A revocable letter of credit (LC Revocable) is a specialized banking instrument used in international trade transactions under Austrian jurisdiction. This document type is particularly relevant when parties seek flexibility in payment arrangements, as it allows the issuing bank to modify or cancel the credit at any time without prior notification to the beneficiary. While less common than irrevocable letters of credit due to the lower level of payment security, it may be suitable for transactions between parties with established relationships or where greater flexibility is required. The document must comply with Austrian banking regulations, EU financial laws, and international banking practices, particularly UCP 600. It contains detailed specifications regarding payment conditions, document requirements, and compliance standards, while operating within the framework of Austrian commercial and banking law.
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1. Bank Details and Reference: Issuing bank's details, LC reference number, and date of issuance
2. Beneficiary Information: Complete name and address of the beneficiary
3. Applicant Information: Complete name and address of the applicant requesting the LC
4. Currency and Amount: Specification of the credit amount and currency
5. Expiry Details: Expiry date and place of the letter of credit
6. Form of Presentation: Requirements for document presentation including location and method
7. Required Documents: Detailed list of documents required for presentation
8. Goods Description: Brief description of the goods or services covered
9. Shipment Terms: Latest shipment date and any specific shipping requirements
10. Payment Terms: Specification of payment terms and conditions
11. Revocation Clause: Specific terms regarding the bank's right to revoke the credit
1. Partial Shipments: Include when specifying whether partial shipments are allowed or prohibited
2. Transhipment: Include when specific transhipment requirements need to be addressed
3. Insurance Coverage: Include when specific insurance requirements need to be detailed
4. Special Conditions: Include when additional terms or conditions specific to the transaction are required
5. Transfer Provisions: Include when the credit may need to be transferable
6. Back-to-Back Provisions: Include when back-to-back LC arrangements are contemplated
7. Discrepancy Fees: Include when specific fees for document discrepancies need to be outlined
1. Schedule A - Document Requirements: Detailed specifications for each required document including format and content requirements
2. Schedule B - Technical Specifications: Detailed technical specifications of goods or services when applicable
3. Schedule C - Shipping Schedule: Detailed shipping timeline and requirements if complex arrangements are involved
4. Appendix 1 - Standard Banking Forms: Standard forms required by the issuing bank for document presentation
5. Appendix 2 - Fee Schedule: Detailed breakdown of all applicable banking fees and charges
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