The Revocable Letter of Credit is a specialized financial instrument used in international trade transactions where flexibility in payment terms is required. While less common in modern trade practice due to its revocable nature, this type of LC can be appropriate in specific situations where ongoing trust exists between parties or where regular modifications to trade terms are anticipated. The document, governed by Indian banking regulations and international trade practices, outlines the conditions under which payment will be made to the beneficiary, while explicitly stating the issuing bank's right to modify or cancel the LC Revocable without prior notification. This instrument is typically used in established trading relationships where the risk of revocation is acceptable to the beneficiary, though it offers less security compared to irrevocable LCs.

1. Bank Details and Reference Number: Issuing bank's details, LC reference number, and date of issuance

2. Beneficiary Information: Complete details of the beneficiary including name, address, and banking information

3. Applicant Information: Complete details of the applicant (buyer) including name, address, and contact information

4. Currency and Amount: Specific currency and amount of the Letter of Credit, both in figures and words

5. Availability and Expiry: How and where the credit is available, expiry date, and place of expiry

6. Revocation Terms: Clear statement of revocability and conditions under which the LC may be revoked

7. Documents Required: Detailed list of required documents for presentation

8. Shipment Terms: Details of goods, shipment date, partial shipment/transhipment permissions

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

10. Payment Terms: Specific conditions and timing of payment