The Irrevocable Revolving Letter of Credit is a crucial trade finance instrument used when parties engage in recurring international trade transactions requiring consistent payment security. This document type is particularly relevant in the Australian market where businesses frequently engage in regular import/export activities with international partners. It provides a renewable credit facility that automatically reinstates after each drawing, either by time periods or value. The document must comply with Australian banking regulations, the Banking Act 1959 (Cth), and international banking practices under UCP 600. It's commonly used when there are regular shipments between the same parties over an extended period, offering both parties the security of a bank's irrevocable commitment while reducing the administrative burden of establishing multiple individual letters of credit.
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1. Letter Reference Number: Unique identification number of the Letter of Credit
2. Date of Issuance: Date when the Letter of Credit is issued
3. Applicant Details: Full name, address, and contact information of the party requesting the Letter of Credit
4. Beneficiary Details: Full name, address, and contact information of the party in whose favor the Letter of Credit is issued
5. Issuing Bank Details: Name, address, and SWIFT code of the issuing bank
6. Credit Amount and Currency: Maximum amount available under the Letter of Credit and currency specification
7. Type and Nature: Specification of irrevocable and revolving nature, including revolving terms
8. Availability and Expiry: How, when, and where the credit is available, and its expiry date
9. Partial Shipments/Drawings: Whether partial shipments or drawings are allowed
10. Required Documents: Detailed list of documents required for presentation
11. Presentation Terms: Time and place for presentation of documents
12. Description of Goods/Services: Detailed description of the underlying goods or services
13. Payment Terms: Specific conditions and timing of payment
14. Governing Law: Statement that Australian law governs the Letter of Credit
1. Advising Bank: Details of the advising bank, if different from the issuing bank. Include when using an intermediary bank
2. Confirmation Instructions: Instructions regarding confirmation, used when confirmation is requested from another bank
3. Transfer Rights: Terms for transferability of the Letter of Credit, included when the credit is transferable
4. Special Conditions: Any additional terms or conditions specific to the transaction
5. Back-to-Back Provisions: Include when the Letter of Credit is part of a back-to-back arrangement
6. Green Clause: Include when advance payment provisions are required
7. Red Clause: Include when pre-shipment finance is permitted
8. Force Majeure Provisions: Additional force majeure terms beyond UCP 600, if required
1. Schedule A - Document Presentation Form: Standard form for presenting documents under the Letter of Credit
2. Schedule B - Amendment Request Form: Standard form for requesting amendments to the Letter of Credit
3. Schedule C - Drawing Schedule: Schedule showing drawing periods and amounts for revolving feature
4. Schedule D - Goods/Services Specification: Detailed technical specifications of goods or services
5. Appendix 1 - UCP 600 Reference: Relevant articles of UCP 600 applicable to this Letter of Credit
6. Appendix 2 - Fee Schedule: Schedule of bank charges and fees applicable
Relevant legal definitions
Clauses
Relevant Industries
International Trade
Manufacturing
Commodity Trading
Agriculture
Mining
Retail
Wholesale
Energy
Construction
Textiles
Technology Hardware
Shipping and Logistics
Food and Beverage
Automotive
Relevant Teams
Legal
Finance
Treasury
International Trade Operations
Risk Management
Compliance
Procurement
Supply Chain
Commercial Operations
Trade Finance
Relevant Roles
Trade Finance Manager
International Business Development Manager
Treasury Manager
Chief Financial Officer
Finance Director
Import/Export Manager
Trade Operations Manager
Banking Relationship Manager
Commercial Finance Manager
Credit Manager
Risk Manager
Procurement Manager
Supply Chain Manager
Legal Counsel
Compliance Officer
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