A Revolving Letter of Credit is commonly used in situations involving regular, repeated shipments between the same parties. This instrument, governed by Singapore law, eliminates the need to issue separate letters of credit for each transaction, thereby reducing administrative burden and costs. The document specifies the revolving terms, maximum drawing amount, and renewal conditions, making it particularly suitable for established trading relationships with regular payment cycles. Singapore's well-developed legal framework and adherence to international banking practices make it a preferred jurisdiction for such trade finance instruments.
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1. L/C Number and Date: Unique identification number and issuance date of the Letter of Credit
2. Issuing Bank Details: Complete details of the bank issuing the Letter of Credit
3. Applicant Details: Full name, address and contact details of the party requesting the Letter of Credit
4. Beneficiary Details: Full name, address and contact details of the party in whose favor the L/C is issued
5. Credit Amount and Currency: Maximum amount of the credit and currency denomination
6. Revolving Terms and Conditions: Specific terms of how the credit revolves including frequency, basis (time/value), and reinstatement conditions
7. Availability and Expiry: Terms of credit availability, expiry date, and place for presentation
8. Payment Terms: Specified payment terms including sight, deferred payment, or acceptance
1. Transferability Clause: Optional clause to be included when the L/C needs to be transferable to another beneficiary
2. Red Clause Provisions: Optional section for when advance payments are permitted under the L/C
3. Green Clause Provisions: Optional section specifying storage provisions and warehouse arrangements
4. Confirmation Instructions: Optional section when confirmation from another bank is required
1. Schedule A - Required Documents: Comprehensive list of documents required for drawing under the L/C
2. Schedule B - Goods Description: Detailed description of goods or services covered by the L/C
3. Schedule C - Shipping Terms: Specific shipping requirements, Incoterms, and partial shipment/transshipment conditions
4. Schedule D - Special Conditions: Any additional terms, conditions, or requirements specific to this L/C
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