The Revocable Letter of Credit (LC) is a specialized trade finance instrument used in international commerce, governed by New Zealand law and banking regulations. This document type is particularly suitable for established trading relationships where flexibility in terms is desired, as it allows the issuing bank to modify or cancel the credit without prior notice. While less common than irrevocable LCs due to the lower level of security for beneficiaries, a revocable LC can be advantageous in certain scenarios, such as ongoing trade relationships or where rapid adaptation to changing circumstances is needed. The document incorporates elements of New Zealand's Contract and Commercial Law Act 2017, banking regulations, and international banking practices (UCP 600), providing a structured framework for international trade payments while maintaining operational flexibility.
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1. Letter Reference Number: Unique identification number for the LC
2. Date of Issuance: The date when the LC is issued
3. Applicant Details: Full name and address of the party requesting the LC (typically the buyer)
4. Beneficiary Details: Full name and address of the party in whose favor the LC is issued (typically the seller)
5. Issuing Bank Details: Name and address of the bank issuing the LC
6. Currency and Amount: The currency and maximum amount available under the LC
7. Expiry Date: Date and place of expiry of the LC
8. Revocation Terms: Clear statement of the revocable nature and conditions under which the LC may be revoked
9. Documentation Requirements: List of required documents for presentation
10. Payment Terms: Conditions and timing of payment
11. Shipment Terms: Details of shipment including latest shipment date if applicable
12. Presentation Period: Time period within which documents must be presented
1. Advising Bank Details: Details of the bank that will advise the LC to the beneficiary, if different from the issuing bank
2. Transferability Clause: Include when the LC needs to be transferable to another beneficiary
3. Partial Shipments: Statement allowing or prohibiting partial shipments
4. Transhipment: Statement allowing or prohibiting transhipment
5. Insurance Requirements: Specific insurance requirements if needed for the transaction
6. Special Conditions: Any additional terms or conditions specific to the transaction
7. Description of Goods: Detailed description of the goods when required by the applicant
8. Confirmation Instructions: Instructions regarding confirmation when a confirmed LC is requested
1. Schedule A - Document Requirements: Detailed list of required documents and their specifications
2. Schedule B - Goods Description: Detailed description of goods or services covered by the LC
3. Schedule C - Special Payment Terms: Any special payment arrangements or conditions
4. Appendix 1 - UCP 600 References: Specific articles of UCP 600 applicable to this LC
5. Appendix 2 - Bank Forms: Standard forms required by the issuing bank for document presentation
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