The Usance LC is a crucial trade finance instrument used in international commerce where deferred payment terms are required. It represents a bank's undertaking to pay the beneficiary at a future date, typically 30, 60, or 90 days after document presentation or shipment date. Operating under Hong Kong law, which combines common law principles with specific local regulations, the Usance LC provides security to sellers while offering buyers extended payment terms. This document type is particularly relevant in Hong Kong's position as a major international trade and financial hub, incorporating both local regulatory requirements and international banking practices like UCP 600. It includes detailed specifications for payment terms, document requirements, and compliance conditions, making it essential for businesses engaged in cross-border trade requiring structured payment arrangements.
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1. LC Number and Date: Unique identification number of the LC and issuance date
2. Issuing Bank Details: Complete name and address of the issuing bank
3. Beneficiary Details: Full name and address of the beneficiary (seller/exporter)
4. Applicant Details: Full name and address of the applicant (buyer/importer)
5. Currency and Amount: LC amount in figures and words, and currency specification
6. Expiry Date and Place: Final date and location for document presentation
7. Usance Period: Specified period for payment (e.g., 60 days from bill of lading date)
8. Shipment Terms: Latest shipment date, partial shipments, transhipment conditions
9. Required Documents: List of documents required for presentation
10. Goods Description: Detailed description of goods being traded
11. Incoterms: Specified trade terms (e.g., FOB, CIF)
12. Payment Terms: Specifications for when and how payment will be made
1. Transferability Clause: Include when the LC needs to be transferable to a second beneficiary
2. Red Clause: Include when advance payment to the beneficiary is permitted
3. Green Clause: Include when storage of goods at destination is required with advance payment
4. Revolving Terms: Include for recurring trades with automatic reinstatement provisions
5. Back-to-Back Provisions: Include when the LC supports a back-to-back LC arrangement
6. Tolerance Clause: Include when quantity/amount variations are permitted
7. Special Conditions: Include for any additional requirements specific to the trade
1. Commercial Invoice Template: Prescribed format for the commercial invoice
2. Packing List Requirements: Detailed specifications for packing list presentation
3. Transport Document Requirements: Specific requirements for bills of lading or other transport documents
4. Insurance Document Requirements: Detailed requirements for insurance certificates/policies
5. Certificate of Origin Requirements: Specifications for origin certification
6. Inspection Certificate Requirements: Requirements for third-party inspection certificates
7. Bank Fee Schedule: Breakdown of all applicable banking charges and fees
Relevant legal definitions
Advising Bank
Applicant
Banking Day
Beneficiary
Bill of Exchange
Bill of Lading
Commercial Invoice
Complying Presentation
Confirmation
Credit
Documents
Draft
Expiry Date
Honour
Incoterms
Issuing Bank
Letter of Credit
Maturity Date
Negotiating Bank
Negotiation
Nominated Bank
Presentation
Reimbursing Bank
Shipping Documents
Sight Draft
Time Draft
Transport Document
UCP 600
Usance Period
Validity Period
Applicant
Banking Day
Beneficiary
Bill of Exchange
Bill of Lading
Commercial Invoice
Complying Presentation
Confirmation
Credit
Documents
Draft
Expiry Date
Honour
Incoterms
Issuing Bank
Letter of Credit
Maturity Date
Negotiating Bank
Negotiation
Nominated Bank
Presentation
Reimbursing Bank
Shipping Documents
Sight Draft
Time Draft
Transport Document
UCP 600
Usance Period
Validity Period
Clauses
Document Presentation
Payment Terms
Document Examination
Expiry and Validity
Bank Obligations
Documentary Requirements
Shipping Terms
Discrepancy Handling
Force Majeure
Assignment and Transfer
Amendments
Bank Charges
Governing Law
Jurisdiction
Dispute Resolution
Notices
Document Authenticity
Disclaimers and Limitations
Compliance Requirements
Anti-Money Laundering
Payment Terms
Document Examination
Expiry and Validity
Bank Obligations
Documentary Requirements
Shipping Terms
Discrepancy Handling
Force Majeure
Assignment and Transfer
Amendments
Bank Charges
Governing Law
Jurisdiction
Dispute Resolution
Notices
Document Authenticity
Disclaimers and Limitations
Compliance Requirements
Anti-Money Laundering
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Shipping and Logistics
Commodities Trading
Retail
Wholesale
Agriculture
Electronics
Textiles
Heavy Industry
Consumer Goods
Relevant Teams
Trade Finance
International Banking
Treasury
Risk Management
Operations
Legal
Compliance
Documentary Credits
Foreign Exchange
Supply Chain
Procurement
Finance
International Trade
Relevant Roles
Trade Finance Manager
Import/Export Manager
Treasury Manager
Documentary Credits Specialist
International Trade Specialist
Trade Operations Officer
Credit Risk Manager
Banking Relationship Manager
Chief Financial Officer
Finance Director
Compliance Officer
Trade Finance Analyst
Supply Chain Manager
Procurement Manager
Banking Operations Manager
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