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MT 700 Field Specifications

2. Field 40A: Form of Documentary Credit

FORMAT

Option A 24x (Type)

PRESENCE

Mandatory

DEFINITION

This field specifies the type of credit.

CODES

Type must contain one of the following codes (Error code(s): T60):

IRREVOCABLE The documentary credit is irrevocable
IRREVOCABLE TRANSFERABLE The documentary credit is irrevocable and transferable
IRREVOCABLE STANDBY The standby letter of credit is irrevocable
IRREVOC TRANS STANDBY The standby letter of credit is irrevocable and transferable

USAGE RULES

Details of any special conditions applying to the transferability of the credit and/or the bank authorised to transfer the credit in a freely negotiable credit should be included in field 47A Additional Conditions.