The Evergreen Letter of Credit is a specialized banking instrument designed for ongoing trade relationships requiring continuous payment security. It is particularly relevant in Pakistan's business environment where long-term trade relationships need stable financial backing. The document incorporates provisions from Pakistani banking laws, including the Banking Companies Ordinance 1962 and State Bank of Pakistan regulations, while adhering to international UCP 600 standards. It automatically renews at specified intervals, typically annually, unless a cancellation notice is provided within the stipulated period. This type of Letter of Credit is especially useful for recurring transactions, helping businesses maintain continuous trade relationships without the administrative burden of frequent LC renewals.
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1. Bank Details: Full details of the issuing bank including name, branch, and SWIFT code
2. Credit Number: Unique reference number for the Letter of Credit
3. Date of Issue: The date when the Letter of Credit is issued
4. Applicant Details: Complete information about the applicant/buyer including name, address, and contact information
5. Beneficiary Details: Complete information about the beneficiary/seller including name, address, and banking details
6. Currency and Amount: Specification of the currency and maximum amount of the Letter of Credit
7. Auto-Renewal Terms: Specific terms regarding the automatic renewal feature, including renewal period and conditions
8. Expiry Mechanism: Details of how and when the Letter of Credit can be terminated, including notice requirements
9. Documents Required: List of documents required for presentation and payment
10. Payment Terms: Conditions and timing of payment upon document presentation
11. Governing Law: Specification of Pakistani law as the governing law and reference to UCP 600
1. Transferability Clause: Include when the Letter of Credit needs to be transferable to another beneficiary
2. Revolving Terms: Include when the Letter of Credit needs to revolve in value as well as time
3. Confirmation Instructions: Include when confirmation by another bank is required
4. Partial Shipments: Include when partial shipments need to be specifically allowed or prohibited
5. Red Clause: Include when advance payment provisions are required
6. Force Majeure: Include specific force majeure provisions beyond standard UCP 600 provisions
1. Schedule A - Commercial Terms: Detailed commercial terms including pricing, quantities, and specifications
2. Schedule B - Document Requirements: Detailed list of required documents and their specific format requirements
3. Schedule C - Bank Charges: Breakdown of all applicable bank charges and their allocation between parties
4. Appendix 1 - Standard Presentation Format: Template formats for standard documents required for presentation
5. Appendix 2 - Bank Communication Protocols: Specific procedures for bank-to-bank and bank-to-party communications
Relevant legal definitions
Advising Bank
Anniversary Date
Applicant
Auto-Renewal Period
Banking Day
Beneficiary
Confirmation
Credit
Credit Amount
Documents
Evergreen Period
Expiry Date
Force Majeure
Governing Law
Issuing Bank
Letter of Credit
Negotiating Bank
Non-Renewal Notice
Pakistani Rupee
Presentation
Presenting Bank
Reimbursing Bank
Renewal Date
Required Documents
Sanctioned Country
SWIFT
Termination Notice
UCP 600
Underlying Transaction
Anniversary Date
Applicant
Auto-Renewal Period
Banking Day
Beneficiary
Confirmation
Credit
Credit Amount
Documents
Evergreen Period
Expiry Date
Force Majeure
Governing Law
Issuing Bank
Letter of Credit
Negotiating Bank
Non-Renewal Notice
Pakistani Rupee
Presentation
Presenting Bank
Reimbursing Bank
Renewal Date
Required Documents
Sanctioned Country
SWIFT
Termination Notice
UCP 600
Underlying Transaction
Clauses
Issuance
Auto-Renewal
Credit Amount
Expiry and Termination
Document Presentation
Payment Terms
Bank Charges
Force Majeure
Governing Law
Dispute Resolution
Amendment
Notice Requirements
Compliance with Laws
Foreign Exchange
Documentation Requirements
Bank Communications
Confirmation
Transfer Rights
Disclaimers
Representations and Warranties
Default Events
Severability
Assignment
Entire Agreement
Auto-Renewal
Credit Amount
Expiry and Termination
Document Presentation
Payment Terms
Bank Charges
Force Majeure
Governing Law
Dispute Resolution
Amendment
Notice Requirements
Compliance with Laws
Foreign Exchange
Documentation Requirements
Bank Communications
Confirmation
Transfer Rights
Disclaimers
Representations and Warranties
Default Events
Severability
Assignment
Entire Agreement
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Retail
Wholesale
Commodities Trading
Textiles
Agriculture
Energy
Construction
Mining
Shipping and Logistics
Relevant Teams
Finance
Treasury
International Trade
Trade Finance
Banking Operations
Legal
Compliance
Risk Management
Supply Chain
Procurement
Credit Management
Relevant Roles
Trade Finance Manager
Chief Financial Officer
Finance Director
Treasury Manager
Import Manager
Export Manager
Banking Relations Manager
Corporate Banking Officer
Trade Operations Manager
Credit Risk Manager
Compliance Officer
Documentary Credits Specialist
International Trade Specialist
Financial Controller
Supply Chain Manager
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