The Evergreen Letter of Credit serves as a crucial financial instrument in international trade and commercial transactions, providing continuous financial security through automatic renewal provisions. This document type is particularly suited for long-term business relationships where ongoing financial guarantees are required, such as recurring supply contracts or extended project implementations. Under Belgian law and EU regulations, it incorporates specific requirements for banking operations while adhering to international standards set by UCP 600. The document typically includes comprehensive details about credit amount, renewal mechanisms, drawing conditions, and termination provisions, making it a robust tool for managing international trade risks and ensuring payment security.
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1. Issuing Bank Details: Full identification and contact details of the issuing bank
2. Beneficiary Information: Complete details of the beneficiary including name, address, and account information
3. Applicant Information: Complete details of the applicant requesting the letter of credit
4. Credit Amount and Currency: Specification of the maximum credit amount and currency
5. Automatic Renewal Clause: Terms of the automatic renewal including renewal period and conditions
6. Expiry Provisions: Details of initial expiry date and subsequent renewal dates
7. Drawing Terms: Conditions and documentation required for drawing under the credit
8. Non-Renewal Notice: Process and timeline for notification if the credit will not be renewed
9. Governing Law and Jurisdiction: Specification of Belgian law as governing law and relevant jurisdiction
10. UCP 600 Incorporation: Statement incorporating UCP 600 rules
1. Transferability Clause: Include when the credit needs to be transferable to other beneficiaries
2. Revolving Terms: Include when the credit amount should restore to original value after each drawing
3. Confirmation Instructions: Include when confirmation by another bank is required
4. Special Conditions: Include when there are additional requirements specific to the transaction
5. Force Majeure Provisions: Include when specific force majeure terms are needed beyond UCP 600 provisions
6. Multiple Currency Provisions: Include when drawings can be made in multiple currencies
1. Schedule A - Required Documents: Detailed list of documents required for drawing under the credit
2. Schedule B - Drawing Instructions: Specific instructions for presenting documents and making drawings
3. Schedule C - Fee Schedule: Details of all applicable fees, charges and commission
4. Appendix 1 - Form of Drawing Request: Standard format for making drawing requests under the credit
5. Appendix 2 - Form of Non-Renewal Notice: Standard format for issuing non-renewal notice
6. Appendix 3 - Authorized Signatories: List of persons authorized to act on behalf of each party
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