stated in both figures and words
6. Expiry Date: Date and place of expiry of the LC
7. Terms of Payment: Detailed conditions and timing under which payment will be made, including presentation period
8. Required Documents: Comprehensive list of all documents required for presentation under the LC
1. Partial Shipments: Clause specifying whether partial shipments are allowed or prohibited
2. Transhipment: Terms and conditions regarding whether transhipment is permitted during transit
3. Insurance Coverage: Special insurance requirements and minimum coverage specifications
4. Additional Conditions: Any special conditions or requirements specific to this LC
1. Schedule of Goods: Detailed description of goods or services covered by the LC, including quantities and specifications
2. Schedule of Documents: Comprehensive list of required documents with specific requirements for each document
3. Transfer Terms: Detailed conditions and procedures for transferring the LC to second beneficiaries
4. Bank Charges Schedule: Detailed breakdown of all applicable banking fees, charges, and commission rates
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