The Divisible Letter of Credit is a sophisticated banking instrument used in international trade finance, particularly relevant in Hong Kong's robust financial services sector. This document type is essential when parties require flexibility in managing large trade transactions that need to be split into multiple smaller transactions or shipments. The document, governed by Hong Kong law and UCP 600, enables beneficiaries to divide the original credit amount into separate portions, each functioning as an independent credit facility. It is commonly used in situations involving multiple shipments, various suppliers, or complex supply chain arrangements. The document includes detailed provisions for credit division mechanisms, documentation requirements, presentation schedules, and compliance with Hong Kong banking regulations and international banking standards.
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1. Bank Details and Reference: Issuing bank's letterhead, contact details, and unique LC reference number
2. Date and Place of Issue: Date and location where the LC is issued
3. Beneficiary Information: Complete name and address of the beneficiary
4. Applicant Information: Complete name and address of the applicant requesting the LC
5. Credit Amount and Currency: Total amount of the credit and currency specification
6. Divisibility Terms: Specific terms and conditions regarding how the credit may be divided, including minimum division amounts and maximum number of divisions
7. Available With/By: Specification of how and where the credit is available (negotiation, acceptance, etc.)
8. Expiry Date and Place: Clear statement of when and where the credit expires
9. Partial Shipments/Drawings: Terms regarding partial shipments and drawings under the divided credit
10. Required Documents: Detailed list of documents required for each presentation
11. Additional Conditions: Any special conditions or requirements specific to this LC
12. Banking Charges: Allocation of banking charges and fees
13. Confirmation Instructions: Whether the credit is to be confirmed or not
14. Governing Law and Jurisdiction: Specification of Hong Kong law and jurisdiction
15. UCP Declaration: Statement that the LC is subject to UCP 600
1. Transfer Terms: Include when the LC needs to be transferable to other beneficiaries
2. Back-to-Back Provisions: Include when the LC may be used as collateral for another LC
3. Revolving Terms: Include when the LC has revolving capabilities
4. Special Payment Terms: Include when there are specific payment arrangements or conditions
5. Electronic Presentation: Include when electronic presentation of documents is permitted
6. Force Majeure Provisions: Include when specific force majeure terms need to be addressed
7. Assignment of Proceeds: Include when proceeds can be assigned to third parties
1. Schedule A - Document Requirements: Detailed checklist of required documents and their specifications
2. Schedule B - Division Schedule: Template for recording divisions of the credit when executed
3. Schedule C - Shipping Terms: Detailed shipping requirements and terms if applicable
4. Appendix 1 - Form of Division Notice: Standard form for requesting and recording credit divisions
5. Appendix 2 - Presentation Schedule: Template for scheduling document presentations
6. Appendix 3 - Bank Contact Details: Complete contact information for all relevant banking units
7. Appendix 4 - Fee Schedule: Detailed breakdown of all applicable fees and charges
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Wholesale and Distribution
Commodities Trading
Shipping and Logistics
Insurance
Retail
Agriculture
Mining and Resources
Construction
Relevant Teams
Trade Finance
International Banking
Credit Operations
Treasury
Legal
Compliance
Risk Management
Documentary Credits
Trade Operations
Finance
Banking Operations
Supply Chain Operations
Relevant Roles
Trade Finance Manager
International Banking Officer
Credit Manager
Trade Operations Manager
Documentary Credits Specialist
Compliance Officer
Treasury Manager
Import/Export Manager
Supply Chain Manager
Chief Financial Officer
Finance Director
Banking Relationship Manager
Trade Finance Analyst
Risk Management Officer
Legal Counsel
Documentation Manager
Banking Operations Manager
International Trade Specialist
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