Letter Of Credit Available With for Hong Kong

Letter Of Credit Available With Template for Hong Kong

A Letter of Credit Available With is a crucial trade finance instrument governed by Hong Kong law and international banking practices, particularly UCP 600. This document represents a bank's irrevocable undertaking to pay a beneficiary a specified amount upon presentation of compliant documents. Under Hong Kong jurisdiction, it provides a secure payment mechanism for international trade transactions, incorporating local banking regulations while adhering to international standards. The document specifies the conditions for payment, required documentation, and the bank(s) with which the credit is available for negotiation or payment.

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What is a Letter Of Credit Available With?

The Letter of Credit Available With document is a fundamental instrument in international trade finance, particularly relevant in Hong Kong's role as a global financial center. It serves as a critical tool for securing payment in cross-border transactions, where the issuing bank commits to pay the beneficiary upon presentation of specified documents. The document type is governed by Hong Kong law and follows the Uniform Customs and Practice for Documentary Credits (UCP 600), making it compatible with international banking standards while adhering to local regulatory requirements. Letters of Credit Available With are commonly used when parties seek a secure payment method in international trade, especially when dealing with new business relationships or in countries with different legal systems. The document specifies which banks are authorized to negotiate or pay against the presented documents, providing clarity and security for all parties involved in the transaction.

What sections should be included in a Letter Of Credit Available With?

1. Letter Head and Date: Bank's letterhead, reference number, and date of issuance

2. LC Number: Unique identification number of the Letter of Credit

3. Applicant Details: Full name and address of the party requesting the LC

4. Beneficiary Details: Full name and address of the party in whose favor the LC is issued

5. Currency and Amount: The currency and amount for which the LC is issued, both in figures and words

6. Availability and Expiry: How and where the credit is available, and the expiry date

7. Shipment Terms: Latest shipment date, partial shipments, transhipment provisions

8. Document Requirements: List of required documents for presentation

9. Goods Description: Brief description of goods or services covered by the LC

10. Payment Terms: Specific conditions and timing of payment

11. Bank Authorization: Authorized signatures and bank stamps

What sections are optional to include in a Letter Of Credit Available With?

1. Transferability Clause: Include when the LC needs to be transferable to another beneficiary

2. Red Clause: Include when advance payment provisions are required

3. Green Clause: Include when warehouse storage provisions are needed

4. Revolving Terms: Include for LCs that automatically renew under specified conditions

5. Back-to-Back Provisions: Include when the LC is part of a back-to-back arrangement

6. Special Instructions: Include when there are additional specific requirements or conditions

7. Confirmation Instructions: Include when confirmation by another bank is required

What schedules should be included in a Letter Of Credit Available With?

1. Schedule A - Document Presentation Requirements: Detailed list of required documents and their specific requirements

2. Schedule B - Standard Banking Forms: Collection of standard forms required for document presentation

3. Schedule C - Goods Specifications: Detailed technical specifications of goods or services

4. Appendix 1 - UCP 600 Reference: Relevant UCP 600 articles applicable to this LC

5. Appendix 2 - Bank Contact Details: List of relevant bank contacts and their details

6. Appendix 3 - Amendment Format: Standard format for future amendments to the LC

Authors

Alex Denne

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

Cost

Free to use

Relevant legal definitions

Clauses

Relevant Industries

Banking and Financial Services

International Trade

Import/Export

Manufacturing

Retail

Commodities Trading

Shipping and Logistics

Agriculture

Energy

Mining

Textiles

Electronics

Relevant Teams

Trade Finance

International Banking

Documentary Credits

Global Transaction Services

Risk Management

Treasury

Compliance

Legal

Operations

Credit Administration

Relevant Roles

Trade Finance Manager

International Banking Officer

Documentary Credits Specialist

Import/Export Manager

Treasury Manager

Credit Risk Officer

Trade Operations Manager

Financial Controller

Compliance Officer

Letter of Credit Specialist

Trade Finance Director

Banking Relationship Manager

Chief Financial Officer

International Trade Specialist

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What is a Letter Of Credit Available With?

What sections should be included in a Letter Of Credit Available With?

What sections are optional to include in a Letter Of Credit Available With?

What schedules should be included in a Letter Of Credit Available With?

Authors

Alex Denne

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