The Revolving Letter of Credit agreement is essential for businesses engaged in recurring international trade transactions under Indian jurisdiction. This document is particularly useful when an importer needs to make regular purchases from the same supplier over an extended period, as it eliminates the need to establish a new Letter of Credit for each transaction. The agreement must comply with Indian banking laws, FEMA regulations, and RBI guidelines while incorporating international UCP 600 standards. It typically includes comprehensive details about credit limits, validity periods, renewal mechanisms, drawing conditions, and documentation requirements. This type of agreement is commonly used in industries with regular import-export cycles and helps streamline trade finance operations while providing security to all parties involved.
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1. Parties: Details of the issuing bank, applicant (buyer), and beneficiary (seller)
2. Background: Context of the trade relationship and purpose of the Letter of Credit facility
3. Definitions: Key terms used throughout the agreement including banking, trade, and financial terms
4. Credit Facility Details: Specification of the revolving credit amount, nature, and purpose
5. Validity and Renewal: Terms regarding the duration of the facility and conditions for renewal
6. Drawing Conditions: Specific conditions and documentation required for drawing under the LC
7. Payment Terms: Terms of payment, including timing and method
8. Bank Charges and Commissions: Details of all applicable fees, charges, and commission structures
9. Documentation Requirements: List of required documents for LC operations and drawings
10. Representations and Warranties: Standard declarations by the applicant regarding their capacity and authority
11. Obligations of Parties: Specific duties and responsibilities of each party
12. Events of Default: Circumstances constituting default and consequent remedies
13. Governing Law and Jurisdiction: Specification of Indian law as governing law and jurisdiction details
1. Multiple Currency Provisions: Required when the LC facility operates in multiple currencies
2. Security Arrangements: Needed when specific collateral or security is required for the LC facility
3. Special Trading Terms: Required for specific trade arrangements or special commodity trading
4. Sub-limit Facilities: When the LC facility includes various sub-limits for different purposes
5. Correspondent Bank Arrangements: Required when involving foreign correspondent banks
6. Force Majeure: Detailed provisions for unforeseen circumstances affecting LC operations
7. Electronic Commerce Provisions: Required when electronic presentation of documents is permitted
1. Schedule 1 - Facility Limits: Detailed breakdown of credit limits and sub-limits
2. Schedule 2 - Fee Structure: Comprehensive list of all applicable fees and charges
3. Schedule 3 - Document Checklist: Detailed list of required documents for different types of transactions
4. Schedule 4 - Standard Forms: Templates for LC application, amendment requests, and other standard forms
5. Schedule 5 - Authorized Signatories: List of authorized persons who can act on behalf of the applicant
6. Appendix A - UCP 600 References: Specific articles of UCP 600 applicable to this facility
7. Appendix B - Compliance Requirements: Details of regulatory compliance requirements under Indian law
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Retail
Agriculture
Commodities Trading
Textiles
Automotive
Electronics
Chemical Industry
Pharmaceutical
Mining and Metals
Energy and Resources
Relevant Teams
Finance
Treasury
International Trade Operations
Legal
Compliance
Procurement
Supply Chain
Risk Management
Trade Documentation
Credit Administration
Relevant Roles
Trade Finance Manager
Import Manager
Export Manager
Chief Financial Officer
Finance Director
Treasury Manager
Banking Relationship Manager
Credit Manager
Trade Operations Officer
Compliance Officer
Legal Counsel
Supply Chain Manager
Procurement Manager
International Trade Specialist
Documentary Credits Specialist
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