The Acceptance Letter of Credit (LC) is a crucial trade finance instrument used in international commerce, particularly relevant under Hong Kong's robust financial regulatory framework. This document is typically employed when a buyer needs to provide payment security to a seller in international trade transactions, while also requiring time to pay. The Acceptance LC differs from a sight LC as it involves the bank accepting time drafts or bills of exchange for payment at a future date, usually 30, 60, or 90 days after presentation of compliant documents. The document must comply with both Hong Kong banking regulations and international standards like UCP 600, making it a secure and standardized instrument for trade finance. It's particularly valuable when dealing with new trading partners or in situations requiring formal bank-backed payment assurance with deferred payment terms.
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1. Bank Details and Reference: Issuing bank's details, LC reference number, and date of issuance
2. Beneficiary Information: Complete name and address of the beneficiary of the LC
3. Applicant Information: Complete name and address of the party requesting the LC
4. Currency and Amount: Specified currency and amount of the LC, both in figures and words
5. Availability and Expiry: How and where the credit is available, expiry date and place
6. Shipment Terms: Latest shipment date, port of loading/discharge, partial shipments/transshipment conditions
7. Document Requirements: List of required documents (commercial invoice, transport documents, insurance documents, etc.)
8. Payment Terms: Specific terms of acceptance, maturity date, and payment conditions
9. Special Conditions: Any additional terms and conditions specific to this LC
10. Applicable Rules: Reference to UCP 600 and other applicable rules
1. Revolving Terms: Include when the LC is revolving, specifying reinstatement conditions
2. Transfer Rights: Include when the LC is transferable, specifying transfer conditions
3. Red Clause Provisions: Include for red clause LCs, specifying advance payment terms
4. Back-to-Back Provisions: Include for back-to-back LCs, specifying related credit details
5. Confirmation Instructions: Include when confirmation is requested from another bank
6. Green Clause Provisions: Include for green clause LCs, specifying warehouse receipt requirements
1. Document Checklist: Detailed checklist of all required documents and their specifications
2. Commercial Invoice Template: Prescribed format for the commercial invoice if required
3. Price Schedule: Detailed breakdown of prices if multiple items or shipments are involved
4. Shipping Schedule: Timeline for shipments if multiple deliveries are involved
5. Bank Contact Details: Complete contact information for all banks involved in the transaction
6. Amendment Form: Standard form for requesting amendments to the LC
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Wholesale Trading
Retail
Commodities Trading
Shipping and Logistics
Agriculture
Mining and Resources
Textiles
Electronics
Industrial Equipment
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Treasury
Risk Management
Compliance
Financial Control
Operations
Legal
Credit Analysis
Customer Relations
Supply Chain
Finance
Relevant Roles
Trade Finance Manager
International Banking Officer
Documentary Credits Specialist
Import/Export Manager
Treasury Manager
Trade Operations Officer
Credit Risk Officer
Compliance Officer
Financial Controller
Trade Finance Analyst
Banking Relationship Manager
Supply Chain Manager
Chief Financial Officer
International Trade Specialist
Documentary Collections Officer
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