An Irrevocable Revolving Letter of Credit is a specialized banking instrument used to facilitate recurring international trade transactions. This document, governed by Swiss law, provides a framework where the credit amount automatically revolves (reinstates) after each utilization, either on a time basis or value basis, allowing for multiple drawings up to a specified maximum amount. It is particularly useful for ongoing trade relationships involving regular shipments or services. The document incorporates both Swiss banking regulations and international standards (UCP 600), making it a robust instrument for trade finance. It includes detailed provisions for document presentation, payment mechanisms, revolving conditions, and bank obligations, offering security to both exporters and importers in international trade transactions.
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1. Letter Reference and Date: Unique LC reference number and issuance date
2. Beneficiary Details: Full name and address of the party in whose favor the LC is issued
3. Applicant Details: Full name and address of the party requesting the LC
4. Issuing Bank Details: Name, address, and SWIFT code of the issuing bank
5. Credit Amount and Currency: Maximum amount and currency of the LC, including revolving terms
6. Availability and Expiry: How and where the credit is available, expiration date, and place for presentation
7. Revolving Terms: Specific conditions of revolving mechanism, including reinstatement periods and conditions
8. Documentary Requirements: List of required documents for presentation and payment
9. Payment Terms: Timing and method of payment upon document presentation
10. Partial Shipments/Drawings: Whether partial shipments or drawings are allowed
11. Transhipment: Whether transhipment is permitted
12. Governing Law: Specification of Swiss law as governing law
13. UCP Declaration: Statement of submission to UCP 600
1. Advising Bank Details: Include when an advising bank is involved in the transaction
2. Confirmation Instructions: Include when confirmation is requested from another bank
3. Special Conditions: Include when there are additional terms specific to the transaction
4. Transfer Conditions: Include when the LC is transferable
5. Back-to-Back Provisions: Include when the LC can be used as collateral for another LC
6. Green Clause: Include when advance payment features are required
7. Red Clause: Include when pre-shipment finance is permitted
1. Schedule A - Document Presentation Checklist: Detailed checklist of required documents and their specific requirements
2. Schedule B - Revolving Schedule: Detailed timeline and conditions for reinstatement of the credit amount
3. Schedule C - Fee Schedule: Breakdown of all applicable fees and charges
4. Appendix 1 - Form of Document Presentation: Standard format for presenting documents under the LC
5. Appendix 2 - Form of Drawing Request: Standard format for making drawings under the LC
6. Appendix 3 - Specimen Signatures: Authorized signatures for relevant parties
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
International Trade
Import/Export
Manufacturing
Commodities Trading
Shipping & Logistics
Retail
Wholesale
Energy
Agriculture
Mining
Textiles
Relevant Teams
Trade Finance
International Banking
Credit Operations
Treasury
Risk Management
Legal
Compliance
Financial Control
Banking Operations
Documentary Credits
Relevant Roles
Trade Finance Manager
Documentary Credits Manager
International Banking Officer
Credit Operations Manager
Trade Services Officer
Import/Export Manager
Treasury Manager
Financial Controller
Relationship Manager
Risk Manager
Compliance Officer
Legal Counsel
Chief Financial Officer
Banking Operations Manager
Trade Finance Specialist
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