The Irrevocable Standby Letter of Credit is a crucial financial instrument in Hong Kong's commercial landscape, commonly used to provide payment security in various business transactions. It represents a bank's independent commitment to pay a specified amount upon the presentation of complying documents, typically triggered by a default or non-performance event. Under Hong Kong law, these instruments are governed by the UCP 600 and ISP98 rules, along with local banking regulations, providing a standardized framework for their operation. They are particularly valuable in international trade, construction projects, and complex commercial transactions where parties seek reliable payment security without immediate cash deployment. The document includes specific terms regarding expiry, drawing conditions, and presentation requirements, ensuring clarity and certainty for all parties involved.
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1. Letter Reference and Date: Unique reference number and date of issuance of the Standby Letter of Credit
2. Issuing Bank Details: Complete name, address, and contact information of the issuing bank
3. Beneficiary Details: Full name and address of the party in whose favor the Standby Letter of Credit is issued
4. Applicant Details: Full name and address of the party requesting the Standby Letter of Credit
5. Credit Amount: The maximum amount available under the credit and the currency
6. Expiry Details: Expiry date and place where the credit expires
7. Drawing Terms: Specific conditions and documentation required for drawing under the credit
8. Presentation Requirements: Details of where and how documents should be presented
9. Governing Law and Rules: Statement that the credit is subject to Hong Kong law and UCP 600/ISP98
10. Bank's Undertaking: The irrevocable undertaking of the bank to honor complying presentations
1. Automatic Extension Clause: Optional clause for automatic extension of the expiry date unless notice is given - used when parties want the SBLC to automatically renew
2. Partial Drawings: Clause indicating whether partial drawings are permitted - included when multiple drawings might be needed
3. Transfer Provisions: Terms governing if and how the credit may be transferred - included when the beneficiary might need to transfer rights
4. Assignment of Proceeds: Provisions regarding assignment of proceeds - used when beneficiary might need to assign proceeds to third parties
5. Electronic Presentation Terms: Specific terms for electronic presentation of documents - included when parties agree to electronic presentations
1. Form of Demand: Prescribed format for making a complying demand under the Standby Letter of Credit
2. Required Documents: Detailed list and format of all documents required for presentation
3. Authorized Signatories: List of persons authorized to sign demands and their specimen signatures
4. Fee Schedule: Schedule of bank charges and fees applicable to the credit
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Construction
Manufacturing
Energy
Infrastructure
Real Estate
Telecommunications
Maritime and Shipping
Import/Export
Relevant Teams
Legal
Finance
Treasury
Trade Finance
Risk Management
Compliance
International Banking
Corporate Banking
Credit Administration
Documentary Credits
Relevant Roles
Trade Finance Manager
Corporate Banking Officer
Documentary Credits Specialist
Compliance Officer
Chief Financial Officer
Treasury Manager
Credit Risk Manager
International Trade Specialist
Legal Counsel
Banking Operations Manager
Finance Director
Commercial Banking Manager
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