APPLICATION FOR TRANSFER OF DOCUMENTARY CREDIT TERMS AND CONDITIONS

1. By this transfer, we the first beneficiary indicated on the face of this application agree to waive and renounce our rights and interests as the beneficiary of the Master DC ("DC") and transfer them to the extent indicated overleaf to the transferee.
2. Where all our rights and interests as the beneficiary of the DC are transferred to the transferee, we agree that you may forward the documents which you receive from the transferee direct to the issuing bank of the DC without further reference to us.
3. All your charges, commissions, costs and expenses in connection with the DC if unpaid by the applicant of the DC and/or transferee will be for our account, and will be payable upon your first demand or deducted from our share of any incoming proceeds under the DC at your sole discretion and without further reference to us.
4. (a) We agree to immediately deliver upon your first demand our invoices, drafts and any other documents to substitute for those of the transferee or as required to obtain payment under the DC.
   (b) Should we fail to deliver these documents to you in compliance with the terms of the DC within 1 working day of the demand, we authorise you at your sole discretion:
   • to deliver any documents presented by the transferee or received from us thus far to the issuing bank of the DC (hereinafter referred to as the "Issuing Bank") without further responsibility to us, or
   • to return the documents received to the transferee without further reference to us.
(c) Any payment received from the Issuing Bank following our failure to present the required documents to obtain payment under the DC will be used to offset any of your charges, commissions, fees, costs and expenses still outstanding, after payment / settlement of which, you shall pay over to the transferee the amount due to him. The balance, if any, will be paid to us in accordance with our instructions.
5. We further agree that agreement to all amendments in connection with the DC are subject to your express written consent, notwithstanding acceptance by us or the transferee.
6. We hereby agree and undertake to indemnify you against all claims, losses, payment, expenses, costs (including legal costs on an indemnity basis), consequences and/or liabilities of any kind whatsoever, directly or indirectly arising from, or relating to the transfer of this DC and against all payments made by you in respect of such consequences and/or liabilities, including cost as between solicitor and client and all or any sums demanded by you for the defence of any proceeding, action, suit or claim brought against you.
7. Except where we have otherwise stated in this application, we waive any right which we may have to refuse to allow you to advise subsequent amendments made under this credit (if any) to the transferee.
8. In accordance with Uniform Customs and Practice for Documentary Credit, we retain the right to substitute our invoice(s) and/or draft(s) for those of the transferee, for amount not in excess of the original amount stipulated in the DC and for the original unit prices if that is stipulated in the DC. After such substitution of invoice(s) and/or draft(s), we can draw under the DC for the difference, if any, between such draft(s) and the transferee's draft(s) or between our invoice value and the Transferee's invoice value, after deducting any charges, commissions, fees, costs and expenses due to you, upon receipt of funds from the Issuing Bank.
9. The transfer of this Credit and the transferred Credit shall be governed by the provisions of the Uniform Customs & Practice for Documentary Credits, to which the Documentary Credit is subject.
10. The Bank shall be entitled to transfer the Credit on such additional terms as it considers appropriate and which it may separately advise.
11. We agree that in the absence of your confirmation of the DC, documents received from the transferee (including transport documents naming the transferee as shipper) or substituted / provided by ourselves will be sent to the Issuing Bank for payment on an approval basis. We understand and agree that you have no obligation to negotiate, pay or claim reimbursement prior to the Issuing Bank taking up the documents and making payment.
12. Payment will be effected by you only upon receipt of funds from the Issuing Bank.
13. We agree to any term which you may set out in the advice of Transfer in consideration of you agreeing to transfer the DC at our instructions.
14. This application is subject to Singapore law and parties agree to submit to the non-exclusive jurisdiction of the Singapore Courts.

By downloading, printing and submitting to DBS Bank Ltd ("the Bank") the Application For Transfer Of Documentary Credit form from this web page, we hereby confirm that we have read, understood and acknowledged the Terms and Conditions for Application For Transfer Of Documentary Credit stated herein, and fully authorise the Bank to proceed with the provision of the service. We also understand and agree that the Bank may modify the Terms and Conditions for Application For Transfer Of Documentary Credit without prior notice to us at any time.