The Cancellation of Letter of Credit is a crucial document used in Hong Kong's banking and international trade landscape when parties need to formally terminate a previously issued Letter of Credit. This document becomes necessary when the underlying transaction is no longer proceeding, terms have changed significantly, or the Letter of Credit is no longer required. Following Hong Kong banking regulations and international UCP 600 guidelines, it must include specific details about the original Letter of Credit, clear cancellation instructions, and appropriate authorizations. The document protects all parties' interests by ensuring proper documentation of the cancellation process and compliance with regulatory requirements.
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1. Letter Reference Details: Date, reference numbers, and addressing details of all relevant parties
2. Original Letter of Credit Details: Complete identification details of the Letter of Credit being cancelled, including LC number, date of issuance, issuing bank, and amount
3. Cancellation Request: Clear statement requesting cancellation of the Letter of Credit
4. Reason for Cancellation: Brief explanation of why the cancellation is being requested
5. Confirmation of Unused Status: Declaration that the Letter of Credit has not been utilized and no drawings have been made
6. Return of Original Documents: Statement regarding the return of original Letter of Credit documents if applicable
7. Authorization: Statement confirming the authority to request the cancellation
8. Acknowledgment Requirements: Details of how the cancellation should be acknowledged by relevant parties
1. Beneficiary Release: To be included when the beneficiary needs to formally release their rights under the Letter of Credit
2. Outstanding Fees: Include when there are any remaining fees or charges to be settled
3. Partial Cancellation Details: Include when only a portion of the Letter of Credit is being cancelled
4. Related Agreements Reference: Include when cancellation affects or is affected by other related agreements
5. Indemnification: Include when additional protection is needed for the issuing bank or other parties
1. Original Letter of Credit Copy: Attached copy of the original Letter of Credit being cancelled
2. Authorization Documents: Any supporting documents proving authority to request cancellation
3. Related Correspondence: Copies of any relevant correspondence regarding the cancellation request
4. Bank Confirmation Form: Standard form from the issuing bank confirming the cancellation
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