The Revolving Standby Letter of Credit is a crucial financial instrument used in international trade and business transactions where ongoing financial security is required. This document type is particularly relevant in Hong Kong, a major global financial center, where it combines local banking regulations with international trade practices. The revolving nature of the credit makes it especially suitable for recurring business relationships or periodic payment obligations, as it automatically reinstates after each drawing, either after a specified time period or when the drawn amount is repaid. The document typically includes detailed provisions about the revolving mechanism, drawing conditions, documentary requirements, and compliance with Hong Kong banking regulations and international standards such as UCP 600 and ISP98. It's commonly used in trade finance, ongoing supply contracts, and performance guarantees where multiple drawings are anticipated over time.
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1. Issuing Bank Details: Complete details of the issuing bank including name, address, SWIFT code, and reference numbers
2. Beneficiary Details: Full identification of the beneficiary including name, address, and any reference numbers
3. Applicant Details: Complete information about the party requesting the SBLC including name, address, and reference details
4. Credit Amount and Currency: Specification of the maximum credit amount, currency, and whether it's aggregate or per drawing
5. Revolving Terms: Details of how the credit revolves (time vs. value basis), reinstatement conditions, and revolving period
6. Validity Period: Clear statement of the effective date, expiry date, and place of expiry
7. Drawing Terms: Specific conditions and requirements that must be met for drawings under the SBLC
8. Documentary Requirements: List of required documents that must accompany any drawing request
9. Presentation Terms: Instructions for how and where documents should be presented
10. Governing Law and Jurisdiction: Specification of Hong Kong law as governing law and relevant jurisdiction details
1. Transferability Clause: Optional section specifying whether the SBLC is transferable and under what conditions
2. Partial Drawings: Section specifying whether partial drawings are allowed and any related conditions
3. Silent Confirmation: Terms allowing for silent confirmation by another bank if requested
4. Form of Demand: Specific format for presentation of demands if required beyond standard documentation
5. Electronic Presentation: Terms governing electronic presentation of documents if permitted
6. Special Instructions: Any special instructions regarding communications, SWIFT messages, or other operational matters
1. Schedule 1 - Form of Demand: Template for the prescribed form of demand to be used when drawing under the SBLC
2. Schedule 2 - Required Documents: Detailed list and format requirements for all documents required for drawing
3. Schedule 3 - Revolving Schedule: Detailed schedule showing the revolving mechanism, reinstatement dates, and amounts
4. Appendix A - Fee Schedule: Schedule of all applicable fees, charges, and commission rates
5. Appendix B - Communications: List of authorized contacts, SWIFT addresses, and communication protocols
6. Appendix C - Specimen Signatures: Authenticated specimen signatures of authorized signatories for the applicant and beneficiary
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