The Letter of Credit (LC) is a fundamental instrument in international trade finance, providing security and payment assurance to parties involved in cross-border transactions. Under Hong Kong law, an LC Letter of Credit represents a bank's irrevocable commitment to pay the beneficiary (typically the seller) upon presentation of specified documents that comply with the credit terms. This document is essential when parties seek to mitigate trade risks, particularly in international transactions where buyers and sellers may not have established business relationships. The LC incorporates both local Hong Kong banking regulations and internationally recognized practices such as UCP 600, making it a robust tool for trade finance. It is particularly valuable in Hong Kong's context as a major international trading hub, where it facilitates billions of dollars in trade transactions annually. The document specifies key elements including payment terms, document requirements, timeframes, and conditions, providing a secure framework for international trade operations.
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1. Bank Details and Reference: Issuing bank's details, LC reference number, and date of issuance
2. Beneficiary Information: Full name and address of the beneficiary (seller/exporter)
3. Applicant Information: Full name and address of the applicant (buyer/importer)
4. Credit Amount and Currency: The maximum amount of the credit and currency denomination
5. Form of Credit: Whether irrevocable or irrevocable and confirmed
6. Expiry Details: Expiry date and place for presentation of documents
7. Documentary Requirements: List of required documents (e.g., commercial invoice, transport documents, insurance documents)
8. Shipment Terms: Details of shipment including latest shipment date, partial shipments, transhipment provisions
9. Payment Terms: When and how payment will be made (sight, deferred payment, acceptance, negotiation)
10. Special Conditions: Any additional terms or conditions specific to this LC
11. Applicable Rules: Reference to UCP 600 or other applicable rules
1. Transferability Clause: Required if the LC is transferable, specifying terms of transfer
2. Revolving Credit Terms: Needed for revolving LCs, specifying reinstatement terms
3. Red Clause Provisions: For red clause LCs, detailing advance payment terms
4. Back-to-Back Provisions: Required for back-to-back LC arrangements
5. Standby Provisions: Specific terms for standby LCs, including trigger events
6. Green Clause Provisions: For green clause LCs, specifying warehouse receipt requirements
7. Confirmation Instructions: Required when confirmation is requested from another bank
1. Document Requirements Schedule: Detailed specifications for required documents including format and content
2. Fee Schedule: Breakdown of all applicable fees, charges, and commissions
3. Specimen Signatures: Authorized signatures for the issuing bank and any confirming banks
4. Amendment Form: Standard form for requesting amendments to the LC
5. Trade Terms Appendix: Interpretation of trade terms (e.g., Incoterms) applicable to the LC
6. Presentation Schedule: Specific requirements for document presentation including time frames and procedures
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Retail
Commodities Trading
Shipping and Logistics
Agriculture
Electronics
Textiles
Raw Materials
Consumer Goods
Relevant Teams
Trade Finance
International Banking
Treasury
Credit Operations
Trade Operations
Risk Management
Compliance
Legal
Documentary Credits
Financial Control
Relevant Roles
Trade Finance Manager
Documentary Credits Officer
International Trade Specialist
Finance Director
Treasury Manager
Import/Export Manager
Credit Manager
Banking Operations Officer
Trade Operations Manager
Compliance Officer
Risk Manager
Financial Controller
Banking Relationship Manager
Trade Finance Analyst
Documentary Collections Specialist
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