The Irrevocable Unconfirmed Letter of Credit is a crucial financial instrument used in international trade transactions under Hong Kong law. It serves as a secure payment method where the issuing bank makes an irrevocable commitment to pay the seller (beneficiary) upon presentation of specified documents that comply with the credit terms. This document type is particularly valuable when parties are in different countries and need a secure payment mechanism. The unconfirmed nature means that only the issuing bank's payment undertaking is involved, without additional confirmation from another bank. The document must comply with both Hong Kong banking regulations and international standards (UCP 600), making it a robust tool for cross-border trade finance. It includes detailed terms regarding payment conditions, documentary requirements, timeframes, and compliance standards.
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1. Issuing Bank Details: Full name, address, and reference number of the issuing bank
2. Letter of Credit Number: Unique identification number of the LC
3. Date of Issue: Date when the Letter of Credit is issued
4. Applicant Details: Full name and address of the party requesting the Letter of Credit (typically the buyer)
5. Beneficiary Details: Full name and address of the party in whose favor the LC is issued (typically the seller)
6. Currency and Amount: Specified currency and maximum amount available under the LC
7. Expiry Date and Place: Final date and location where documents must be presented
8. Documentary Requirements: Detailed list of required documents for presentation
9. Shipment Terms: Latest shipment date and specific shipping requirements
10. Payment Terms: Conditions and timing of payment, including any negotiation or deferred payment terms
11. Governing Law and Jurisdiction: Specification of Hong Kong law and jurisdiction
12. UCP 600 Declaration: Statement that the LC is subject to UCP 600
1. Transferability Clause: Include when the LC needs to be transferable to another beneficiary
2. Partial Shipments/Drawings: Include when specifying whether partial shipments or drawings are allowed or prohibited
3. Transhipment Conditions: Include when specific transhipment requirements need to be detailed
4. Red Clause: Include when advance payment to the beneficiary is to be allowed
5. Green Clause: Include when storage of goods at destination is required prior to payment
6. Special Conditions: Include when there are additional requirements specific to the transaction
7. Banking Charges Distribution: Include when there's a specific agreement about how banking charges are to be distributed
1. Schedule A - Document Requirements: Detailed checklist of required documents and their specific requirements
2. Schedule B - Authorized Signatures: Specimen signatures of authorized bank officers
3. Schedule C - Amendment Procedures: Procedures for requesting and processing amendments to the LC
4. Appendix 1 - Presentation Schedule: Timeline and deadlines for document presentation
5. Appendix 2 - Fee Schedule: Detailed breakdown of all applicable fees and charges
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