The Evergreen Letter of Credit is designed for situations requiring continuous financial assurance without the need for periodic manual renewals. Common in Singapore's international trade and banking sector, this instrument automatically extends its validity period unless a non-renewal notice is given within a specified timeframe. It operates under Singapore's comprehensive banking laws and international banking practices, including UCP 600 guidelines. The document typically specifies credit amount, renewal terms, cancellation procedures, and documentary requirements, providing a balance between ongoing security and flexibility for all parties involved.
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Key Requirements PROMPT example:
Evergreen Letter Of Credit
"Need an Evergreen Letter of Credit for our Singapore manufacturing subsidiary, with automatic annual renewals and a credit amount of SGD 2 million, allowing for partial drawings and requiring 60 days notice for non-renewal."
1. Letter Details: Date, reference number, and issuing bank details at the top of the document
2. Beneficiary Information: Complete details of the credit beneficiary including full name, address and reference details
3. Credit Amount and Currency: Specified amount and currency of the letter of credit, including any automatic adjustment provisions
4. Automatic Renewal Clause: Terms of automatic renewal specific to evergreen structure, including renewal periods and conditions
5. Documentary Requirements: Required documents for credit utilization and their specific requirements
6. Expiry Provisions: Terms for cancellation and notice periods, including the process for non-renewal
1. Transferability Clause: Optional section specifying whether and how the credit may be transferred to another beneficiary
2. Revolving Terms: Optional section detailing how the credit amount revolves and reinstatement conditions
3. Partial Shipment Terms: Optional section specifying whether partial shipments are allowed and related conditions
1. Schedule of Documents: Detailed list of required documents and their specific formats and requirements
2. Schedule of Fees: Comprehensive breakdown of all applicable banking charges and fees
3. Form of Demand: Standard template for presenting demands under the letter of credit
4. Notice Ƶ: Standard formats for various notices including non-renewal and amendment notices
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