The 'Transfer of the Liability party' means the obligation is transferred from one party to another party.
The Liability is completely moved to the entered new party(Applicant) and the old party(Applicant) will be relieved from its obligations.
If there are many new parties in the contract then the Liability transferring is made separately for each party. The possibility is to transfer the obligation to only one party at a time.
To transfer the Liability party in the open Import L/C contract, LITTRF transaction is used.
Select it from the menu item[Import Products -> Import L/C -> Other -> Transfer Applicant].
When you have made your changes, click on the ( ) Save function to save all the the data entered in the transaction to the database.