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Evergreen Letter Of Credit

Evergreen Letter Of Credit Template for Saudi Arabia

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Key Requirements PROMPT example:

Evergreen Letter Of Credit

"I need an Evergreen Letter of Credit under Saudi Arabian law for a recurring oil equipment supply contract worth USD 5 million, with quarterly automatic renewals starting March 2025, including specific provisions for partial shipments and multiple currency payments in USD and SAR."

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Document background
The Evergreen Letter of Credit is utilized in situations requiring long-term, continuous documentary credit support for ongoing business relationships. This instrument, governed by Saudi Arabian law and overseen by SAMA, automatically renews for specified periods unless terminated by either party with appropriate notice. It provides security for recurring transactions while reducing the administrative burden of frequent renewals. The document must comply with both international banking practices and Islamic finance principles, making it particularly suitable for use in the Saudi Arabian market. It includes comprehensive terms for automatic renewal, drawing conditions, documentation requirements, and payment mechanisms, while incorporating necessary Shariah-compliant structures. This type of Letter of Credit is particularly valuable for established trading relationships requiring consistent, long-term documentary credit support.
Suggested Sections

1. Bank Details and Reference: Issuing bank's details, reference numbers, and date of issuance

2. Beneficiary Information: Complete details of the beneficiary including name, address, and account information

3. Applicant Information: Complete details of the applicant requesting the Letter of Credit

4. Credit Amount and Currency: Specification of the credit amount, currency, and any tolerance levels

5. Automatic Renewal Terms: Terms and conditions for automatic renewal, including renewal period and notification requirements

6. Expiry Conditions: Conditions under which the Letter of Credit will expire or can be terminated

7. Documentation Requirements: List of required documents for drawing under the credit

8. Payment Terms: Terms and conditions for payment, including timing and method

9. Governing Law Statement: Clear statement of Saudi Arabian law governance and Shariah compliance

Optional Sections

1. Confirmation Instructions: Used when confirmation by another bank is requested

2. Partial Shipment/Drawing Terms: Include when partial shipments or drawings are permitted

3. Transfer Rights: Include when the credit is transferable

4. Special Conditions: Any special conditions or requirements specific to the transaction

5. Islamic Finance Compliance Details: Detailed Shariah compliance provisions when required by the parties

6. Multiple Currency Provisions: Include when payments in multiple currencies are permitted

Suggested Schedules

1. Schedule A - Required Documents: Detailed list of required documents and their specifications

2. Schedule B - Fee Schedule: Details of all applicable fees, charges, and commission

3. Schedule C - Drawing Schedule: If applicable, schedule of permitted drawing dates and amounts

4. Appendix 1 - Form of Draft: Standard form of draft to be presented for drawing

5. Appendix 2 - Form of Renewal Notice: Standard form for notification of renewal or non-renewal

6. Appendix 3 - SAMA Compliance Checklist: Checklist ensuring compliance with Saudi Arabian Monetary Authority requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Banking & Financial Services

International Trade

Manufacturing

Import/Export

Oil & Gas

Construction

Retail

Wholesale Distribution

Agriculture

Mining

Telecommunications

Healthcare

Energy

Relevant Teams

Trade Finance

International Banking

Treasury

Legal

Compliance

Islamic Banking

Credit Risk

Trade Operations

Documentary Credits

Financial Control

Corporate Banking

Shariah Advisory

Relevant Roles

Trade Finance Manager

International Banking Officer

Chief Financial Officer

Treasury Manager

Finance Director

Trade Operations Manager

Compliance Officer

Islamic Banking Specialist

Credit Risk Manager

Documentary Credits Specialist

Import/Export Manager

Banking Relationship Manager

Legal Counsel

Shariah Compliance Officer

Financial Controller

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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