An Evergreen Letter of Credit is a specialized banking instrument used in international trade and commercial transactions where ongoing financial security is required. It automatically renews for successive periods unless specific notice of non-renewal is given by the issuing bank. This type of document is particularly useful for long-term supply contracts or recurring trade relationships where continuous security is needed. Being governed by Hong Kong law, it operates within one of Asia's premier financial centers and benefits from Hong Kong's robust legal framework and banking regulations. The document typically includes detailed provisions for automatic renewal, drawing conditions, documentation requirements, and termination procedures, while ensuring compliance with both local banking regulations and international banking practices under UCP 600.
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1. Bank Details and Reference: Issuing bank's details, reference numbers, and date
2. Beneficiary Information: Complete details of the beneficiary including name, address, and account information
3. Applicant Information: Complete details of the applicant including name, address, and account information
4. Credit Amount and Currency: Specification of the maximum credit amount and currency
5. Automatic Extension Clause: Terms of the evergreen feature including extension period and notification requirements
6. Expiry Mechanism: Conditions and process for termination or non-extension of the credit
7. Drawing Terms: Conditions and documentation required for drawing under the credit
8. Governing Law and Jurisdiction: Specification of Hong Kong law and jurisdiction
9. UCP 600 Application: Statement of application of UCP 600 rules
1. Revolving Terms: Include when the credit is both evergreen and revolving, specifying reinstatement terms
2. Transfer Rights: Include when the credit needs to be transferable to other beneficiaries
3. Special Instructions: Include when there are specific presentation or processing requirements
4. Electronic Presentation: Include when allowing for electronic presentation of documents
5. Force Majeure Provisions: Include when specific force majeure terms are required beyond standard UCP provisions
1. Required Documents: Detailed list of required documents for drawing under the credit
2. Form of Demand: Standard format for presentation of demands under the credit
3. Fee Schedule: Details of all applicable fees, charges, and commission
4. Amendment Request Format: Standard format for requesting amendments to the credit
5. Authorized Signatories: List of authorized signatories and specimen signatures
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Retail
Wholesale
Commodities Trading
Construction
Energy
Shipping and Logistics
Agriculture
Relevant Teams
Legal
Finance
Treasury
Trade Operations
Risk Management
Compliance
Commercial Banking
International Trade
Documentary Credits
Corporate Banking
Relevant Roles
Trade Finance Manager
Corporate Banking Officer
Chief Financial Officer
Treasury Manager
Finance Director
Import/Export Manager
Trade Operations Manager
Documentary Credits Specialist
Banking Relationship Manager
Compliance Officer
Legal Counsel
Risk Manager
Commercial Banking Officer
International Trade Specialist
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