The Confirmed Irrevocable Letter of Credit is a critical instrument in international trade finance, particularly suitable for transactions where the seller requires additional payment security. This document type is commonly used when trading partners are in different jurisdictions or unfamiliar with each other's creditworthiness. The confirmation by a second bank (typically in the beneficiary's country) adds an extra layer of payment security, making it especially valuable in higher-risk transactions. Under Hong Kong law, these instruments benefit from the territory's sophisticated financial infrastructure and well-developed legal system, which closely follows international banking practices and UCP 600 guidelines. The document specifies all terms and conditions of the credit, including payment terms, required documents, shipment details, and validity period, providing a comprehensive framework for secure international trade transactions.
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1. Bank Letterhead and Reference: Issuing bank's official letterhead, LC number, and date of issuance
2. Credit Type Declaration: Clear statement that this is an irrevocable confirmed letter of credit
3. Beneficiary Details: Full name and address of the beneficiary (seller)
4. Applicant Details: Full name and address of the applicant (buyer)
5. Amount and Currency: Credit amount and currency, including any tolerance levels if applicable
6. Expiry Details: Expiry date and place for document presentation
7. Available With/By: Confirming bank details and method of payment (sight, deferred, acceptance, negotiation)
8. Partial Shipments/Transhipment: Whether partial shipments or transhipment are allowed or prohibited
9. Shipment Details: Port of loading, port of discharge, latest shipment date
10. Document Requirements: List of required documents (commercial invoice, transport documents, insurance, etc.)
11. Additional Conditions: Any special conditions or requirements for the credit
12. Bank Charges: Specification of which party bears which bank charges
13. Confirmation Instructions: Instructions to confirming bank and confirmation terms
14. Governing Law and UCP Declaration: Statement that credit is subject to UCP 600 and Hong Kong law
1. Revolving Credit Terms: Include when the credit is revolving, specifying reinstatement terms and conditions
2. Red Clause Provisions: Include when advance payment is allowed under the credit
3. Transfer Rights: Include when the credit is transferable, specifying transfer conditions
4. Back-to-Back Provisions: Include for back-to-back credit arrangements
5. Green Clause Provisions: Include when storage of goods is involved with advance payment
6. Special Reimbursement Instructions: Include when specific reimbursement arrangements are required
7. Standby Provisions: Include when the LC can function as a standby credit
1. Schedule A - Document Requirements: Detailed list of required documents and their specifications
2. Schedule B - Payment Terms: Detailed payment conditions and calculation methods
3. Schedule C - Goods Description: Detailed description of goods or services covered by the credit
4. Appendix 1 - Form of Demand: Standard format for presentation of documents
5. Appendix 2 - Form of Transport Documents: Required format and content for transport documents
6. Appendix 3 - Special Instructions: Any special handling or processing instructions
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