When an importer buys from an exporter, who is in turn acting as an intermediary and acquiring the goods from a third party, the importer requests the issuance of a transferrable credit. This means that, once the first credit has been issued, it will be transferred in full or partly, issuing another credit in favour of the third party. The first importer is the one who always truly assumes the risk of the operation.
According to the UPC 600, issued by the ICC, any of the following points can be reduced when issuing the second documentary credit:
- Amount of the credit.
- Any unit price indicated therein.
- The expiry date.
- The deadline for presentation of the documents.
- The deadline for shipment.
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