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Irrevocable Unconfirmed Letter Of Credit

Irrevocable Unconfirmed Letter Of Credit Template for Hong Kong

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Key Requirements PROMPT example:

Irrevocable Unconfirmed Letter Of Credit

"I need an Irrevocable Unconfirmed Letter of Credit for USD 500,000 to cover the import of manufacturing equipment from Germany, with quarterly shipments starting March 2025, requiring marine insurance and inspection certificates for each shipment."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Clauses
Issuance
Amount and Currency
Availability
Expiry
Document Presentation
Payment Terms
Documentary Requirements
Shipping Terms
Bank Obligations
Applicant Obligations
Beneficiary Rights
Document Examination
Discrepancies
Force Majeure
Governing Law
Jurisdiction
Bank Charges
Amendments
Assignment
Transferability
Notice Requirements
Default
Sanctions Compliance
Anti-Money Laundering
Dispute Resolution
Partial Shipments
Transhipment
Insurance Requirements
Document Authenticity
Reimbursement Terms
Relevant Industries

Banking and Financial Services

International Trade

Import/Export

Manufacturing

Retail

Commodities Trading

Shipping and Logistics

Insurance

Agriculture

Mining

Energy

Textiles

Electronics

Relevant Teams

Trade Finance

International Banking

Corporate Banking

Treasury

Risk Management

Compliance

Legal

Operations

Documentary Credits

Trade Operations

Financial Control

Relevant Roles

Trade Finance Manager

International Banking Officer

Documentary Credits Specialist

Import/Export Manager

Treasury Manager

Trade Operations Officer

Compliance Officer

Credit Risk Manager

Corporate Banking Manager

International Trade Specialist

Banking Relationship Manager

Chief Financial Officer

Finance Director

Trade Finance Assistant

Letters of Credit Specialist

Industries
UCP 600 (Uniform Customs and Practice for Documentary Credits): The international standard rules for Letters of Credit operations, published by the International Chamber of Commerce. These rules are typically incorporated by reference into Letter of Credit contracts.
Hong Kong Banking Ordinance (Cap. 155): Primary legislation governing banking operations in Hong Kong, including the issuance of financial instruments like Letters of Credit.
Bills of Exchange Ordinance (Cap. 19): Governs negotiable instruments and related banking documents in Hong Kong, which may have implications for Letters of Credit operations.
Contract and Rights of Third Parties Ordinance (Cap. 623): Relevant for understanding third-party rights in contractual relationships, which may affect beneficiaries of Letters of Credit.
Electronic Transactions Ordinance (Cap. 553): Important for electronic presentation of documents and digital signatures in Letter of Credit transactions.
Hong Kong Monetary Authority Guidelines: Regulatory guidelines issued by HKMA that banks must follow when handling Letters of Credit and other banking instruments.
Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615): Compliance requirements for financial institutions when processing international financial instruments including Letters of Credit.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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