The Revolving Letter of Credit is a sophisticated banking instrument used in international trade finance, particularly suitable for ongoing trading relationships with regular shipment schedules. This document type is essential when parties require a renewable credit facility that automatically reinstates after each utilization, either based on time periods or value. Under Qatar law, these instruments must comply with both local banking regulations and the internationally recognized UCP 600 rules. The document specifies crucial elements including credit amount, reinstatement terms, required documentation, and payment conditions. It's particularly valuable for importers and exporters engaged in regular, repeated transactions, providing efficiency and cost savings compared to multiple single-use letters of credit. The Qatar jurisdiction provides a robust legal framework for these instruments, supported by the Qatar Central Bank's regulatory oversight and the country's well-established commercial banking sector.
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1. Letter Reference and Date: Unique reference number and date of issuance
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 and address of the issuing bank
5. Credit Amount and Currency: Maximum amount and currency of the letter of credit
6. Revolving Terms: Specific terms of revolution including frequency, basis (time or value), and reinstatement conditions
7. Availability and Expiry: Where and how the credit is available and expiry date/place
8. Required Documents: List of documents required for presentation
9. Shipment Terms: Details of shipment including latest shipment date and partial shipments
10. Payment Terms: Payment conditions, sight or usance, and negotiation terms
11. Governing Law and Jurisdiction: Reference to Qatar law and UCP 600 application
1. Advising Bank Details: Include when a separate advising bank is involved in the transaction
2. Confirmation Instructions: Include when confirmation is required from another bank
3. Transferability Clause: Include when the LC needs to be transferable to another beneficiary
4. Back-to-Back Provisions: Include when the LC will be used as security for another LC
5. Special Conditions: Include when there are additional requirements specific to the transaction
6. Standby Provisions: Include when the LC functions as a standby security
1. Schedule A - Commercial Invoice Format: Prescribed format for commercial invoices
2. Schedule B - Transport Document Requirements: Detailed requirements for bills of lading or other transport documents
3. Schedule C - Goods Description and Specifications: Detailed description of goods/services covered by the LC
4. Schedule D - Drawing Schedule: Timeline and conditions for drawings under the revolving facility
5. Schedule E - Fee Schedule: Details of all applicable fees and charges
6. Appendix 1 - Form of Drawing Request: Standard form for making drawings under the LC
7. Appendix 2 - Form of Reinstatement Notice: Standard form for notifying revolving reinstatement
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Retail
Commodities Trading
Energy and Resources
Construction
Agriculture
Wholesale Distribution
Relevant Teams
Trade Finance
International Banking
Legal
Compliance
Risk Management
Treasury
Operations
Documentary Credits
Commercial Banking
Credit Administration
Relevant Roles
Trade Finance Manager
Letter of Credit Specialist
International Banking Officer
Commercial Banking Manager
Treasury Manager
Finance Director
Import/Export Manager
Trade Operations Officer
Compliance Officer
Credit Risk Manager
Documentary Credits Specialist
Chief Financial Officer
Banking Relationship Manager
Trade Finance Operations Manager
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