LC Revocable for Singapore

LC Revocable Template for Singapore

A Revocable Letter of Credit under Singapore law is a financial instrument that provides a conditional payment guarantee from a bank to a beneficiary, which can be cancelled or modified by the issuing bank without prior notice. Governed by Singapore's Banking Act and international UCP 600 rules, it offers less security than irrevocable LCs but provides more flexibility for the issuing bank and applicant. The document typically includes terms of payment, documentation requirements, and specific conditions under which the credit may be revoked.

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What is a LC Revocable?

The Revocable LC is utilized in international trade transactions where flexibility in payment arrangements is required. While less common than irrevocable LCs, this type of credit instrument allows the issuing bank to modify or cancel the credit at any time without prior notification to the beneficiary. Under Singapore law, the LC Revocable must comply with both local banking regulations and international banking practices (UCP 600). It serves as a payment assurance tool while maintaining the option to adapt to changing circumstances in the underlying transaction.

What sections should be included in a LC Revocable?

1. Bank Details: Issuing bank's complete details including name, branch, reference numbers, and contact information

2. Applicant Details: Full details of the party requesting the LC including name, address, and contact information

3. Beneficiary Details: Complete information of the party in whose favor the LC is issued including name, address, and bank account details

4. Credit Amount and Currency: Specific value and currency of the letter of credit

5. Validity Period: Expiry date and place of the letter of credit

6. Revocation Terms: Specific conditions and procedures under which the LC can be revoked by the issuing bank

7. Presentation Requirements: Details of required documents and conditions for presentation

What sections are optional to include in a LC Revocable?

1. Partial Shipments/Drawings: Terms regarding whether partial shipments or drawings are allowed or prohibited

2. Transhipment Conditions: Terms and conditions regarding allowed transhipment points and procedures

3. Special Instructions: Any additional terms, conditions, or requirements specific to this LC

4. Confirmation Instructions: Instructions regarding confirmation of the LC by another bank, if applicable

What schedules should be included in a LC Revocable?

1. Schedule A - Required Documents: Detailed list of all documents required for presentation under the LC

2. Schedule B - Fee Schedule: Comprehensive breakdown of all applicable banking charges and fees

3. Schedule C - Standard Banking Forms: Required bank forms and authorizations for LC processing

4. Schedule D - UCP 600 References: Relevant articles and provisions from UCP 600 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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Relevant legal definitions

Clauses

Relevant Industries

International Trade
Manufacturing
Banking
Logistics

Relevant Teams

Finance
Treasury
International Trade
Legal
Operations

Relevant Roles

Trade Finance Manager
Treasury Manager
Import/Export Manager
Credit Controller

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Freely Negotiable Letter Of Credit

A Singapore-law governed bank payment instrument that can be negotiated at any bank, providing secure payment in international trade.

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What is a LC Revocable?

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What sections are optional to include in a LC Revocable?

What schedules should be included in a LC Revocable?

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