The Unsecured Letter of Credit is a fundamental instrument in international trade finance, particularly relevant under Hong Kong's sophisticated banking system. It is typically used when an applicant (usually a buyer) has a strong creditworthy relationship with their bank, eliminating the need for security against the credit facility. This document is essential when parties seek to facilitate international trade transactions while managing payment risks, especially in cross-border dealings. The letter operates under Hong Kong law and UCP 600, providing detailed terms for payment obligations, document requirements, and compliance conditions. It differs from secured letters of credit as it relies solely on the applicant's creditworthiness rather than specific collateral, making it a more flexible but potentially higher-risk instrument for the issuing bank.
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1. Issuing Bank Details: Complete name, address, and reference numbers of the issuing bank
2. Date and Place of Issue: Clear statement of when and where the letter of credit was issued
3. Credit Number: Unique identification number of the letter of credit
4. Beneficiary Details: Full name and address of the party in whose favor the credit is issued
5. Applicant Details: Full name and address of the party requesting the letter of credit
6. Credit Amount: Currency and amount of the credit, including any tolerance if applicable
7. Credit Type and Availability: How and where the credit is available (payment, acceptance, negotiation)
8. Expiry Date and Place: When and where the credit expires
9. Required Documents: List of documents that must be presented for payment
10. Payment Terms: Specific conditions and timing of payment
11. Governing Law Statement: Clear statement that Hong Kong law governs the letter of credit
1. Transferability Clause: Include when the credit needs to be transferable to another beneficiary
2. Partial Shipments/Drawings: Include when specifying whether partial shipments or drawings are allowed
3. Transhipment Terms: Include when there are specific requirements regarding transhipment
4. Insurance Requirements: Include when specific insurance coverage needs to be specified
5. Special Conditions: Include when there are additional terms or conditions specific to the transaction
6. Assignment of Proceeds: Include when the right to assign proceeds needs to be addressed
7. Back-to-Back Provisions: Include when the credit may be used as support for another letter of credit
1. Schedule of Documents: Detailed list and description of required documents and their specifications
2. Schedule of Goods: Detailed description of the goods or services covered by the letter of credit
3. Schedule of Prices: Breakdown of prices and quantities if applicable
4. Banking Instructions: Specific instructions for handling documents and payments
5. UCP 600 Exceptions: List of any exceptions to UCP 600 rules that apply to this credit
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