The Revolving Letter of Credit is a specialized financial instrument used in international trade to provide ongoing financial security for recurring transactions between trading partners. This document is particularly useful when parties engage in regular, repeated transactions and want to avoid the administrative burden of issuing multiple individual letters of credit. Under Swiss law, which is renowned for its sophisticated financial regulations and banking practices, this document must comply with both federal banking laws and international standards such as the UCP 600. The document typically includes comprehensive details about credit limits, reinstatement conditions, drawing procedures, and document requirements, while incorporating specific Swiss regulatory requirements for financial instruments. It's commonly used in established trading relationships where the same beneficiary receives multiple payments over time for recurring shipments or services.
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1. Parties: Identification of the issuing bank, applicant, and beneficiary
2. Background: Context of the trade relationship and purpose of the letter of credit
3. Definitions: Key terms used throughout the letter of credit document
4. Credit Amount and Type: Specification of the credit limit and confirmation that it is revolving
5. Validity Period: Duration of the letter of credit and any renewal conditions
6. Drawing Conditions: Required documents and conditions for drawing under the credit
7. Reinstatement Provisions: Terms governing the revolving nature and reinstatement of the credit amount
8. Payment Terms: Timing and method of payment, including any specific requirements
9. Bank Charges and Fees: Details of all applicable fees, charges, and commission
10. Governing Law and Jurisdiction: Confirmation of Swiss law application and jurisdiction
11. UCP 600 Application: Statement incorporating UCP 600 rules
1. Transferability Clause: Include when the credit needs to be transferable to other beneficiaries
2. Confirmation Requirements: Include when a confirming bank is required to add its confirmation
3. Special Instructions: Include when there are specific handling or processing requirements
4. Force Majeure: Include when specific force majeure provisions beyond UCP 600 are required
5. Anti-Money Laundering Provisions: Include when enhanced AML requirements are needed beyond standard bank procedures
6. Sanctions Compliance: Include when dealing with parties from sensitive jurisdictions
7. Green Clause: Include when advance payments are permitted against warehouse receipts
1. Schedule A - Document Requirements: Detailed list of required documents for drawing under the credit
2. Schedule B - Fee Schedule: Comprehensive breakdown of all fees, charges, and commission rates
3. Schedule C - Standard Drawing Forms: Templates for presentation of documents and drawing requests
4. Schedule D - Authorized Signatories: List of persons authorized to act on behalf of the applicant
5. Appendix 1 - Standard Bank Instructions: Banking details and specific instructions for payments
6. Appendix 2 - Specimen Signatures: Specimen signatures of authorized signatories
Authors
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Banking & Financial Services
International Trade
Manufacturing
Import/Export
Commodities Trading
Retail
Wholesale
Logistics & Supply Chain
Agriculture
Energy
Mining
Textiles
Relevant Teams
Legal
Finance
Treasury
Trade Operations
Risk Management
Compliance
International Banking
Documentary Credits
Commercial Banking
Supply Chain
Relevant Roles
Trade Finance Manager
International Banking Officer
Documentary Credits Specialist
Treasury Manager
Import/Export Manager
Chief Financial Officer
Trade Operations Manager
Credit Risk Officer
Compliance Officer
Legal Counsel
Banking Relationship Manager
Supply Chain Manager
Finance Director
Commercial Banking Officer
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