We present the current estimate of instrumental and systematic effect uncertainties for the Planck-Low Frequency Instrument relevant to the first release of the Planck cosmological results. We give an overview of the main effects and of the tools and methods applied to assess residuals in maps and power spectra. We also present an overall budget of known systematic effect uncertainties, which are dominated by sidelobe straylight pick-up and imperfect calibration. However, even these two effects are at least two orders of magnitude weaker than the cosmic microwave background fluctuations as measured in terms of the angular temperature power spectrum. A residual signal above the noise level is present in the multipole range l < 20, most notably at 30GHz, and is probably caused by residual Galactic straylight contamination. Current analysis aims to further reduce the level of spurious signals in the data and to improve the systematic effects modelling, in particular with respect to straylight and calibration uncertainties.