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Release Letter Of Credit

Release Letter Of Credit Template for Hong Kong

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Key Requirements PROMPT example:

Release Letter Of Credit

"I need a Release Letter of Credit for an LC issued by HSBC Hong Kong (LC No. ABC123456) dated January 15, 2025, for USD 500,000, to be fully released upon completion of the underlying trade transaction with immediate effect."

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Document background
The Release Letter of Credit is a crucial document in international trade finance, particularly within Hong Kong's sophisticated banking system. It is used when parties need to formally terminate or modify obligations under an existing Letter of Credit, whether due to completion of the underlying transaction, mutual agreement to cancel, or modification of trade terms. The document must comply with Hong Kong banking regulations and international standards such as UCP 600. Key information typically includes the original LC details, party information, release terms, and any conditions precedent. This Release Letter of Credit is particularly relevant in Hong Kong's position as a major global financial hub, where it facilitates numerous international trade transactions and provides legal certainty for all parties involved in the LC arrangement.
Suggested Sections

1. Letter Head and Date: Bank's letterhead, date, and reference numbers

2. Addressee Details: Full details of the beneficiary/applicant to whom the release letter is addressed

3. Letter of Credit Reference: Complete details of the original LC including number, date, amount, and issuing bank

4. Release Declaration: Clear statement of release of the letter of credit and any claims thereunder

5. Release Amount: Specification of the amount being released, including currency

6. Authorization Statement: Statement confirming the authority to release the LC

7. Execution Block: Signature blocks for authorized signatories

Optional Sections

1. Conditional Release Terms: Include when the release is subject to specific conditions that must be met

2. Partial Release Details: Required when only a portion of the LC amount is being released

3. Return of Original LC: Include when the original LC needs to be returned to the issuing bank

4. Consideration Statement: Include when there's a payment or consideration for the release

5. Governing Law Statement: Optional statement specifying Hong Kong law as governing law, typically included in more formal releases

Suggested Schedules

1. Original Letter of Credit: Copy or details of the original LC being released

2. Authorization Evidence: Documents evidencing the authority of signatories (if required)

3. Release Conditions: Detailed list of conditions if release is conditional

4. Related Correspondence: Copies of relevant correspondence or instructions from involved parties

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
Relevant Industries

Banking and Financial Services

International Trade

Import/Export

Manufacturing

Commodities Trading

Shipping and Logistics

Wholesale Trade

Retail Trade

Energy and Resources

Agriculture

Relevant Teams

Trade Finance

International Banking

Documentary Credits

Global Transaction Services

Credit Operations

Risk Management

Compliance

Legal

Treasury Operations

Client Services

Relevant Roles

Trade Finance Manager

Letter of Credit Specialist

Banking Operations Manager

International Trade Specialist

Credit Manager

Treasury Manager

Finance Director

Compliance Officer

Trade Documentation Officer

Risk Manager

Banking Relationship Manager

Chief Financial Officer

Import/Export Manager

Documentary Credits Specialist

Industries
Banking Ordinance (Cap. 155): Primary legislation governing banking operations in Hong Kong, including the issuance of letters of credit and related banking services
UCP 600 (Uniform Customs and Practice for Documentary Credits): International Chamber of Commerce rules that standardize the handling of Letters of Credit globally, widely adopted in Hong Kong
Contract Ordinance (Cap. 23): Governs the formation and enforcement of contracts in Hong Kong, relevant for the contractual aspects of letters of credit
Electronic Transactions Ordinance (Cap. 553): Regulates electronic transactions and digital signatures, important for electronic letters of credit and related communications
Bills of Exchange Ordinance (Cap. 19): Governs negotiable instruments and is relevant for the payment aspects of letters of credit
International Chamber of Commerce (ICC) ISBP: International Standard Banking Practice for the Examination of Documents under Documentary Credits, providing detailed guidelines for document checking
Money Lenders Ordinance (Cap. 163): Relevant when the letter of credit involves financing arrangements or credit terms
Sale of Goods Ordinance (Cap. 26): Applies to the underlying transaction for which the letter of credit is issued, particularly in international trade
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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