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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.

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