The LC At Sight 90 Days is a crucial trade finance instrument commonly used in Hong Kong's international trade transactions. It provides a balance between the seller's need for payment security and the buyer's desire for extended payment terms. This document type is particularly relevant in Hong Kong's trade-intensive economy, where it facilitates trade while operating under the territory's sophisticated banking and commercial law framework. The LC ensures that while documents must be presented immediately for examination, the actual payment is deferred for 90 days, helping buyers manage cash flow while providing sellers with a bank-backed payment guarantee. It incorporates elements of both traditional sight LCs and usance credits, making it particularly useful for established trading relationships where immediate document presentation but delayed payment is preferred.
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1. Issuing Bank Details: Complete details of the bank issuing the LC including name, address, SWIFT code, and reference numbers
2. Form of Credit: Specifies that this is an irrevocable Letter of Credit at Sight with 90 days payment terms
3. Date and Place of Expiry: Clearly stated expiration date and location where documents must be presented
4. Applicant Details: Full name and address of the party requesting the LC (typically the buyer)
5. Beneficiary Details: Full name and address of the party in whose favor the LC is issued (typically the seller)
6. Currency and Amount: The currency and maximum amount for which the LC is valid
7. Payment Terms: Specific details of the 90-day payment terms, including calculation method and trigger points
8. Available With/By: Specifies which bank the credit is available with and by what means (negotiation, payment, acceptance)
9. Partial Shipments/Transhipment: Whether partial shipments or transhipment is allowed or prohibited
10. Loading/Dispatch From: Port of loading or place of dispatch
11. Destination: Port of discharge or final destination
12. Latest Date of Shipment: Final date by which shipment must be made
13. Goods Description: Detailed description of the goods or services covered by the LC
14. Required Documents: List of all documents required for presentation
15. Additional Conditions: Any special conditions or terms specific to this LC
16. Charges: Specification of which party bears various banking charges
1. Confirmation Instructions: Used when confirmation by another bank is requested, specifying whether the LC should be confirmed by the advising bank
2. Reimbursement Instructions: Include when specific reimbursement arrangements between banks need to be detailed
3. Transfer Conditions: Used when the LC needs to be transferable, specifying the terms and conditions for transfer
4. Back-to-Back Provisions: Include when the LC may be used as collateral for issuing another LC
5. Green Clause: Used when advance payment provisions are required
6. Red Clause: Include when pre-shipment finance facilities are to be provided
7. Insurance Instructions: Used when specific insurance requirements need to be detailed beyond standard requirements
1. Schedule A - Document Requirements: Detailed list and format of all required documents including specific requirements for each
2. Schedule B - Goods Specifications: Detailed technical specifications of the goods, including quality parameters, standards, and packaging requirements
3. Schedule C - Shipping Terms: Detailed shipping instructions, including packaging, marking, and transportation requirements
4. Appendix 1 - Banking Forms: Standard forms required by the issuing bank for document presentation
5. Appendix 2 - Fee Schedule: Detailed breakdown of all applicable banking charges and fees
6. Appendix 3 - Amendment Procedures: Procedures and forms for requesting and processing amendments to the LC
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