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) as a payment mechanism used in international trade to provide an economic guarantee for parties from a creditworthy bank.
This letter requests for the transfer of Documentary Credit which must be done according to the terms of the original Documentary Credit. All Letters of Credit require the Beneficiary to present a draft and specified documents in order to receive payment, hence the name "documentary credit". The most common scenario for a Letter of Credit to be issued is where two parties enter into an agreement or a deal, and they do not know each other’s credibility well enough. This request will ensure that the transfer of the documentary credit is enforced.
This document should be carefully read by the Issuing Bank and the Beneficiary.
Both the Bank and Beneficiary should sign and return a copy, and once signed, both parties should get a copy. To avoid any future disputes, both parties may wish to have their signatures witnessed.
If either party wishes to amend the agreement in the future, both parties should agree to do so, and the original agreement and amendments should be recorded in writing and signed by both parties.
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