The 90 Days Usance Letter of Credit is a crucial trade finance instrument used when buyers require extended payment terms while ensuring sellers receive a secure payment commitment. This document type is particularly relevant in Hong Kong's dynamic international trading environment, where it facilitates trade by providing a structured payment mechanism that bridges the gap between shipment and payment. The document includes detailed specifications about the transaction, payment terms, required documentation, and conditions that must be met for payment. Operating under Hong Kong jurisdiction, it combines local banking regulations with international trade practices, particularly UCP 600 rules. This type of LC is especially valuable in transactions where the buyer needs time to sell the goods before making payment, while the seller receives a bankable commitment.
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1. LC Number and Type: Unique identification number of the LC and specification that this is a 90 Days Usance LC
2. Issuing Bank Details: Complete name and address of the issuing bank
3. Beneficiary Details: Full name and address of the beneficiary (seller/exporter)
4. Applicant Details: Full name and address of the applicant (buyer/importer)
5. Date of Issue: Date when the LC is issued
6. Date of Expiry: Expiration date of the LC
7. Place of Expiry: Location where the LC expires
8. Credit Amount: Currency and maximum amount of the LC
9. Payment Terms: Specification of 90 days usance payment terms and calculation method
10. Partial Shipments: Whether partial shipments are allowed or prohibited
11. Transhipment: Whether transhipment is allowed or prohibited
12. Loading/Dispatch: Port of loading or place of dispatch
13. Destination: Port of discharge or final destination
14. Latest Shipment Date: Final date by which shipment must be made
15. Document Requirements: List of required documents (commercial invoice, transport documents, etc.)
16. Additional Conditions: Any special conditions or requirements
17. Bank Charges: Specification of which party bears which bank charges
1. Confirmation Instructions: Used when confirmation by another bank is required, specifying the confirming bank details
2. Transfer Conditions: Include when the LC is transferable, specifying transfer terms and conditions
3. Back-to-Back Provisions: Used when the LC can be used as collateral for another LC
4. Green Clause: Include when advance payment to the beneficiary is allowed
5. Red Clause: Used when pre-shipment finance is available to the beneficiary
6. Insurance Instructions: Include when specific insurance requirements need to be detailed
7. Special Shipping Marks: Used when specific shipping marks are required on the goods or packaging
1. Document Checklist: Detailed checklist of all required documents and their specific requirements
2. Goods Description Schedule: Detailed description of goods including specifications, quantities, and unit prices
3. Bank Contact Details: Complete contact information for all banks involved in the transaction
4. Documentary Requirements Format: Standard formats or templates for required documents
5. Payment Calculation Schedule: Detailed explanation of how the 90-day payment period is calculated and any applicable interest rates
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