The Evergreen Letter of Credit is a specialized banking instrument designed for situations requiring long-term, continuous payment security. It differs from standard letters of credit by automatically renewing for successive periods unless specific termination notice is given. This document type is particularly relevant in South Africa's trade environment, where it facilitates both domestic and international trade relationships while complying with local banking regulations and international standards. The document typically includes detailed provisions for renewal periods, cancellation notices, drawing conditions, and required documentation, making it suitable for ongoing commercial relationships where traditional fixed-term letters of credit would be impractical. The automatic renewal feature provides continued security for beneficiaries while allowing applicants to maintain long-term trade relationships without frequent documentary renewals.
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1. Bank Details and Reference: Issuing bank's details, reference number, and date of issuance
2. Beneficiary Information: Complete details of the beneficiary including name, registration number, and address
3. Applicant Information: Complete details of the applicant including name, registration number, and address
4. Credit Amount and Currency: Specification of the maximum credit amount and currency
5. Automatic Renewal Clause: Terms of the evergreen feature, including renewal periods and conditions
6. Expiry and Cancellation Terms: Conditions for expiry and the process for cancellation, including notice periods
7. Drawing Terms and Conditions: Specific conditions under which the credit may be drawn
8. Required Documents: List of documents required for drawing under the credit
9. Governing Law and Jurisdiction: Specification of South African law and jurisdiction
10. UCP 600 Incorporation: Statement incorporating UCP 600 rules
1. Transfer Rights: Section specifying whether the letter of credit is transferable, used when transferability is requested
2. Revolving Terms: Details of revolving credit facility if the LC is both evergreen and revolving
3. Confirmation Instructions: Instructions regarding confirmation by another bank, included when confirmation is required
4. Special Payment Conditions: Any special payment terms or conditions, included when standard payment terms don't apply
5. Force Majeure Provisions: Specific force majeure terms, included when standard UCP 600 provisions need modification
6. Exchange Rate Provisions: Special provisions for exchange rate calculations, used in cross-currency LCs
1. Schedule A - Document Requirements: Detailed list of required documents and their specific format requirements
2. Schedule B - Drawing Schedule: Specific schedule of permitted drawing dates and amounts if applicable
3. Schedule C - Fee Schedule: Detailed breakdown of all applicable fees and charges
4. Appendix 1 - Standard Drawing Forms: Templates for standard forms required for drawing under the LC
5. Appendix 2 - Bank Contact Details: Complete contact information for relevant bank departments and officials
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Mining and Resources
Agriculture
Retail
Construction
Energy
Telecommunications
Wholesale Distribution
Commodities Trading
Relevant Teams
Treasury
Trade Finance
Legal
Compliance
Risk Management
Finance
International Trade Operations
Commercial Operations
Credit Control
Banking Operations
Relevant Roles
Trade Finance Manager
Chief Financial Officer
Treasury Manager
International Trade Specialist
Finance Director
Credit Manager
Banking Relationship Manager
Commercial Director
Import/Export Manager
Risk Manager
Legal Counsel
Compliance Officer
Financial Controller
Trade Operations Manager
Documentary Credits Specialist
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