Commercial Standby Letters of Credit are essential financial instruments used to provide payment security in various commercial transactions. This document, governed by Hong Kong law, is typically used when parties seek a bank's guarantee of payment in case of default or non-performance under a commercial contract. The Commercial Standby Letter of Credit contains specific terms regarding the conditions for drawing, required documentation, and presentation requirements. It is particularly valuable in international trade and complex commercial transactions where parties may not have established business relationships or where additional payment security is required. The document follows international banking practices (UCP 600 or ISP98) while complying with Hong Kong's legal framework, making it a robust instrument for cross-border transactions. It serves as a contingent obligation, meaning the bank's payment commitment only becomes active upon specified conditions being met, typically involving the applicant's failure to perform its contractual obligations.
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1. Letter Reference Details: Date, reference number, and SWIFT details if applicable
2. Issuing Bank Details: Complete name and address of the issuing bank
3. Beneficiary Details: Full name and address of the beneficiary
4. Applicant Details: Full name and address of the applicant requesting the LC
5. Credit Amount and Currency: Specific amount and currency of the standby LC
6. Expiry Details: Expiry date and place of the standby LC
7. Form of Presentation: Whether physical or electronic presentation is required
8. Drawing Terms and Conditions: Specific conditions that must be met for drawing under the LC
9. Required Documents: List of documents required for presentation
10. Governing Law and Jurisdiction: Specification of Hong Kong law and jurisdiction
11. Applicable Rules: Reference to UCP 600 or ISP98 as applicable
1. Transferability Clause: Include when the LC needs to be transferable to another beneficiary
2. Partial Drawings: Include when partial drawings are to be allowed or prohibited
3. Multiple Drawing Provisions: Include when multiple drawings are permitted
4. Automatic Extension Clause: Include when the LC should automatically extend under certain conditions
5. Assignment of Proceeds: Include when assignment of proceeds needs to be specifically addressed
6. Special Payment Conditions: Include when there are specific payment timing or method requirements
7. Counter-Guarantee Details: Include when the LC is issued under a counter-guarantee structure
1. Form of Demand: Standard format for making a demand under the LC
2. Form of Beneficiary Statement: Template for the beneficiary's statement declaring default or entitlement
3. Document Presentation Requirements: Detailed checklist of required documents and their format
4. Underlying Agreement Reference: Details of the commercial agreement being supported by the standby LC
5. Bank Contact Details: Complete contact information for all relevant banking departments
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Construction
Energy
Commodities Trading
Import/Export
Retail
Technology
Infrastructure
Real Estate
Telecommunications
Relevant Teams
Legal
Finance
Treasury
Trade Finance
Risk Management
Compliance
International Banking
Commercial Operations
Credit Administration
Documentary Credits
Relevant Roles
Chief Financial Officer
Treasury Manager
Trade Finance Manager
Finance Director
Banking Relationship Manager
Credit Manager
Commercial Director
Risk Manager
Legal Counsel
Documentary Credits Specialist
International Trade Specialist
Compliance Officer
Financial Controller
Operations Manager
Corporate Banking Officer
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