The revocable Letter of Credit (LC Revocable) is a specialized trade finance instrument used in international commerce under Philippine jurisdiction. It is typically employed when there is a high degree of trust between trading parties or when flexibility in terms is required, as it can be modified or cancelled by the issuing bank without prior notification to the beneficiary. The document incorporates requirements from Philippine banking regulations, particularly those set by the Bangko Sentral ng Pilipinas, and follows international banking practices under UCP 600. It includes detailed specifications for payment conditions, document requirements, and revocation terms. While less common than irrevocable LCs due to the lower level of security they provide to beneficiaries, revocable LCs can offer advantages in certain trading relationships where flexibility is prioritized over payment security.
Your data doesn't train Genie's AI
You keep IP ownership聽of your information
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
OR
Let 抖阴短视频's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.
1. Issuing Bank Details: Complete name, address, and contact information of the issuing bank
2. Letter of Credit Number: Unique identification number assigned to the LC
3. Date of Issue: Date when the Letter of Credit is issued
4. Beneficiary Information: Complete name and address of the party in whose favor the LC is issued
5. Applicant Information: Complete name and address of the party requesting the LC
6. Currency and Amount: Specified currency and amount of the Letter of Credit
7. Expiry Date: Date and place of expiry of the Letter of Credit
8. Form of Credit: Explicit statement that this is a revocable Letter of Credit
9. Available With: Specification of how and where the credit is available (negotiation, acceptance, etc.)
10. Partial Shipments/Transhipment: Whether partial shipments or transhipment is allowed or prohibited
11. Documents Required: Detailed list of documents required for presentation
12. Goods Description: Brief description of the goods or services covered
13. Revocation Terms: Clear terms and conditions under which the LC may be revoked or modified
14. Bank Charges: Specification of which party bears which bank charges
1. Transfer Conditions: Include when the LC needs to be transferable to a second beneficiary
2. Special Conditions: Any additional terms or conditions specific to this transaction
3. Reimbursement Instructions: Include when specific reimbursement arrangements between banks need to be detailed
4. Credit Confirmation: Include when confirmation from another bank is requested
5. Insurance Requirements: Include when specific insurance requirements need to be detailed beyond standard documentation
6. Red Clause Provisions: Include when advance payment facilities are to be provided to the beneficiary
1. Schedule A - Document Requirements: Detailed list and format of all required documents including specific requirements for each
2. Schedule B - Shipping Terms: Detailed shipping requirements, including ports, modes of transport, and delivery terms
3. Schedule C - Goods Specification: Detailed technical specification of goods or services covered by the LC
4. Appendix 1 - Bank Forms: Standard forms required by the issuing bank for documentation
5. Appendix 2 - Fee Schedule: Detailed breakdown of all applicable bank charges and fees
6. Appendix 3 - Presentation Schedule: Timeline and process for document presentation and examination
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Retail
Wholesale
Commodities Trading
Agriculture
Mining
Textiles
Electronics
Consumer Goods
Industrial Equipment
Shipping and Logistics
Insurance
Relevant Teams
Trade Finance
International Banking
Credit Operations
Risk Management
Legal
Compliance
Treasury
Trade Operations
Documentary Credits
Commercial Banking
Global Transaction Services
Supply Chain Finance
Financial Control
International Business
Relevant Roles
Trade Finance Manager
International Trade Specialist
Documentary Credits Officer
Import/Export Manager
Banking Operations Manager
Compliance Officer
Treasury Manager
Credit Risk Officer
Trade Operations Analyst
Financial Controller
Commercial Banking Officer
International Business Development Manager
Supply Chain Manager
Chief Financial Officer
Legal Counsel
Trade Documentation Specialist
Find the exact document you need
SBLC Letter Of Credit
A Philippine-law governed Standby Letter of Credit that serves as a bank-issued payment guarantee, subject to Philippine banking regulations and international standards.
find out more
Credit Limit Increase Request Letter
A formal letter requesting a credit card limit increase in the Philippines, complying with local banking regulations and including essential financial information for assessment.
find out more
Revocable Lc
A Philippine-governed banking instrument providing a revocable payment guarantee in international trade, subject to Philippine banking regulations and UCP 600.
find out more
Letter Of Credit For Services
A Philippine-compliant banking instrument guaranteeing payment for services upon completion and documentation, regulated by BSP and following UCP 600 guidelines.
find out more
Lc Facility
A Philippine law-governed agreement establishing terms for a bank to issue letters of credit, detailing facility limits, procedures, and party obligations.
find out more
Letter Of Credit Limit
A Philippine-law governed agreement establishing a revolving facility for issuing Letters of Credit up to an approved limit, setting out terms, conditions, and security requirements.
find out more
SBLC As Collateral
Philippine law-governed agreement for using a Standby Letter of Credit as collateral security, compliant with BSP regulations and international banking practices.
find out more
Irrevocable Unconfirmed Letter Of Credit
A Philippine law-governed irrevocable letter of credit document that represents a bank's unchangeable commitment to pay against compliant document presentation.
find out more
Lc Confirming Bank
A Philippine law-governed agreement establishing terms and conditions for a bank's confirmation of a letter of credit, detailing confirmation obligations and risk allocation.
