The Revocable Letter of Credit (LC) is a specialized banking instrument used in international trade transactions under Qatar law. This document type is utilized when parties require a payment guarantee mechanism that maintains flexibility for the issuing bank to modify or cancel the credit. While less common than irrevocable LCs due to the lower security they offer to beneficiaries, revocable LCs can be appropriate in certain scenarios, particularly in established trading relationships or when flexibility is prioritized over payment security. The document incorporates essential elements required by Qatar banking regulations, including detailed specifications of the transaction, document requirements, and payment terms. Operating within Qatar's legal framework and adhering to international banking practices (UCP 600), this instrument facilitates international trade while maintaining compliance with local banking and commercial laws.
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1. LC Number and Type: Unique identification number and clear indication that this is a revocable LC
2. Issuing Bank Details: Complete name and address of the issuing bank
3. Date of Issuance: Date when the LC is issued
4. Applicant Details: Full name and address of the party requesting the LC
5. Beneficiary Details: Full name and address of the party in whose favor the LC is issued
6. Currency and Amount: Currency and amount of the LC in both figures and words
7. Expiry Date: Clear statement of expiry date and place
8. Revocation Terms: Specific conditions under which the LC can be revoked or modified
9. Document Requirements: List of required documents for LC presentation
10. Shipment Terms: Details of shipment including latest shipment date if applicable
11. Payment Terms: Conditions and timing of payment
12. Governing Law Statement: Clear statement that the LC is governed by Qatar law
1. Partial Shipments: Include when partial shipments are allowed or prohibited
2. Transhipment: Include when transhipment conditions need to be specified
3. Insurance Requirements: Include when specific insurance coverage needs to be detailed
4. Special Conditions: Include when there are additional terms specific to the transaction
5. Transfer Conditions: Include when the LC needs to be transferable
6. Bank-to-Bank Reimbursement: Include when specific reimbursement arrangements between banks need to be detailed
1. Document Checklist: Detailed list of required documents with specific format requirements
2. Goods Description Schedule: Detailed description of goods or services covered by the LC
3. Price Schedule: Breakdown of prices if multiple items or services are involved
4. Shipping Schedule: Detailed shipping requirements and timelines if applicable
5. Bank Instructions: Specific instructions for handling documents and payments
6. UCP 600 Compliance Checklist: Reference guide ensuring compliance with UCP 600 requirements
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Retail
Energy and Resources
Construction
Agriculture
Automotive
Textile and Garments
Electronics and Technology
Oil and Gas
Chemical and Petrochemical
Logistics and Transportation
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Treasury Operations
Credit Risk
Compliance
Legal
Trade Operations
Banking Operations
Financial Control
International Trade
Documentary Collections
Relevant Roles
Trade Finance Manager
Documentary Credits Officer
International Banking Officer
Treasury Manager
Import/Export Manager
Trade Operations Specialist
Compliance Officer
Credit Risk Manager
Banking Operations Manager
Financial Controller
Trade Finance Specialist
Letter of Credit Analyst
International Trade Specialist
Banking Relationship Manager
Documentary Collections Officer
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