The Payment SBLC is a crucial financial instrument used in commercial transactions where payment security is paramount. Governed by English and Welsh law, it provides beneficiaries with a reliable mechanism to secure payment obligations. The document includes specific terms for payment triggers, validity periods, and documentary requirements, serving as a contingent obligation that becomes payable upon presentation of compliant documents. Payment SBLCs are particularly valuable in international trade and high-value commercial transactions where parties seek additional payment security beyond conventional contractual provisions.
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1. Parties: Identification of issuing bank, beneficiary, and applicant
2. Background: Context and purpose of the SBLC
3. Definitions: Key terms used in the document
4. Amount and Currency: Specified amount and currency of the SBLC
5. Expiry Date: Validity period and expiration terms
6. Drawing Terms: Conditions and process for making a demand
7. Payment Terms: Timing and method of payment upon demand
1. Transfer Rights: Terms for transferability of the SBLC - include when the SBLC needs to be transferable
2. Automatic Extension: Terms for automatic renewal - include when evergreen provisions are required
3. Partial Drawings: Terms for multiple partial drawings - include when multiple drawings are permitted
1. Form of Demand: Template for making a compliant demand under the SBLC
2. Required Documents: List of supporting documents required for demand
3. Fee Schedule: Details of applicable fees and charges
4. Underlying Transaction Details: Reference to the underlying commercial transaction
Relevant legal definitions
Advising Bank
Applicant
Banking Day
Beneficiary
Business Day
Complying Presentation
Demand
Drawing
Effective Date
Event of Default
Expiry Date
Form of Demand
Guarantee Amount
ICC
ISP98
Issuing Bank
Letter of Credit
Maximum Available Amount
Non-Business Day
Original SBLC
Payment Date
Permitted Transfer
Presentation
Presenting Bank
Required Documents
SBLC
Stated Amount
Supporting Documents
Transfer
UCP 600
Underlying Transaction
Applicant
Banking Day
Beneficiary
Business Day
Complying Presentation
Demand
Drawing
Effective Date
Event of Default
Expiry Date
Form of Demand
Guarantee Amount
ICC
ISP98
Issuing Bank
Letter of Credit
Maximum Available Amount
Non-Business Day
Original SBLC
Payment Date
Permitted Transfer
Presentation
Presenting Bank
Required Documents
SBLC
Stated Amount
Supporting Documents
Transfer
UCP 600
Underlying Transaction
Clauses
Amount and Currency
Assignment and Transfer
Availability
Amendments
Applicable Rules
Cancellation
Complying Presentation
Conditions Precedent
Confidentiality
Drawing Conditions
Expiry and Termination
Fees and Charges
Force Majeure
Governing Law
Independent Obligation
Jurisdiction
Multiple Drawings
Notices
Payment Terms
Presentation Requirements
Reimbursement Obligations
Representations and Warranties
Severability
Taxes
Time of Payment
Transfer Rights
Underlying Transaction
Waiver
Assignment and Transfer
Availability
Amendments
Applicable Rules
Cancellation
Complying Presentation
Conditions Precedent
Confidentiality
Drawing Conditions
Expiry and Termination
Fees and Charges
Force Majeure
Governing Law
Independent Obligation
Jurisdiction
Multiple Drawings
Notices
Payment Terms
Presentation Requirements
Reimbursement Obligations
Representations and Warranties
Severability
Taxes
Time of Payment
Transfer Rights
Underlying Transaction
Waiver
Relevant Industries
Relevant Teams
Relevant Roles
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