The Revolving Letter of Credit is essential for ongoing trading relationships where regular shipments or services are provided over an extended period. This document is particularly useful when parties engage in repeated transactions with consistent values and terms. Under Danish law, the document must comply with both local financial regulations and international banking standards (UCP 600). It provides security to sellers by ensuring guaranteed payments through bank undertakings, while allowing buyers to maintain control over the transaction through documentary requirements. The revolving nature of the credit helps reduce administrative burden and costs associated with issuing multiple individual Letters of Credit for recurring transactions.
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Key Requirements PROMPT example:
Revolving Letter Of Credit
Need a Revolving Letter of Credit for quarterly shipments of industrial equipment from Denmark to India, with a maximum credit amount of EUR 500,000, automatically reinstating every 3 months throughout 2025, with Danske Bank as the issuing bank.
1. Parties: Identification of the issuing bank, applicant (buyer), and beneficiary (seller)
2. Background: Context of the underlying commercial transaction and purpose of the Letter of Credit
3. Definitions: Key terms used in the Letter of Credit, including banking and trade terms as per UCP 600
4. Credit Amount and Currency: Specification of the credit amount, currency, and maximum liability
5. Revolving Terms: Details of how the credit revolves (time or value basis), reinstatement conditions
6. Availability and Expiry: Terms of when and where the credit is available, expiration date, and presentation period
7. Documentary Requirements: Specific documents required for presentation and compliance requirements
8. Payment Terms: Conditions and timing of payment, including any negotiation or deferred payment terms
9. Bank Charges: Allocation of banking fees and charges between parties
10. Governing Law and UCP: Reference to Danish law and UCP 600 application
1. Transferability: Include when the credit needs to be transferable to a second beneficiary
2. Confirmation: Include when a confirming bank is required to add its confirmation
3. Partial Shipments: Include when specifying whether partial shipments are allowed or prohibited
4. Transhipment: Include when specifying whether transhipment is allowed or prohibited
5. Insurance Requirements: Include when specific insurance coverage needs to be specified
6. Special Conditions: Include when there are additional terms specific to the transaction
7. Green Clause: Include when advance payments are to be made available to the beneficiary
1. Schedule 1 - Documentary Requirements: Detailed list and format of required documents for presentation
2. Schedule 2 - Goods Description: Detailed description of the goods or services covered by the Letter of Credit
3. Schedule 3 - Shipping Terms: Specific shipping requirements, timeframes, and conditions
4. Appendix A - Fee Schedule: Detailed breakdown of all applicable bank charges and fees
5. Appendix B - Form of Demand: Template for presentation of documents and demand for payment
6. Appendix C - Revolving Schedule: Detailed schedule showing revolving periods and reinstatement conditions
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Retail
Commodities Trading
Agriculture
Energy
Shipping and Logistics
Industrial Equipment
Textiles and Apparel
Raw Materials
Relevant Teams
Trade Finance
Treasury
Legal
International Banking
Risk Management
Procurement
Supply Chain
Finance
Commercial Operations
Credit Control
Compliance
Documentary Credits
Relevant Roles
Trade Finance Manager
Chief Financial Officer
Treasury Manager
Import/Export Manager
Finance Director
Credit Manager
International Trade Specialist
Banking Relationship Manager
Documentary Credits Officer
Procurement Manager
Supply Chain Manager
Financial Controller
Legal Counsel
Risk Manager
Commercial Director
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