The Evergreen Letter of Credit is utilized in situations requiring long-term, continuous documentary credit support for ongoing business relationships. This instrument, governed by Saudi Arabian law and overseen by SAMA, automatically renews for specified periods unless terminated by either party with appropriate notice. It provides security for recurring transactions while reducing the administrative burden of frequent renewals. The document must comply with both international banking practices and Islamic finance principles, making it particularly suitable for use in the Saudi Arabian market. It includes comprehensive terms for automatic renewal, drawing conditions, documentation requirements, and payment mechanisms, while incorporating necessary Shariah-compliant structures. This type of Letter of Credit is particularly valuable for established trading relationships requiring consistent, long-term documentary credit support.
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1. Bank Details and Reference: Issuing bank's details, reference numbers, and date of issuance
2. Beneficiary Information: Complete details of the beneficiary including name, address, and account information
3. Applicant Information: Complete details of the applicant requesting the Letter of Credit
4. Credit Amount and Currency: Specification of the credit amount, currency, and any tolerance levels
5. Automatic Renewal Terms: Terms and conditions for automatic renewal, including renewal period and notification requirements
6. Expiry Conditions: Conditions under which the Letter of Credit will expire or can be terminated
7. Documentation Requirements: List of required documents for drawing under the credit
8. Payment Terms: Terms and conditions for payment, including timing and method
9. Governing Law Statement: Clear statement of Saudi Arabian law governance and Shariah compliance
1. Confirmation Instructions: Used when confirmation by another bank is requested
2. Partial Shipment/Drawing Terms: Include when partial shipments or drawings are permitted
3. Transfer Rights: Include when the credit is transferable
4. Special Conditions: Any special conditions or requirements specific to the transaction
5. Islamic Finance Compliance Details: Detailed Shariah compliance provisions when required by the parties
6. Multiple Currency Provisions: Include when payments in multiple currencies are permitted
1. Schedule A - Required Documents: Detailed list of required documents and their specifications
2. Schedule B - Fee Schedule: Details of all applicable fees, charges, and commission
3. Schedule C - Drawing Schedule: If applicable, schedule of permitted drawing dates and amounts
4. Appendix 1 - Form of Draft: Standard form of draft to be presented for drawing
5. Appendix 2 - Form of Renewal Notice: Standard form for notification of renewal or non-renewal
6. Appendix 3 - SAMA Compliance Checklist: Checklist ensuring compliance with Saudi Arabian Monetary Authority requirements
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
International Trade
Manufacturing
Import/Export
Oil & Gas
Construction
Retail
Wholesale Distribution
Agriculture
Mining
Telecommunications
Healthcare
Energy
Relevant Teams
Trade Finance
International Banking
Treasury
Legal
Compliance
Islamic Banking
Credit Risk
Trade Operations
Documentary Credits
Financial Control
Corporate Banking
Shariah Advisory
Relevant Roles
Trade Finance Manager
International Banking Officer
Chief Financial Officer
Treasury Manager
Finance Director
Trade Operations Manager
Compliance Officer
Islamic Banking Specialist
Credit Risk Manager
Documentary Credits Specialist
Import/Export Manager
Banking Relationship Manager
Legal Counsel
Shariah Compliance Officer
Financial Controller
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