The Cumulative Revolving Letter of Credit is a vital financial instrument in South African and international trade finance, providing businesses with flexible access to credit for recurring trade transactions. This document is particularly useful when parties require an ongoing credit facility where unused amounts from previous periods can be carried forward and accumulated, offering greater flexibility in managing trade finance needs. The instrument is governed by South African law, particularly the Banks Act 94 of 1990 and Exchange Control Regulations, while also incorporating international banking practices through UCP 600. It is commonly used in import/export transactions, large-scale procurement, and continuous supply arrangements where regular payments need to be secured. The document includes detailed provisions for credit limits, drawing mechanisms, documentation requirements, bank charges, and compliance with both local and international banking standards.
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1. Parties and Contact Details: Identification of the issuing bank, applicant, and beneficiary, including full legal names, registration numbers, and contact information
2. Credit Amount and Type: Specification of the credit limit, currency, and confirmation that it is a cumulative revolving facility
3. Validity Period: Duration of the letter of credit, including issuance date, effective date, and expiry date
4. Drawing Terms: Conditions and requirements for drawing under the credit, including documentation requirements and presentation procedures
5. Revolving Terms: Specific mechanics of how the credit revolves, reinstatement periods, and cumulative nature of the facility
6. Documentary Requirements: Detailed list of required documents for drawings and their specifications
7. Payment Terms: Payment conditions, timing, and method of payment
8. Bank Charges and Fees: Details of all applicable fees, charges, and commission
9. Governing Law and Jurisdiction: Specification of South African law as governing law and jurisdiction for disputes
1. Confirmation Instructions: Required if the credit needs to be confirmed by another bank
2. Transferability Provisions: Include when the credit needs to be transferable to other beneficiaries
3. Back-to-Back Arrangements: Necessary when the credit will be used as security for another letter of credit
4. Green Clause Provisions: Include when advance payments are permitted under the credit
5. Insurance Requirements: Required when specific insurance coverage needs to be maintained
6. Force Majeure Clause: Optional but recommended to address unforeseen circumstances affecting the credit
1. Schedule A - Drawing Schedule: Detailed schedule showing drawing periods, amounts, and reinstatement dates
2. Schedule B - Fee Schedule: Comprehensive breakdown of all fees, charges, and commission rates
3. Schedule C - Document Checklist: Detailed checklist of required documents and their specifications
4. Schedule D - Specimen Signatures: Authorized signatures for the applicant and/or beneficiary
5. Appendix 1 - Standard Forms: Templates for drawing requests, presentations, and other standard forms
6. Appendix 2 - UCP 600 Exceptions: List of any exceptions to or modifications of UCP 600 rules
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Commodities Trading
Retail
Mining
Agriculture
Energy
Construction
Shipping and Logistics
Wholesale Distribution
Relevant Teams
Treasury
International Trade Finance
Legal
Compliance
Risk Management
Finance
Procurement
Supply Chain
Trade Operations
Banking Operations
Credit Administration
Relevant Roles
Trade Finance Manager
International Banking Officer
Treasury Manager
Chief Financial Officer
Finance Director
Import/Export Manager
Trade Operations Manager
Credit Risk Manager
Documentary Credits Specialist
Banking Relationship Manager
Compliance Officer
Legal Counsel
Financial Controller
Supply Chain Manager
Procurement Manager
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