An Evergreen Letter of Credit is a specialized financial instrument used primarily in international trade and recurring business relationships. This document type is particularly relevant when parties require a long-term, automatically renewing payment guarantee without the need for periodic manual renewal. Governed by Dutch law and UCP 600 rules, it provides security for ongoing commercial transactions while incorporating the Netherlands' sophisticated banking and financial regulations. The document typically includes detailed provisions for automatic renewal, documentary requirements, drawing conditions, and notice periods for non-renewal. It's commonly used in situations involving regular shipments, long-term supply contracts, or continuing services where the beneficiary requires consistent payment security without interruption. The auto-renewal feature distinguishes it from standard letters of credit, making it especially valuable for established business relationships where parties want to minimize administrative burden while maintaining payment security.
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1. Issuing Bank Details: Complete name, address, and reference numbers of the issuing bank
2. Beneficiary Information: Full name and address of the beneficiary of the letter of credit
3. Applicant Information: Full name and address of the party requesting the letter of credit
4. Credit Amount and Currency: Specification of the maximum amount and currency of the letter of credit
5. Validity Period: Initial expiry date and auto-renewal terms, including notice period for non-renewal
6. Drawing Terms: Conditions under which drawings can be made under the letter of credit
7. Required Documents: List of documents that must be presented for drawing under the credit
8. Payment Terms: Timing and method of payment upon document presentation
9. Governing Law Declaration: Statement that the letter of credit is governed by Dutch law and UCP 600
1. Transfer Rights: Include when the credit needs to be transferable to other beneficiaries
2. Revolving Terms: Include when the credit amount should reinstate after each drawing
3. Special Payment Conditions: Include when there are specific payment arrangements or restrictions
4. Confirmation Instructions: Include when confirmation by another bank is required
5. Partial Shipment/Drawing Terms: Include when partial shipments or drawings need to be specifically addressed
6. Force Majeure Provisions: Include when specific force majeure terms need to be addressed beyond UCP 600 provisions
1. Schedule A - Documentary Requirements: Detailed list of required documents and their specific requirements
2. Schedule B - Standard Drawing Certificate: Template for the beneficiary's drawing certificate
3. Schedule C - Form of Renewal Notice: Standard format for communicating renewal or non-renewal
4. Schedule D - Fee Schedule: Breakdown of all applicable fees and charges
5. Appendix 1 - Standard Banking Instructions: Banking details and instructions for all parties
6. Appendix 2 - Specimen Signatures: Authorized signatures for all relevant parties
Relevant legal definitions
Clauses
Relevant Industries
Banking
International Trade
Manufacturing
Export/Import
Shipping
Commodities Trading
Wholesale
Energy
Construction
Agriculture
Relevant Teams
Trade Finance
Treasury
International Banking
Credit Risk
Legal
Compliance
Documentary Credits
Global Transaction Banking
Trade Operations
Financial Control
Supply Chain Finance
Relevant Roles
Trade Finance Manager
International Banking Officer
Treasury Manager
Chief Financial Officer
Finance Director
Trade Operations Manager
Credit Risk Manager
Documentary Credits Specialist
Global Transaction Banking Officer
Export Finance Manager
Trade Finance Compliance Officer
Banking Relationship Manager
International Business Development Manager
Supply Chain Finance Manager
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