The Bond Letter of Credit is a crucial financial instrument used in situations where a bank's guarantee is required to support a bond obligation. This document type is particularly relevant in Hong Kong's financial market, where it facilitates both local and international business transactions requiring financial security. The Bond Letter of Credit serves as an irrevocable commitment from a bank to pay a specified amount upon compliant document presentation, typically used in construction projects, tender submissions, or performance guarantees. It incorporates Hong Kong banking regulations while adhering to international standards such as UCP 600, making it a versatile instrument for cross-border transactions. The document includes essential information about credit terms, validity periods, drawing conditions, and compliance requirements, providing clarity and security for all parties involved.
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1. Issuing Bank Details: Complete details of the issuing bank including registration number and address
2. Beneficiary Information: Full details of the beneficiary including address and reference numbers
3. Letter of Credit Number: Unique identification number of the Letter of Credit
4. Bond Reference: Details of the underlying bond being supported by the Letter of Credit
5. Credit Amount: Specification of the credit amount, currency, and any tolerance levels
6. Validity Period: Clear statement of the effective date and expiry date of the Letter of Credit
7. Drawing Terms: Specific conditions and documentation required for drawing under the Letter of Credit
8. Governing Law Declaration: Statement confirming Hong Kong law as governing law
9. UCP 600 Declaration: Statement of adherence to UCP 600 rules
10. Authentication: Bank's authorized signatures and authentication details
1. Transferability Clause: Include when the Letter of Credit needs to be transferable to other beneficiaries
2. Revolving Terms: Include for revolving Letters of Credit specifying reinstatement terms
3. Partial Drawings: Include when partial drawings are to be allowed or prohibited
4. Special Conditions: Include when there are specific conditions or requirements unique to this bond
5. Force Majeure Provisions: Include when specific force majeure terms need to be addressed
6. Assignment Rights: Include when assignment of proceeds needs to be addressed
1. Schedule A - Required Documents: Detailed list of documents required for drawing under the Letter of Credit
2. Schedule B - Form of Demand: Prescribed format for making a demand under the Letter of Credit
3. Schedule C - Bond Terms: Key terms of the underlying bond being supported
4. Appendix 1 - Authorized Signatories: List of authorized signatories and specimen signatures
5. Appendix 2 - Communication Methods: Approved methods and details for communications between parties
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction
International Trade
Infrastructure Development
Real Estate
Manufacturing
Energy
Mining
Telecommunications
Government and Public Sector
Relevant Teams
Legal
Finance
Treasury
Trade Finance
Risk Management
Compliance
Corporate Banking
Project Finance
Operations
Credit Administration
Relevant Roles
Chief Financial Officer
Treasury Manager
Trade Finance Manager
Bank Relationship Manager
Credit Risk Officer
Financial Controller
Project Finance Manager
Legal Counsel
Compliance Officer
Corporate Banking Officer
Trade Finance Operations Manager
Documentary Credits Specialist
Senior Account Manager
Bond Manager
Commercial Banking Director
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