find out more
Irrevocable Documentary Letter Of Credit
A Philippine law-governed irrevocable payment commitment from a bank to a beneficiary, subject to document compliance and UCP 600 rules.
find out more
Marginal Deposit On Letter Of Credit
A Philippine-law governed agreement establishing terms for a marginal deposit as security for a letter of credit facility.
find out more
Lease SBLC
A Philippine law-governed agreement for leasing a Standby Letter of Credit, establishing terms between SBLC provider and lessee while ensuring compliance with local banking regulations.
find out more
Direct Pay Letter Of Credit
A Philippine-law governed banking instrument that provides an irrevocable commitment for direct payment upon presentation of complying documents.
find out more
Personal Letter Of Credit
A bank-issued financial instrument under Philippine banking laws that guarantees payment to a beneficiary upon meeting specified conditions.
find out more
Lc Agreement
A Philippine-law governed agreement establishing terms for issuing and managing a Letter of Credit, compliant with local banking regulations and international practices.
find out more
Letter Of Credit Collection
A Philippine-compliant banking document that facilitates secure payment collection in international trade transactions through standardized banking procedures.
find out more
Lc Issuance
A Philippine-compliant Letter of Credit Issuance document that guarantees payment in international trade transactions, subject to Philippine banking laws and UCP 600 guidelines.
find out more
SBLC DLC
A Philippine-law governed banking instrument providing payment guarantee in international trade, compliant with local banking regulations and international conventions.
find out more
Collateral For Letter Of Credit
A Philippine law-governed agreement establishing security arrangements for a letter of credit facility, detailing collateral provisions and enforcement rights.
find out more
Cash Backed SBLC
A Philippine law-governed agreement establishing terms for a cash-backed Standby Letter of Credit, including collateral requirements and party obligations.
find out more
SBLC Transferable
A transferable Standby Letter of Credit governed by Philippine law, allowing the beneficiary to transfer their rights to receive payment under specified conditions.
find out more
SBLC Non Recourse Loan
A Philippine law-governed agreement for a non-recourse loan facility secured by a Standby Letter of Credit, detailing loan terms and SBLC enforcement mechanisms.
find out more
Loan Against Lc
Philippine law-governed agreement for loan facility secured against a Letter of Credit, detailing lending terms and security arrangements under local banking regulations.
find out more
Letter Of Credit Risk
A Philippine-jurisdiction risk assessment document for letter of credit transactions, complying with BSP regulations and international banking standards.
find out more
Letter Of Credit Fraud
A legal document for reporting and addressing Letter of Credit fraud under Philippine law, structured to meet both domestic legal requirements and international banking standards.
find out more
Letter Of Credit Fee
Philippine-compliant Letter of Credit fee agreement detailing banking charges and payment terms under BSP regulations.
find out more
Letter Of Credit Duration
A Philippine-law governed document specifying the duration terms and validity period of a Letter of Credit, combining local banking regulations with international trade practices.
find out more
Guarantee Letter Of Credit
A bank-issued financial guarantee instrument under Philippine law that provides payment assurance to beneficiaries upon fulfillment of specified conditions.
find out more
SBLC At Sight
A Philippine-law governed standby letter of credit providing immediate payment upon document presentation, combining local banking regulations with international standards.
find out more
Usance Lc Discounting
A Philippine law-governed agreement for discounting usance letters of credit, enabling exporters to obtain immediate financing against future LC payments.
find out more
Revolving SBLC
Philippine law-governed Revolving Standby Letter of Credit agreement establishing a renewable credit facility with automatic reinstatement provisions.
find out more
Payment Against Lc
A Philippine law-governed agreement establishing terms and conditions for Letter of Credit payment arrangements in international trade transactions.
find out more
Non Transferable SBLC
A Philippine law-governed Non-Transferable Standby Letter of Credit providing payment security, subject to BSP regulations and banking practices.
find out more
Non Operative SBLC
A Philippine-law governed Non-Operative Standby Letter of Credit that serves as a contingent banking guarantee, remaining inactive until specific activation conditions are met.
find out more
Credit Card Clearance Letter
An official document issued under Philippine banking regulations that confirms full settlement of credit card debt and account closure.
find out more
Transferable Lc At Sight
A Philippine-compliant banking instrument that provides for immediate payment upon document presentation, with the ability to transfer rights to other beneficiaries.
find out more
Straight Letter Of Credit
A Philippine-compliant banking instrument that provides payment security in international trade through an irrevocable undertaking by a bank to pay against compliant documents.
find out more
Small Business Letter Of Credit
A Philippine law-governed Letter of Credit document tailored for small businesses, providing payment security in international trade transactions while complying with BSP regulations and UCP 600.
find out more
Local Letter Of Credit
A Philippine bank-issued payment guarantee instrument for domestic trade transactions, governed by local banking regulations and BSP guidelines.
find out more
Letter Of Credit 30 Days
A Philippine-compliant banking instrument guaranteeing payment within 30 days of document presentation, commonly used in international trade transactions.
find out more
骋别苍颈别鈥檚 Security Promise
Genie is the safest place to draft. Here鈥檚 how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; 骋别苍颈别鈥檚 AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
.png)