At Sight Letters of Credit are fundamental instruments in international trade finance, particularly in Hong Kong's robust financial system. These documents are used when immediate payment is required upon presentation of compliant documents, providing security for both buyers and sellers in cross-border transactions. The At Sight LC structure follows both Hong Kong banking regulations and international UCP 600 rules, making it a preferred choice for transactions requiring prompt payment and strong legal backing. It is particularly relevant in Hong Kong's position as a major international trading hub, where efficient trade finance solutions are essential for facilitating global commerce. The document incorporates all necessary elements for a legally binding commitment from the issuing bank, including detailed specifications for document presentation, payment terms, and compliance requirements.
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1. LC Number and Type: Unique identification number of the LC and specification as At Sight LC
2. Issuing Bank Details: Complete name, address, and SWIFT code of the issuing bank
3. Applicant Details: Full name, address, and contact information of the LC applicant (buyer)
4. Beneficiary Details: Full name, address, and contact information of the LC beneficiary (seller)
5. Currency and Amount: LC amount in figures and words, and specified currency
6. Expiry Date and Place: Clear statement of expiry date and location for document presentation
7. Available With/By: Specification of nominated bank (if any) and manner of availability
8. Partial Shipments/Transhipment: Whether partial shipments and transhipment are allowed or prohibited
9. Loading/Dispatch/Taking in Charge: Port of loading or place of taking in charge
10. Port of Discharge/Final Destination: Final destination or port of discharge
11. Latest Date of Shipment: Final date by which shipment must be made
12. Description of Goods: Clear and precise description of the goods and quantity
13. Required Documents: Detailed list of all required documents for LC presentation
14. Additional Conditions: Any specific conditions or terms applicable to the LC
15. Charges: Specification of which party bears which bank charges
1. Confirmation Instructions: Used when confirmation is requested from another bank
2. Transferability Clause: Include when the LC needs to be transferable to another beneficiary
3. Red Clause: Used when advance payment is to be made available to the beneficiary
4. Green Clause: Include when storage facilities and advance payment are required
5. Insurance Instructions: Used when specific insurance requirements need to be detailed
6. Special Payment Conditions: Include when there are specific requirements for payment release
7. Back-to-Back LC Provisions: Used in cases where a back-to-back LC arrangement is involved
1. Commercial Invoice Requirements: Detailed specifications for invoice preparation and content
2. Packing List Requirements: Specific requirements for packing list preparation
3. Transport Document Requirements: Detailed requirements for bills of lading or other transport documents
4. Product Specifications: Detailed technical specifications of the goods
5. Inspection Certificate Requirements: Specifications for required inspection certificates
6. Document Presentation Schedule: Timeline and requirements for document presentation
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
International Trade
Manufacturing
Import/Export
Shipping & Logistics
Wholesale Trade
Retail
Commodities Trading
Agriculture
Mining
Textiles
Electronics
Chemical Industry
Automotive
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Risk Management
Corporate Banking
Treasury
Compliance
Trade Operations
Credit Administration
International Trade
Legal
Commercial Banking
Relevant Roles
Trade Finance Manager
Documentary Credits Officer
International Banking Officer
Credit Risk Manager
Trade Operations Manager
Import/Export Manager
Treasury Manager
Commercial Banking Officer
Trade Finance Specialist
Compliance Officer
Letter of Credit Administrator
International Trade Specialist
Banking Relationship Manager
Trade Documentation Officer
Chief Financial Officer
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