The Release Letter of Credit is a crucial document in international trade finance, particularly within Hong Kong's sophisticated banking system. It is used when parties need to formally terminate or modify obligations under an existing Letter of Credit, whether due to completion of the underlying transaction, mutual agreement to cancel, or modification of trade terms. The document must comply with Hong Kong banking regulations and international standards such as UCP 600. Key information typically includes the original LC details, party information, release terms, and any conditions precedent. This Release Letter of Credit is particularly relevant in Hong Kong's position as a major global financial hub, where it facilitates numerous international trade transactions and provides legal certainty for all parties involved in the LC arrangement.
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1. Letter Head and Date: Bank's letterhead, date, and reference numbers
2. Addressee Details: Full details of the beneficiary/applicant to whom the release letter is addressed
3. Letter of Credit Reference: Complete details of the original LC including number, date, amount, and issuing bank
4. Release Declaration: Clear statement of release of the letter of credit and any claims thereunder
5. Release Amount: Specification of the amount being released, including currency
6. Authorization Statement: Statement confirming the authority to release the LC
7. Execution Block: Signature blocks for authorized signatories
1. Conditional Release Terms: Include when the release is subject to specific conditions that must be met
2. Partial Release Details: Required when only a portion of the LC amount is being released
3. Return of Original LC: Include when the original LC needs to be returned to the issuing bank
4. Consideration Statement: Include when there's a payment or consideration for the release
5. Governing Law Statement: Optional statement specifying Hong Kong law as governing law, typically included in more formal releases
1. Original Letter of Credit: Copy or details of the original LC being released
2. Authorization Evidence: Documents evidencing the authority of signatories (if required)
3. Release Conditions: Detailed list of conditions if release is conditional
4. Related Correspondence: Copies of relevant correspondence or instructions from involved parties
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