The Confirmed LC is a crucial document in international trade finance, particularly valued in transactions where additional security is required due to country risk or commercial considerations. Used extensively under Hong Kong law, which provides a robust legal framework for international banking transactions, the Confirmed LC adds a second bank's guarantee to the issuing bank's commitment. This type of document is especially relevant when trading with parties in countries with higher economic or political risk, or when the beneficiary requires additional assurance of payment. The Confirmed LC contains specific terms regarding document presentation, payment conditions, and timing requirements, all governed by both local Hong Kong banking regulations and international UCP 600 rules. It is particularly important in cross-border transactions where the beneficiary seeks additional security beyond the issuing bank's undertaking.
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1. LC Number and Reference: Unique identification number and reference for the Letter of Credit
2. Date of Issuance: The date when the LC is issued
3. Issuing Bank Details: Complete name and address of the issuing bank
4. Confirming Bank Details: Complete name and address of the confirming bank
5. Applicant Details: Full name and address of the party requesting the LC (typically the buyer)
6. Beneficiary Details: Full name and address of the party in whose favor the LC is issued (typically the seller)
7. Currency and Amount: The currency and amount of the LC, both in figures and words
8. Expiry Date and Place: The expiration date and location where documents must be presented
9. Available With/By: Specification of where and how the LC is available (payment, acceptance, or negotiation)
10. Partial Shipments/Transhipment: Whether partial shipments and transhipment are allowed or prohibited
11. Required Documents: Detailed list of documents required for presentation
12. Shipment Terms: Details of shipment including latest shipment date and destination
13. Description of Goods/Services: Brief description of the goods or services covered by the LC
1. Special Payment Conditions: Used when there are specific payment terms or conditions beyond standard sight or time payment
2. Transfer Conditions: Include when the LC is transferable and specify the terms of transfer
3. Back-to-Back Provisions: Required when the LC is part of a back-to-back arrangement
4. Red Clause Provisions: Include when advance payment is permitted under the LC
5. Revolving Terms: Used when the LC is revolving, specifying the reinstatement conditions
6. Green Clause Provisions: Include when storage of goods is involved with advance payment
7. Insurance Requirements: Additional insurance requirements beyond standard coverage
8. Special Certification Requirements: When specific certifications or authentications are required
1. Schedule A - Commercial Invoice Requirements: Detailed requirements for the commercial invoice presentation
2. Schedule B - Transport Document Requirements: Specific requirements for bills of lading or other transport documents
3. Schedule C - Insurance Document Requirements: Detailed requirements for insurance documents if required
4. Schedule D - Additional Document Requirements: Requirements for any additional documents specific to the transaction
5. Appendix 1 - UCP 600 Incorporation: Specific articles of UCP 600 incorporated by reference
6. Appendix 2 - Bank Service Charges: Detailed breakdown of banking charges and their allocation
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