An Evergreen Letter of Credit is a sophisticated banking instrument used when parties require a long-term, automatically renewing payment guarantee. This document type is particularly valuable in ongoing commercial relationships where continuous financial security is needed, such as long-term supply contracts, lease agreements, or performance guarantees. The evergreen nature means it automatically renews for successive periods unless specific notice of non-renewal is given by the issuing bank. Under Canadian law, these instruments must comply with federal banking regulations, including the Bank Act, while typically incorporating international banking practices through UCP 600. The document specifies key elements including credit amount, renewal terms, drawing conditions, and notice requirements for non-renewal. It's commonly used in cross-border transactions and domestic Canadian business arrangements where ongoing financial assurance is required.
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1. Issuing Bank Details: Complete details of the issuing bank including name, address, and reference numbers
2. Beneficiary Information: Full name and address of the beneficiary of the letter of credit
3. Applicant Information: Complete details of the party requesting the letter of credit
4. Credit Amount and Currency: Specification of the maximum amount and currency of the letter of credit
5. Effective Date: Date from which the letter of credit becomes operative
6. Automatic Renewal Clause: Terms of automatic renewal including renewal period and conditions
7. Non-Renewal Notice Period: Required advance notice period for discontinuing automatic renewal
8. Drawing Terms and Conditions: Specific requirements and documentation needed for drawing under the credit
9. Expiry Provisions: Conditions and process for ultimate expiry of the letter of credit
10. Governing Law and Jurisdiction: Specification of applicable law and courts having jurisdiction
1. Transfer Rights: Include when the letter of credit needs to be transferable to other beneficiaries
2. Partial Drawings: Include when multiple partial drawings are to be permitted
3. Special Payment Conditions: Include when specific payment timing or methods are required
4. Multiple Currency Provisions: Include when drawings can be made in multiple currencies
5. Force Majeure Clause: Include when specific force majeure provisions are needed beyond standard UCP terms
6. Electronic Presentation: Include when electronic presentation of documents is permitted
7. Silent Confirmation: Include when silent confirmation by another bank is permitted
1. Schedule A - Drawing Certificate Form: Standard form for beneficiary to complete when making a drawing
2. Schedule B - Required Documents: Detailed list of documents required for drawing under the credit
3. Schedule C - Authorized Signatories: List of persons authorized to sign drawing requests
4. Schedule D - Bank Contact Details: Contact information for relevant bank departments
5. Appendix 1 - Standard Drawing Instructions: Step-by-step instructions for making a drawing under the credit
6. Appendix 2 - Notice Forms: Standard forms for various notices including non-renewal notice
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Construction
Energy
Mining
Infrastructure
Telecommunications
Retail
Real Estate
Import/Export
Commodities Trading
Transportation and Logistics
Relevant Teams
Legal
Finance
Treasury
Trade Finance
Risk Management
Procurement
Compliance
International Trade
Commercial Banking
Credit Administration
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Trade Finance Manager
Corporate Banking Officer
Credit Manager
Risk Manager
Commercial Banking Officer
International Trade Specialist
Legal Counsel
Procurement Manager
Contract Manager
Financial Controller
Banking Relationship Manager
Compliance Officer
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