A Revocable LC is a specialized financial instrument used in international trade transactions where maximum flexibility is required by the issuing bank and applicant. This document type, while less common than irrevocable LCs, serves specific business needs where payment guarantee terms may need to be modified or canceled. The Revocable LC under Austrian jurisdiction must align with both domestic banking regulations (particularly the BWG) and EU financial directives, while also adhering to international banking practices such as UCP 600. It typically includes detailed information about the parties involved, payment terms, document requirements, and shipping conditions. This instrument is particularly useful in situations where trading relationships are well-established and the beneficiary accepts the additional risk of potential revocation.
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Key Requirements PROMPT example:
Revocable Lc
"I need a Revocable LC drafted for our Austrian subsidiary (GreenTech GmbH) as the applicant, with a value of 鈧500,000, for the import of solar panels from a Chinese manufacturer, including specific requirements for partial shipments and document presentation within 15 days of shipment."
1. Issuing Bank Details: Complete identification and contact details of the issuing bank
2. Beneficiary Information: Full details of the beneficiary including name, address, and banking information
3. Applicant Information: Complete details of the applicant (buyer) requesting the LC
4. LC Number and Date: Unique identification number and issuance date of the LC
5. Currency and Amount: Specified currency and maximum amount of the LC
6. Expiry Date: Clear statement of when the LC expires
7. Available With/By: Terms of availability and method of payment
8. Revocability Clause: Explicit statement of revocability and conditions under which the LC may be revoked
9. Required Documents: Detailed list of documents required for presentation
10. Shipment Terms: Specifications for shipment including latest shipment date and partial shipments
11. Presentation Period: Time period within which documents must be presented after shipment
12. Governing Law: Statement that Austrian law governs the LC
1. Transferability: Include when the LC needs to be transferable to another beneficiary
2. Red Clause: Include when advance payment provisions are required
3. Special Payment Conditions: Include when specific payment terms or conditions apply
4. Description of Goods: Include when detailed description of goods is required beyond the commercial invoice
5. Port Restrictions: Include when specific shipping ports must be used or avoided
6. Insurance Requirements: Include when specific insurance requirements exceed standard coverage
7. Additional Banking Instructions: Include when special handling or processing instructions are needed
1. Schedule A - Document Requirements: Detailed checklist of required documents and their specific requirements
2. Schedule B - Goods Specification: Detailed technical specifications of the goods when complex products are involved
3. Schedule C - Payment Schedule: If payments are to be made in installments or against multiple shipments
4. Appendix 1 - Standard Banking Forms: Standard forms required by the issuing bank for document presentation
5. Appendix 2 - UCP 600 References: Specific articles of UCP 600 applicable to this LC
6. Appendix 3 - Authorized Signatories: List of authorized signatories and their specimen signatures
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
International Trade
Manufacturing
Import/Export
Shipping & Logistics
Wholesale Trade
Commodities Trading
Retail
Agriculture
Mining & Resources
Industrial Equipment
Textiles & Garments
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Risk Management
Compliance
Treasury Operations
Trade Operations
Legal Affairs
Credit Administration
Commercial Banking
Relevant Roles
Trade Finance Manager
International Banking Officer
Documentary Credits Specialist
Export Finance Manager
Import Operations Manager
Trade Operations Officer
Compliance Officer
Credit Risk Manager
Banking Relationship Manager
Treasury Manager
International Trade Specialist
Finance Director
Banking Operations Manager
Documentary Collections Officer
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