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CalTexHoldi

Back to Back Letters of Credit

Back to Back Letters of Credit can be used in similar circumstances than those supporting Transferable LCs, when the master credit does not allow for "Transferability". 

First International Merchants Bank
Master LC Terms and Conditions for Back to Back Letters of Credit

Master Letters of Credit that conform to the following terms and conditions can be considered by FIM Bank to issue a “Back to Back” Letter of Credit to a second beneficiary.  The master Credit beneficiary must have an account open with FIM Bank and all issuing fees must be paid in advance. 

First International Merchant Bank p.l.c., 7^th Floor, The Plaza Commercial Centre, Bisazza Str, Slieme, SLM 15 – Malta.  Tel: Tel: 356-21-322100  Fax: 356-21-322122; Telex: MW 1775 FIMBNK; SWIFT: FIMBMTM3  WWW.FimBank.com  ; Email: Info@FimBank.com

SWIFT MT 700 Message Format:

27           SEQ OF TOTAL:                                1/X
40A         FORM OF DC:                                    IRREVOCABLE
51A         APPLICANT BANK                              ABC BANK
20            DOCUMENTARY CREDIT NO:             22222222222222
26E         NUMBER OF AMENDMENTS              X
30           DATE AMENDED                                0  JAN 05
31C         DATE OF ISSUE:                                 0 JAN 05
31D         EXPIRY DATE AND PLACE                  0 JAN 05 MALTA
50           APPLICANT:                                       Applicant Name, Address, Telephone, Facsimile & Email.
59           BENEFICIARY:                                   Beneficiary  Name, Address, Telephone, Facsimile & Email.
32B         DC AMOUNT:                                      USD xxxxxx.xx
41D         AVAILABLE WITH/BY:                         FIMB MT M3
42C         DRAFTS AT:                                        SIGHT or XX DAYS FORM BILL OF LADING DATE.
42D         DRAWEE:                                           ISSUING BANK
43P         PARTIAL SHIPMENTS:                        ALLOWED
43T         TRANSHIPMENTS:                               ALLOWED
44A         LOADING/DISPATCH AT/FROM            CFR/CIF named port of loading.
44B         FOR TRANSPORTATION TO:                Named port of destination.
44C         LATEST DATE OF SHIPMENT:              0 JAN 05 (Minimum 21 days before LC expiry date).
45A         GOODS DESCRIPTION:                        Simple description preferably with no unit prices or quantities.

46A         DOCUMENTS REQUIRED:
(1)  BILL OF EXCHANGE STATING THE AMOUNT TO BE PAID.
(2)  FULL SET OF OCEAN BILLS OF LADING ISSUED TO THE ORDER OF _________________ AND MARKED NOTIFY APPLICANT, AND SHOWING FREIGHT PREPAID AND LC NUMBER AND DATE OF ISSUE OF LC.   NAME AND ADDRESS OF ANY AGENT OF THE CARRIER SHOULD APPEAR ON THE BILLS OF LADING.  THE BILL OF LADING SHOULD HAVE A DECLARATION STATING THAT THE VESSEL IS NOT MORE THAN 15 YEARS OLD AND CLASSIFIED BY LLOYDS OR ANY OTHER CLASSIFICATION AUTHORITY.
(3)  ORIGINAL INVOICE WITH 4 COPIES.
(4)  PACKING LIST WITH 4 COPIES ISSUED BY THE BENEFICIARY (if required by the applicant).
(5)  INSPECTION CERTIFICATE ISSUED BY ________________________ (if required; name of nominated inspection company, must be an inspection company not representative of applicant).
(6)  CERTIFICATE OF ORIGIN ISSUED BY ANY CHAMBER OF COMMERCE OR ANY OTHER AUTHORITY EVIDENCING GOODS ARE OF _________________ ORIGIN (if required by the applicant).

47A         ADDITIONAL CONDITIONS:
(1)  ALL DOCUMENTS PRESENTED AFTER 21 DAYS FROM SHIPMENT DATE BUT WITHIN THE VALIDITY OF THE LETTER OF CREDIT ARE ACCEPTABLE.
(2)  ALL DOCUMENTS TO BE ISSUED IN ENGLISH LANGUAGE.
(3)  DOCUMENTS EXCEPT COMMERCIAL INVOICES SHOWING SHIPPER AND OR EXPORTER AND OR CONSIGNOR AND OR SELLER A PARTY OTHER THAN THE BENEFICIARY ARE ACCEPTABLE.
(4)  SPELLING MISTAKES AND TYPING/INPUT OF DATA ERRORS WILL NOT BE CONSIDERED AS DISCREPANCIES.

49           CONFIRMATION INSTRUCTIONS:                                CONFIRMED (Preferably)
53A         REIMBURSEMENT BANK:                                               Name of reimbursement bank

78            INSTRUCTIONS TO PRESENTING BANK:
(1) AT MATURITY OF DRAFTS, DRAWEE BANK IS AUTHORIZED TO DEBIT OUR ACCOUNT, UNDER AUTHENTICATED SWIFT MESSAGE OR TESTED TELEX ADVICE TO US.
(2)  ALL DOCUMENTS MUST BE FORWARDED IN ONE MAILING VIA COURIER TO (the Letter of Credit issuing bank).

71B         DETAILS OF CHARGES:
57D         ADVISE THRU: