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Letter Of Credit 30 Days for Hong Kong

Letter Of Credit 30 Days Template for Hong Kong

A Letter of Credit with 30-day payment terms is a formal banking instrument governed by Hong Kong law and international banking practices (UCP 600), providing a secure payment mechanism in international trade. This document represents a bank's irrevocable commitment to pay the seller/exporter within 30 days of presenting compliant documents, subject to all terms and conditions being met. The document incorporates specific Hong Kong regulatory requirements while adhering to international banking standards, making it particularly suitable for transactions involving Hong Kong-based entities or cross-border trade through Hong Kong's financial system.

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Letter Of Credit 30 Days

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What is a Letter Of Credit 30 Days?

The Letter of Credit 30 Days is a crucial trade finance instrument used in international commerce where the buyer's bank provides a guaranteed payment commitment to the seller, payable 30 days after presentation of compliant documents. This document type is particularly relevant in Hong Kong's business environment, where it facilitates secure international trade transactions while complying with both local regulations and international banking standards (UCP 600). It offers protection to both parties by ensuring the seller receives payment upon fulfilling documentary requirements and gives the buyer a 30-day payment term from document presentation. The document includes specific details about the transaction, documentary requirements, payment terms, and conditions that must be met for payment release. It's commonly used in Hong Kong's trading environment due to the territory's position as a major international financial and trading hub, with its legal framework supporting efficient trade finance operations.

What sections should be included in a Letter Of Credit 30 Days?

1. Letter Reference Number: Unique LC identification number assigned by the issuing bank

2. Date of Issue: The date when the LC is issued

3. Credit Type: Specification that this is an irrevocable LC with 30-day payment terms

4. Applicant Details: Full name and address of the buyer/importer requesting the LC

5. Beneficiary Details: Full name and address of the seller/exporter in whose favor the LC is issued

6. Currency and Amount: The currency and maximum amount for which the LC is valid

7. Available With/By: Specifies the bank with which the credit is available and the manner of availability

8. Expiry Date: The final date for presentation of documents

9. Place of Expiry: Location where documents must be presented

10. Payment Terms: Specification of 30-day payment terms and conditions

11. Documentary Requirements: List of required documents for LC settlement

12. Shipment Terms: Details of shipment including latest shipment date and partial shipments/transhipment conditions

13. Description of Goods: Detailed description of the goods being traded

What sections are optional to include in a Letter Of Credit 30 Days?

1. Transfer Conditions: Include when the LC needs to be transferable to a second beneficiary

2. Back-to-Back Provisions: Include when the LC allows for back-to-back credit arrangements

3. Green Clause: Include when advance payment is permitted against warehouse receipts

4. Red Clause: Include when advance payment is permitted without initial documentation

5. Revolving Conditions: Include when the LC is revolving in value or time

6. Special Instructions: Include when there are additional bank-specific or transaction-specific requirements

What schedules should be included in a Letter Of Credit 30 Days?

1. Schedule A - Document Checklist: Detailed checklist of all required documents and their specific requirements

2. Schedule B - Goods Specification: Detailed technical specifications of the goods when too lengthy for main LC text

3. Schedule C - Special Payment Instructions: Detailed payment procedures and banking coordinates

4. Appendix 1 - UCP 600 Disclaimer: Standard disclaimers and applicable UCP 600 articles

5. Appendix 2 - Amendment Format: Standard format for future amendments to the LC if needed

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Hong Kong

Publisher

Ƶ

Document Type

Letter of Credit

Cost

Free to use
Relevant legal definitions



































Clauses


























Relevant Industries

Banking and Financial Services

International Trade

Manufacturing

Import/Export

Retail

Wholesale

Commodities Trading

Shipping and Logistics

Agriculture

Mining and Resources

Textiles

Electronics

Automotive

Relevant Teams

Trade Finance

International Banking

Treasury

Compliance

Risk Management

Operations

Legal

Supply Chain

Procurement

Finance

Credit Administration

Documentary Credits

Relevant Roles

Trade Finance Manager

Import/Export Manager

Chief Financial Officer

Treasury Manager

Banking Relationship Manager

Documentary Credits Specialist

International Trade Specialist

Compliance Officer

Financial Controller

Supply Chain Manager

Procurement Manager

Credit Risk Manager

Trade Operations Officer

Letter of Credit Analyst

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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