Legal Templates
Lc Revocable

Lc Revocable for Switzerland

Lc Revocable Template for Switzerland

A revocable letter of credit under Swiss law is a financial instrument issued by a bank that guarantees payment in international trade transactions, subject to the bank's right to modify or cancel the credit at any time without prior notice to the beneficiary. Governed by Swiss banking regulations and typically aligned with UCP 600 guidelines, this document provides a mechanism for secure international trade while maintaining flexibility for the issuing bank. The Swiss jurisdiction offers a robust legal framework for such instruments, backed by its renowned banking sector and comprehensive commercial laws.

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What is a Lc Revocable?

A Lc Revocable (Revocable Letter of Credit) under Swiss law serves as a fundamental instrument in international trade finance, providing a payment guarantee that can be modified or cancelled by the issuing bank without prior notification. This document type is particularly relevant when flexibility is required in trade arrangements, though it offers less security to the beneficiary compared to irrevocable LCs. Used primarily in international trade transactions, it contains detailed specifications about payment terms, document requirements, and shipping conditions. The document operates within Switzerland's sophisticated banking framework, incorporating both local banking regulations and international standards like UCP 600. While less common than irrevocable LCs, this instrument remains relevant in specific trade scenarios where payment flexibility is prioritized over absolute payment security.

What sections should be included in a Lc Revocable?

1. Letter Reference Number: Unique identification number of the LC

2. Date of Issue: The date when the LC is issued

3. Issuing Bank Details: Complete name and address of the issuing bank

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: Specified currency and amount of the LC

7. Expiry Date: Date and place of expiry of the LC

8. Available With/By: Terms of availability and method of payment

9. Required Documents: List of documents required for presentation

10. Shipment Terms: Details of shipment including latest shipment date if applicable

11. Revocation Terms: Clear statement of revocability and conditions for revocation

12. Presentation Period: Time period within which documents must be presented

What sections are optional to include in a Lc Revocable?

1. Transferability Clause: Include when the LC needs to be transferable to another beneficiary

2. Partial Shipments: Include when specifying whether partial shipments are allowed or prohibited

3. Transhipment: Include when specifying whether transhipment is allowed or prohibited

4. Insurance Coverage: Include when specific insurance requirements need to be detailed

5. Special Conditions: Include when there are additional terms or conditions specific to the transaction

6. Confirmation Instructions: Include when confirmation by another bank is requested or prohibited

What schedules should be included in a Lc Revocable?

1. Schedule A - Document Requirements: Detailed list and format of required documents for presentation

2. Schedule B - Goods Description: Detailed description of the goods or services covered by the LC

3. Schedule C - Payment Terms: Detailed breakdown of payment terms and conditions

4. Appendix 1 - Standard Banking Forms: Standard forms required by the issuing bank for document presentation

5. Appendix 2 - UCP 600 Reference: Relevant UCP 600 articles applicable to this LC

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Jurisdiction

Switzerland

Publisher

Genie AI

Document Type

Letter of Credit

Sector

International Trade

Cost

Free to use
Relevant Industries

Banking & Financial Services

International Trade

Manufacturing

Import/Export

Retail

Commodities Trading

Shipping & Logistics

Agriculture

Technology & Electronics

Textiles & Apparel

Mining & Minerals

Oil & Gas

Relevant Teams

Legal

Finance

International Trade

Treasury

Risk Management

Compliance

Trade Operations

Documentary Credits

Commercial Banking

Credit Administration

Relevant Roles

Trade Finance Manager

International Banking Officer

Credit Manager

Trade Operations Specialist

Documentary Credits Specialist

Import/Export Manager

Treasury Manager

Banking Relationship Manager

Compliance Officer

Risk Manager

Legal Counsel

Financial Controller

Commercial Banking Officer

Trade Finance Analyst

Industries
Swiss Code of Obligations (CO): The primary source of Swiss contract law that governs contractual relationships, including provisions related to commercial letters of credit (Articles 407-411 on mandate relationships)
UCP 600: Uniform Customs and Practice for Documentary Credits - While not law, these ICC rules are widely recognized in Switzerland for LC transactions
Swiss Federal Act on Banks and Savings Banks: Regulates banking activities in Switzerland, including the issuance of letters of credit by Swiss banks
Swiss Federal Act on International Private Law (IPRG): Governs cross-border aspects of commercial transactions, including choice of law and jurisdiction in international LC transactions
Swiss Financial Market Supervision Act (FINMASA): Provides regulatory framework for financial institutions issuing LCs, including supervision and compliance requirements
FINMA Circulars: Regulatory guidance from Swiss Financial Market Supervisory Authority relevant to banking operations including LC issuance
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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