A Straight Letter of Credit is a fundamental instrument in international trade finance, particularly relevant under Hong Kong law given the jurisdiction's status as a major global financial hub. This document is typically used when a buyer (importer) needs to provide payment security to a seller (exporter) in an international trade transaction. The Straight Letter of Credit differs from other types of LCs as it restricts negotiation to a specific bank, providing additional security and clarity in the transaction. It includes detailed terms regarding document presentation, payment conditions, and timeframes, all governed by Hong Kong law and international banking practices (UCP 600). The document is particularly valuable in Hong Kong's trading environment, where it facilitates secure international commerce while providing legal certainty under a well-established financial legal framework.
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1. Letter Reference and Date: Unique reference number and date of issuance of the Letter of Credit
2. Beneficiary Details: Full name and address of the beneficiary (seller/exporter)
3. Applicant Details: Full name and address of the applicant (buyer/importer)
4. Advising Bank Details: Name and address of the advising bank
5. Credit Amount and Currency: The amount and currency of the Letter of Credit, including whether any tolerance is permitted
6. Expiry Date and Place: The expiration date and location where the credit must be presented
7. Available With/By: Specification of how and where the credit is available (payment, acceptance, negotiation)
8. Partial Shipments/Transhipment: Whether partial shipments or transhipment are allowed or prohibited
9. Loading/Dispatch/Taking in Charge: Place of taking in charge, dispatch, or loading
10. Port of Discharge/Final Destination: Final destination or port of discharge
11. Latest Date of Shipment: The final date by which shipment must be made
12. Description of Goods and Services: Detailed description of the goods or services being traded
13. Required Documents: List of documents required for presentation
14. Additional Conditions: Any special conditions or additional terms
15. Charges: Details of banking charges and which party bears them
16. Presentation Period: Time period after shipment within which documents must be presented
1. Confirmation Instructions: Used when confirmation is requested from another bank
2. Reimbursement Instructions: Include when specific reimbursement arrangements between banks are required
3. Special Payment Conditions: Used when there are deferred payment terms or special payment arrangements
4. Transfer Conditions: Include when the credit is transferable
5. Back-to-Back Provisions: Used when the credit will serve as collateral for another credit
6. Green Clause Provisions: Include when advance payment facilities are provided to the beneficiary
7. Insurance Instructions: Used when specific insurance requirements need to be detailed
8. Pre-Shipment Inspection: Include when inspection before shipment is required
1. Schedule A - Document Requirements: Detailed list and format of required documents including specific wording requirements
2. Schedule B - Goods Specification: Detailed technical specifications of the goods being traded
3. Schedule C - Banking Instructions: Specific instructions regarding banking procedures and requirements
4. Schedule D - Commercial Invoice Requirements: Specific requirements for the format and content of commercial invoices
5. Schedule E - Transport Document Requirements: Specific requirements for transport documents including bills of lading
6. Appendix 1 - Standard Bank Forms: Standard forms required by the issuing bank
7. Appendix 2 - UCP 600 References: Relevant articles of UCP 600 applicable to this credit
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