PB_header.html
Terms and Conditions For Documentary Credit Transfer
1. The Applicant as beneficiary of the Credit hereby irrevocably requests Oversea-Chinese Banking Corporation Limited ('1he Bank") to effect this transfer of the Credit to the Transferee. This transfer shall not become effective until the Bank advise the Transferee and no portion of the Credit or of any amendments may be re-transferred.
2. The Applicant will pay the Bank on demand all transfer charges and any expenses which may be incurred by the Bank in connection with this transfer.
3. The Applicant irrevocably and unconditionally undertakes and agrees that where any goods and services tax or other taxes levies or charges whatsoever are now or hereafter required imposed or enforced by law (including the Goods and Services Tax Act 1993) or required to be paid on or in respect of any monies (including fees payable to the Bank or its agent banks or any fees costs and expenses incurred by the Bank or its agent banks) shall be borne by or chargeable to the Applicant and payable by the Applicant to the Bank on demand in addition to all other monies payable to the Bank and the Bank is entitled to debit any of the Applicant's account with the Bank for payment of the Bank's commission, expenses, costs (legal or otherwise) and agent charges if any together with such taxes under or in connection with or in respect of this transfer.
4. By this transfer, all the Applicant's rights in the Credit are transferred to the Transferee and the Transferee shall have all rights as beneficiary thereof (up to the amount aforesaid), including sole rights relating to any amendments. Any amendments hereafter made are to be advised direct to the Transferee without necessity of any consent or notice to the Applicant with the exception of amendments involving increase in value and increase in the quantity of goods and transfers with substitution of invoices.
5. For Partial Transfers and Transfers with Substitution of Drafts and Invoices, the Applicant agrees that any amendments hereafter made to the Credit are to be advised to the Applicant and the Applicant shall at that time indicate to the Bank whether or not the amendments are also to be advised to the Transferee. The Applicant agrees to indemnify the Bank for any consequences as may arise from any delay and/or omission in the Applicant's said indication. After noting this transfer on the original Credit, the Bank will return the Credit to the Applicant together with a copy of the Bank's advice to the Transferee.
6. For Transfers with substitution of Drafts and Invoices, the Applicant agrees that upon receipt by the Bank of the draft(s) and the documents of the Transferee (Second Beneficiary), or at any time on the Bank's demand, the Applicant will deliver to the Bank the Applicant's draft(s) and commercial invoices drawn in accordance with the terms of the original advice of the Credit; such draft(s) and invoices are to be attached by the Bank to the shipping documents in substitution of those presented by the Second Beneficiary. The Bank is then requested to deliver to the Applicant the invoices of the Second Beneficiary, together with the Bank's cheque for the amount by which the Applicant's draft(s) exceeds the amount of the draft(s) of the Second Beneficiary provided that the Applicant's draft(s) and invoices comply with the conditions of the Credit. The Bank may in its absolute discretion elect to pay to the Applicant either immediately or only after the Bank has received the proceeds from the Issuing Bank. In the event the Applicant fails, at the Bank's demand, to deliver to the Bank the new draft(s) and invoices as specified above, the Bank is authorised to dispose of the invoices and other documents accompanying the draft(s) and the documents of the Second Beneficiary in accordance with instructions from the Issuing Bank without any responsibility on the Bank's part for payment of the difference between the amount of the Second Beneficiary's draft(s) and the amount authorised to be paid under the Credit.
7. The Bank is under no obligation to negotiate or handle any drawing(s) under the Credit.
8. In these Terms and Conditions the singular includes the plural and vice versa and references to persons include references to companies or corporations and vice versa.
Subject to the applicable Uniform Customs and Practice for Documentary Credits International Chamber of Commerce, Paris, Publication governing the Documentation Credit.
Updated as of February 2004.
2. The Applicant will pay the Bank on demand all transfer charges and any expenses which may be incurred by the Bank in connection with this transfer.
3. The Applicant irrevocably and unconditionally undertakes and agrees that where any goods and services tax or other taxes levies or charges whatsoever are now or hereafter required imposed or enforced by law (including the Goods and Services Tax Act 1993) or required to be paid on or in respect of any monies (including fees payable to the Bank or its agent banks or any fees costs and expenses incurred by the Bank or its agent banks) shall be borne by or chargeable to the Applicant and payable by the Applicant to the Bank on demand in addition to all other monies payable to the Bank and the Bank is entitled to debit any of the Applicant's account with the Bank for payment of the Bank's commission, expenses, costs (legal or otherwise) and agent charges if any together with such taxes under or in connection with or in respect of this transfer.
4. By this transfer, all the Applicant's rights in the Credit are transferred to the Transferee and the Transferee shall have all rights as beneficiary thereof (up to the amount aforesaid), including sole rights relating to any amendments. Any amendments hereafter made are to be advised direct to the Transferee without necessity of any consent or notice to the Applicant with the exception of amendments involving increase in value and increase in the quantity of goods and transfers with substitution of invoices.
5. For Partial Transfers and Transfers with Substitution of Drafts and Invoices, the Applicant agrees that any amendments hereafter made to the Credit are to be advised to the Applicant and the Applicant shall at that time indicate to the Bank whether or not the amendments are also to be advised to the Transferee. The Applicant agrees to indemnify the Bank for any consequences as may arise from any delay and/or omission in the Applicant's said indication. After noting this transfer on the original Credit, the Bank will return the Credit to the Applicant together with a copy of the Bank's advice to the Transferee.
6. For Transfers with substitution of Drafts and Invoices, the Applicant agrees that upon receipt by the Bank of the draft(s) and the documents of the Transferee (Second Beneficiary), or at any time on the Bank's demand, the Applicant will deliver to the Bank the Applicant's draft(s) and commercial invoices drawn in accordance with the terms of the original advice of the Credit; such draft(s) and invoices are to be attached by the Bank to the shipping documents in substitution of those presented by the Second Beneficiary. The Bank is then requested to deliver to the Applicant the invoices of the Second Beneficiary, together with the Bank's cheque for the amount by which the Applicant's draft(s) exceeds the amount of the draft(s) of the Second Beneficiary provided that the Applicant's draft(s) and invoices comply with the conditions of the Credit. The Bank may in its absolute discretion elect to pay to the Applicant either immediately or only after the Bank has received the proceeds from the Issuing Bank. In the event the Applicant fails, at the Bank's demand, to deliver to the Bank the new draft(s) and invoices as specified above, the Bank is authorised to dispose of the invoices and other documents accompanying the draft(s) and the documents of the Second Beneficiary in accordance with instructions from the Issuing Bank without any responsibility on the Bank's part for payment of the difference between the amount of the Second Beneficiary's draft(s) and the amount authorised to be paid under the Credit.
7. The Bank is under no obligation to negotiate or handle any drawing(s) under the Credit.
8. In these Terms and Conditions the singular includes the plural and vice versa and references to persons include references to companies or corporations and vice versa.
Subject to the applicable Uniform Customs and Practice for Documentary Credits International Chamber of Commerce, Paris, Publication governing the Documentation Credit.
Updated as of February 2004.
© Copyright 2004 – 2012 – OCBC Bank. All Rights Reserved. Co. Reg. No.: 193200032W