The Revocable LC (Letter of Credit) is a specialized financial instrument used in international trade transactions under Pakistani jurisdiction. While less common than irrevocable LCs due to the lower level of security for beneficiaries, a Revocable LC provides flexibility for the issuing bank and applicant in situations where trade conditions are volatile or when dealing with highly trusted trading partners. This document type is particularly relevant when parties need to maintain adaptability in their trade arrangements while still working within a structured banking framework. The document incorporates elements from Pakistani banking laws, the Contract Act 1872, and international UCP 600 guidelines, detailing the conditions under which the bank may revoke or modify the credit, along with standard trade terms such as shipping requirements, document presentations, and payment conditions.
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1. Letter of Credit Number and Date: Unique identification number and issuance date of the LC
2. Applicant Details: Complete details of the buyer/importer requesting the LC
3. Beneficiary Details: Complete details of the seller/exporter who will receive payment under the LC
4. Issuing Bank Details: Information about the bank issuing the LC
5. Amount and Currency: The credit amount and currency of payment
6. Expiry Date: Date and place of expiry of the LC
7. Shipment Terms: Latest shipment date and delivery terms (Incoterms)
8. Document Requirements: List of required documents for LC payment
9. Goods Description: Detailed description of goods being traded
10. Payment Terms: Conditions and timing of payment
11. Revocation Clause: Specific terms regarding the bank's right to revoke or modify the LC
1. Advising Bank Details: Details of the intermediary bank, used when LC needs to be advised through another bank
2. Transhipment Terms: Include when partial shipments or transhipment are allowed/prohibited
3. Insurance Requirements: Specific insurance requirements, included when required by shipment terms
4. Special Conditions: Any additional terms or conditions specific to the transaction
5. Bank Charges Distribution: Specification of which party bears which bank charges, if different from standard practice
1. Schedule A - Document Checklist: Detailed checklist of all required documents with specific requirements
2. Schedule B - Goods Specification: Detailed technical specifications of goods when complex products are involved
3. Appendix 1 - UCP 600 References: Relevant articles of UCP 600 applicable to this LC
4. Appendix 2 - Bank's Standard Terms: Standard terms and conditions of the issuing bank
Relevant legal definitions
Advising Bank
Applicant
Banking Day
Beneficiary
Bill of Lading
Commercial Invoice
Credit
Documents
Draft/Bill of Exchange
Expiry Date
Goods
Insurance Certificate
Issuing Bank
Letter of Credit
Negotiating Bank
Packing List
Payment Terms
Presentation
Revocation
Shipment
Shipping Documents
UCP 600
Contract Act 1872
State Bank of Pakistan
Foreign Exchange Manual
Incoterms
Force Majeure
Material Adverse Change
Port of Loading
Port of Discharge
Applicant
Banking Day
Beneficiary
Bill of Lading
Commercial Invoice
Credit
Documents
Draft/Bill of Exchange
Expiry Date
Goods
Insurance Certificate
Issuing Bank
Letter of Credit
Negotiating Bank
Packing List
Payment Terms
Presentation
Revocation
Shipment
Shipping Documents
UCP 600
Contract Act 1872
State Bank of Pakistan
Foreign Exchange Manual
Incoterms
Force Majeure
Material Adverse Change
Port of Loading
Port of Discharge
Clauses
Issuance and Value
Revocation Rights
Document Requirements
Payment Terms
Bank Obligations
Applicant Obligations
Beneficiary Rights
Document Examination
Shipping Terms
Force Majeure
Governing Law
Dispute Resolution
Bank Charges
Notices
Assignment
Amendment Procedure
Expiry and Termination
Compliance with Laws
Anti-Money Laundering
Sanctions Compliance
Document Presentation
Disclaimers and Limitations
Default Events
Indemnification
Severability
Revocation Rights
Document Requirements
Payment Terms
Bank Obligations
Applicant Obligations
Beneficiary Rights
Document Examination
Shipping Terms
Force Majeure
Governing Law
Dispute Resolution
Bank Charges
Notices
Assignment
Amendment Procedure
Expiry and Termination
Compliance with Laws
Anti-Money Laundering
Sanctions Compliance
Document Presentation
Disclaimers and Limitations
Default Events
Indemnification
Severability
Relevant Industries
Banking & Financial Services
International Trade
Import/Export
Manufacturing
Retail
Commodities Trading
Agriculture
Textiles
Electronics
Automotive
Mining
Construction
Shipping & Logistics
Relevant Teams
Trade Finance
International Banking
Legal
Compliance
Risk Management
Treasury
Operations
Documentation
Supply Chain
Procurement
Shipping & Logistics
Relevant Roles
Trade Finance Manager
International Trade Specialist
Import/Export Coordinator
Banking Operations Manager
Letter of Credit Specialist
Trade Documentation Officer
Compliance Officer
Risk Manager
Treasury Manager
Finance Director
Supply Chain Manager
Procurement Manager
Shipping Manager
Legal Counsel
Credit Controller
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