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Lc Without Recourse for Hong Kong

Lc Without Recourse Template for Hong Kong

A Letter of Credit Without Recourse is a financial instrument governed by Hong Kong law that provides a secure method of payment in international trade transactions. This document represents a bank's irrevocable commitment to pay the beneficiary a specified amount upon presentation of compliant documents, with the unique feature that the negotiating bank is protected from liability if the issuing bank fails to honor the credit. The document incorporates provisions from both Hong Kong banking regulations and international trade practices, particularly UCP 600, ensuring its effectiveness in cross-border transactions while maintaining compliance with local legal requirements.

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What is a Lc Without Recourse?

The LC Without Recourse is a crucial document in international trade finance, particularly relevant under Hong Kong law which combines both common law principles and international banking practices. This document type is specifically used when banks or financial institutions want to negotiate or purchase drafts or documents under a Letter of Credit while limiting their liability if the issuing bank fails to honor the payment. It's particularly important in situations where the negotiating bank wishes to participate in trade finance activities but needs to manage its risk exposure. The document incorporates elements from UCP 600, Hong Kong banking regulations, and international standard banking practices, making it suitable for complex cross-border transactions. It typically includes detailed provisions about document requirements, payment terms, and explicit statements about the without recourse nature of the arrangement, which is essential for clarity in international trade relationships.

What sections should be included in a Lc Without Recourse?

1. Letter Details: Date, reference number, and swift details of the LC

2. Parties: Identification of issuing bank, beneficiary, applicant, and advising/negotiating bank

3. Credit Amount: Specification of the LC amount and currency

4. Without Recourse Declaration: Clear statement that the LC is issued without recourse to the negotiating bank

5. Required Documents: Detailed list of required documents for presentation

6. Shipment Terms: Specifications regarding shipment, latest shipment date, and destination

7. Presentation Period: Timeline for document presentation and expiry date

8. Payment Terms: Details of payment method, timing, and conditions

9. Governing Law: Specification of Hong Kong law as governing law

10. UCP 600 Declaration: Statement of LC being subject to UCP 600

What sections are optional to include in a Lc Without Recourse?

1. Transferability Clause: Include when the LC needs to be transferable to another beneficiary

2. Revolving Terms: Include for revolving LCs specifying reinstatement conditions

3. Red Clause: Include when advance payment provisions are required

4. Back-to-Back Provisions: Include when the LC is part of a back-to-back arrangement

5. Confirmation Instructions: Include when confirmation by another bank is required

6. Special Conditions: Include when there are additional requirements or conditions specific to the transaction

What schedules should be included in a Lc Without Recourse?

1. Document Requirements Schedule: Detailed specifications for each required document

2. Fee Schedule: Breakdown of all applicable fees and charges

3. Bank Instructions Schedule: Specific instructions for handling documents and payments

4. Shipping Terms Schedule: Detailed shipping requirements and specifications

5. Amendment Format: Standard format for future amendments to the LC

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Hong Kong

Publisher

Ƶ

Document Type

Evaluation Form

Cost

Free to use
Relevant legal definitions






























Clauses

























Relevant Industries

Banking and Financial Services

International Trade

Import/Export

Shipping and Logistics

Manufacturing

Wholesale Trade

Commodity Trading

Retail

Agriculture

Mining and Resources

Textiles and Garments

Relevant Teams

Trade Finance

International Banking

Documentary Credits

Risk Management

Legal and Compliance

Treasury Operations

Commercial Banking

Trade Operations

Credit Administration

Global Transaction Services

Relevant Roles

Trade Finance Manager

International Banking Officer

Documentary Credits Specialist

Export Finance Manager

Trade Operations Manager

Compliance Officer

Risk Manager

Credit Manager

Treasury Manager

Commercial Banking Officer

Trade Finance Lawyer

Import/Export Coordinator

Banking Relationship Manager

Senior Trade Finance Officer

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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