The Evergreen Letter of Credit is a sophisticated banking instrument used in situations requiring long-term, continuous payment security, particularly in international trade and ongoing commercial relationships. This document, governed by Swiss law, combines the stability of Switzerland's banking regulations with international banking practices to create a self-renewing payment guarantee. It automatically extends for successive periods without requiring formal amendments, making it particularly suitable for recurring transactions or long-term supply contracts. The document includes detailed provisions for the automatic renewal mechanism, drawing conditions, and termination procedures, while ensuring compliance with Swiss banking regulations and the UCP 600 rules. It provides essential security for beneficiaries while giving applicants flexibility through structured non-renewal options.
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1. Letter Header and Date: Formal letterhead of the issuing bank, date of issuance, and LC reference number
2. Applicant Details: Full legal name and address of the party requesting the Letter of Credit
3. Beneficiary Details: Full legal name and address of the party in whose favor the Letter of Credit is issued
4. Credit Amount and Currency: Specification of the maximum amount and currency of the Letter of Credit
5. Automatic Renewal Clause: Specific terms of the evergreen feature, including renewal periods and conditions
6. Expiry Mechanism: Details of how and when the LC can be terminated, including notice periods for non-renewal
7. Drawing Terms and Conditions: Specific conditions and documentation required for drawing under the LC
8. Governing Law and Jurisdiction: Clear statement of Swiss law as governing law and relevant jurisdiction
9. Bank's Undertaking: The bank's commitment and obligations under the Letter of Credit
10. Authorization and Signatures: Official bank signatures and authorization details
1. Transferability Clause: Include when the LC needs to be transferable to another beneficiary
2. Partial Drawings: Include when multiple partial drawings are to be permitted
3. Special Payment Conditions: Include when specific payment terms or conditions apply
4. Force Majeure Provisions: Include when specific force majeure terms need to be addressed
5. Anti-Money Laundering Declarations: Include when required by specific regulatory requirements or bank policies
6. Electronic Presentation Terms: Include when electronic presentation of documents is permitted
1. Schedule A - Required Documents: Detailed list of documents required for drawing under the LC
2. Schedule B - Drawing Certificate Format: Standard format for drawing certificates to be presented
3. Schedule C - Notice Forms: Standard forms for various notices (renewal, non-renewal, amendment)
4. Appendix 1 - Fee Schedule: Detailed breakdown of all applicable fees and charges
5. Appendix 2 - Bank Contact Details: List of relevant bank contacts and departments for various purposes
6. Appendix 3 - Document Presentation Guidelines: Detailed guidelines for document presentation and examination
Authors
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Banking and Financial Services
International Trade
Import/Export
Manufacturing
Commodities Trading
Retail
Energy
Construction
Shipping and Logistics
Agriculture
Relevant Teams
Legal
Finance
Treasury
Trade Operations
Risk Management
Compliance
International Trade
Banking Operations
Commercial Operations
Credit Administration
Relevant Roles
Trade Finance Manager
Chief Financial Officer
Treasury Manager
Import/Export Manager
Banking Relationship Manager
Documentary Credits Specialist
Legal Counsel
Compliance Officer
Risk Manager
Finance Director
Trade Operations Manager
Commercial Director
Banking Operations Manager
International Trade Specialist
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