The Performance Standby Letter of Credit is a crucial financial instrument in the UAE business environment, particularly used in large commercial transactions and projects where performance security is required. This document type provides an independent, irrevocable commitment from a bank to pay a specified amount upon documented evidence of non-performance by the applicant. The UAE legal framework, through its Commercial Transactions Law and Central Bank regulations, provides robust support for these instruments, making them a preferred choice for securing performance obligations. Performance SBLCs are commonly used in construction projects, international trade, and major commercial contracts where UAE entities are involved. The document typically includes specific drawing conditions, expiry dates, and documentary requirements, all structured to comply with both UAE law and international banking practices such as ISP98 or UCP 600.
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1. Letter Reference and Date: Unique reference number and issuance date of the SBLC
2. Beneficiary Details: Full name and address of the party in whose favor the SBLC is issued
3. Applicant Details: Full name and address of the party requesting the SBLC
4. Issuing Bank Details: Name, address, and contact information of the issuing bank
5. Credit Amount: Maximum drawable amount and currency of the SBLC
6. Expiry Date: Clear statement of the expiry date and time of the SBLC
7. Form of Presentation: Required format and method for presenting documents for payment
8. Drawing Terms: Conditions and documentation required for drawing under the SBLC
9. Governing Law and Jurisdiction: Specification of UAE law as governing law and relevant jurisdiction
10. Applicable Rules: Reference to applicable rules (typically ISP98 or UCP 600)
1. Transferability Clause: Include when the SBLC needs to be transferable to another beneficiary
2. Partial Drawings: Include when multiple partial drawings are to be permitted
3. Language Preference: Include when the SBLC needs to be issued in multiple languages
4. Counter-Guarantee Reference: Include when the SBLC is issued under a counter-guarantee structure
5. Special Instructions: Include when specific handling or processing instructions are required
1. Schedule A - Form of Demand: Template for the beneficiary's written demand for payment
2. Schedule B - Form of Certificate of Default: Template for certifying the applicant's default under the underlying obligation
3. Schedule C - Description of Underlying Performance Obligation: Details of the contract or obligation being guaranteed
4. Schedule D - Authorized Signatories: List of persons authorized to make drawings under the SBLC
5. Appendix 1 - Required Documents Checklist: Checklist of all documents required for a complying presentation
Relevant legal definitions
Advising Bank
Applicant
Banking Day
Beneficiary
Business Day
Certificate of Default
Complying Presentation
Confirming Bank
Counter-Guarantee
Credit Amount
Drawing
Effective Date
Event of Default
Expiry Date
Governing Rules
Issuing Bank
Letter of Credit
Non-Performance
Partial Drawing
Place for Presentation
Presentation
Principal Contract
Standby Letter of Credit
Stated Amount
Supporting Documents
Transfer
Underlying Transaction
UAE
UAE Central Bank
UAE Dirham
Applicant
Banking Day
Beneficiary
Business Day
Certificate of Default
Complying Presentation
Confirming Bank
Counter-Guarantee
Credit Amount
Drawing
Effective Date
Event of Default
Expiry Date
Governing Rules
Issuing Bank
Letter of Credit
Non-Performance
Partial Drawing
Place for Presentation
Presentation
Principal Contract
Standby Letter of Credit
Stated Amount
Supporting Documents
Transfer
Underlying Transaction
UAE
UAE Central Bank
UAE Dirham
Clauses
Issuance
Credit Amount
Expiry and Termination
Drawing Requirements
Payment Terms
Documentary Requirements
Presentation Requirements
Default Events
Force Majeure
Assignment and Transfer
Bank Obligations
Amendments
Jurisdiction
Governing Law
Notices
Language
Banking Fees and Charges
Tax Provisions
Compliance with Laws
Anti-Money Laundering
Sanctions Compliance
Document Examination
Partial Drawings
Multiple Drawings
Communication Methods
Identity Verification
Dispute Resolution
Credit Amount
Expiry and Termination
Drawing Requirements
Payment Terms
Documentary Requirements
Presentation Requirements
Default Events
Force Majeure
Assignment and Transfer
Bank Obligations
Amendments
Jurisdiction
Governing Law
Notices
Language
Banking Fees and Charges
Tax Provisions
Compliance with Laws
Anti-Money Laundering
Sanctions Compliance
Document Examination
Partial Drawings
Multiple Drawings
Communication Methods
Identity Verification
Dispute Resolution
Relevant Industries
Banking and Financial Services
Construction and Infrastructure
International Trade
Real Estate Development
Oil and Gas
Manufacturing
Energy and Utilities
Maritime and Shipping
Aviation
Government and Public Sector
Relevant Teams
Legal
Finance
Treasury
Project Management
Contract Administration
Risk Management
Procurement
Trade Finance
Corporate Banking
Compliance
Credit Risk
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Contract Manager
Project Manager
Legal Counsel
Banking Relations Manager
Risk Manager
Commercial Director
Procurement Manager
Trade Finance Manager
Corporate Banking Officer
Compliance Officer
Credit Risk Officer
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