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Letter of Credit

Request for the Transfer of Documentary Credit

This is a request for the transfer of Documentary Credit from the original Beneficiary's account to a new Beneficiary according to the terms of the original Documentary Credit. The Documentary Letter of Credit was issued by a Bank for a Beneficiary (Seller) on request by an Applicant (Buyer).

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Document Description

The document titled 'Letter of Credit' is an official letter addressed to the bank. It is a request for the transfer of a documentary credit. The importance of this document lies in its role in facilitating international trade transactions. It serves as a guarantee of payment to the beneficiary (seller) by the issuing bank on behalf of the instructing party (buyer). The detailed introduction of the entire document is as follows:

 

The letter starts with a formal salutation to the bank and a reference to their previous letter advising the recipient of the documentary credit. The purpose of the letter is to request the transfer of the credit according to the specified details. The key information that needs to be provided includes the amount of the credit, the expiry date, the name of the beneficiary, the account number, and the issuing bank.

 

The document also mentions that the terms and conditions of the original credit are either unchanged or have specific exceptions. It clarifies that the bank is not prohibited from advising amendments to other beneficiaries, if any. The transfer request is subject to the laws and regulations of the jurisdiction state at the time of issuance. The letter concludes with a statement that the commissions and fees will be charged to the sender and expresses anticipation for the bank's advice of execution.

 

The document can be divided into the following sections:

 

1. Introduction: This section includes the salutation, reference to the bank's previous letter, and a brief overview of the purpose of the document.

 

2. Transfer Request Details: This section provides the necessary information for the transfer, such as the amount, expiry date, beneficiary name, account number, and issuing bank.

 

3. Terms and Conditions: This section states whether the terms and conditions of the original credit are unchanged or have exceptions. It also clarifies the bank's ability to advise amendments to other beneficiaries.

 

4. Legal Considerations: This section mentions that the transfer request is subject to the laws and regulations of the jurisdiction state at the time of issuance.

 

5. Commissions and Fees: This section states that the commissions and fees associated with the transfer will be charged to the sender.

 

6. Conclusion: This section expresses anticipation for the bank's advice of execution and includes the sender's name and signature.

 

Each section of the document serves a specific purpose and contributes to the overall goal of requesting the transfer of the documentary credit.

How to use this document?


1. Address the letter to the bank: Begin the letter by addressing it to the specific bank and its address.

2. Provide the necessary details: Include the current date and a formal salutation to the bank.

3. Request for transfer of documentary credit: Clearly state the purpose of the letter, which is to request the transfer of the documentary credit.

4. Specify the transfer details: Provide the amount of the credit, the expiry date, the name of the beneficiary, the account number, and the issuing bank.

5. Mention any changes to terms and conditions: If there are any changes to the terms and conditions of the original credit, clearly state them. Otherwise, mention that the terms and conditions remain unchanged.

6. Clarify the bank's ability to advise amendments: State that the bank is not prohibited from advising amendments to other beneficiaries, if any.

7. Consider legal regulations: Mention that the transfer request is subject to the laws and regulations of the jurisdiction state at the time of issuance.

8. Address commissions and fees: State that the commissions and fees associated with the transfer will be charged to the sender.

9. Express anticipation for advice of execution: Conclude the letter by expressing anticipation for the bank's advice of execution.

10. Sign the letter: Include the sender's first name, last name, and a formal closing.

 

Note: It is important to ensure that all the information provided in the letter is accurate and complete. Additionally, it is recommended to keep a copy of the letter for future reference.

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