Document background
The Evergreen Letter of Credit is a specialized banking instrument used in situations requiring long-term, continuous financial security. It automatically renews for successive periods without the need for periodic amendments, making it particularly suitable for ongoing trade relationships, long-term supply contracts, and recurring commercial transactions. Operating under Irish law and EU regulations, this document provides a stable financial guarantee while incorporating international banking standards through UCP 600. It includes comprehensive provisions for automatic renewal, drawing conditions, termination procedures, and documentary requirements. The evergreen nature distinguishes it from standard Letters of Credit by eliminating the need for regular reissuance, though it maintains provisions for amendment or termination when necessary. This type of document is commonly used in international trade, project financing, and long-term supply contracts where continuous financial security is required.
