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Revocable Lc Template for Austria

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Key Requirements PROMPT example:

Revocable Lc

"I need a Revocable LC drafted for our Austrian subsidiary (GreenTech GmbH) as the applicant, with a value of 鈧500,000, for the import of solar panels from a Chinese manufacturer, including specific requirements for partial shipments and document presentation within 15 days of shipment."

Document background
A Revocable LC is a specialized financial instrument used in international trade transactions where maximum flexibility is required by the issuing bank and applicant. This document type, while less common than irrevocable LCs, serves specific business needs where payment guarantee terms may need to be modified or canceled. The Revocable LC under Austrian jurisdiction must align with both domestic banking regulations (particularly the BWG) and EU financial directives, while also adhering to international banking practices such as UCP 600. It typically includes detailed information about the parties involved, payment terms, document requirements, and shipping conditions. This instrument is particularly useful in situations where trading relationships are well-established and the beneficiary accepts the additional risk of potential revocation.
Suggested Sections

1. Issuing Bank Details: Complete identification and contact details of the issuing bank

2. Beneficiary Information: Full details of the beneficiary including name, address, and banking information

3. Applicant Information: Complete details of the applicant (buyer) requesting the LC

4. LC Number and Date: Unique identification number and issuance date of the LC

5. Currency and Amount: Specified currency and maximum amount of the LC

6. Expiry Date: Clear statement of when the LC expires

7. Available With/By: Terms of availability and method of payment

8. Revocability Clause: Explicit statement of revocability and conditions under which the LC may be revoked

9. Required Documents: Detailed list of documents required for presentation

10. Shipment Terms: Specifications for shipment including latest shipment date and partial shipments

11. Presentation Period: Time period within which documents must be presented after shipment

12. Governing Law: Statement that Austrian law governs the LC

Optional Sections

1. Transferability: Include when the LC needs to be transferable to another beneficiary

2. Red Clause: Include when advance payment provisions are required

3. Special Payment Conditions: Include when specific payment terms or conditions apply

4. Description of Goods: Include when detailed description of goods is required beyond the commercial invoice

5. Port Restrictions: Include when specific shipping ports must be used or avoided

6. Insurance Requirements: Include when specific insurance requirements exceed standard coverage

7. Additional Banking Instructions: Include when special handling or processing instructions are needed

Suggested Schedules

1. Schedule A - Document Requirements: Detailed checklist of required documents and their specific requirements

2. Schedule B - Goods Specification: Detailed technical specifications of the goods when complex products are involved

3. Schedule C - Payment Schedule: If payments are to be made in installments or against multiple shipments

4. Appendix 1 - Standard Banking Forms: Standard forms required by the issuing bank for document presentation

5. Appendix 2 - UCP 600 References: Specific articles of UCP 600 applicable to this LC

6. Appendix 3 - Authorized Signatories: List of authorized signatories and their specimen signatures

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions






























Clauses




























Relevant Industries

Banking & Financial Services

International Trade

Manufacturing

Import/Export

Shipping & Logistics

Wholesale Trade

Commodities Trading

Retail

Agriculture

Mining & Resources

Industrial Equipment

Textiles & Garments

Relevant Teams

Trade Finance

International Banking

Documentary Credits

Risk Management

Compliance

Treasury Operations

Trade Operations

Legal Affairs

Credit Administration

Commercial Banking

Relevant Roles

Trade Finance Manager

International Banking Officer

Documentary Credits Specialist

Export Finance Manager

Import Operations Manager

Trade Operations Officer

Compliance Officer

Credit Risk Manager

Banking Relationship Manager

Treasury Manager

International Trade Specialist

Finance Director

Banking Operations Manager

Documentary Collections Officer

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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