The Standby Letter of Credit is a fundamental financial instrument in Pakistani banking and international trade, providing payment security in various commercial transactions. It is particularly useful when parties seek a reliable payment guarantee mechanism backed by a bank's creditworthiness. The document is governed by Pakistani law, specifically the Banking Companies Ordinance 1962 and State Bank of Pakistan regulations, while also following international banking practices such as ISP98. The SBLC typically includes key information such as the parties involved, credit amount, expiry date, drawing conditions, and required documentation. It serves as a contingent obligation, where the issuing bank commits to pay the beneficiary upon presentation of compliant documents evidencing the applicant's default or non-performance. This instrument is commonly used in international trade, construction projects, and various commercial transactions where payment security is crucial.
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1. Issuing Bank Details: Complete name, address, and reference numbers of the issuing bank
2. Date and Place of Issue: The date and location where the SBLC is issued
3. SBLC Number: Unique identification number assigned to the Standby Letter of Credit
4. Beneficiary Details: Full name and address of the party in whose favor the SBLC is issued
5. Applicant Details: Full name and address of the party requesting the SBLC
6. Currency and Amount: The currency and maximum amount available under the SBLC
7. Expiry Date: The date and place where the SBLC expires
8. Form of Presentation: Specifications for how and where documents must be presented
9. Drawing Terms: Conditions under which the beneficiary can draw on the SBLC
10. Required Documents: List of documents that must be presented for drawing
11. Governing Law and Jurisdiction: Specification of Pakistani law and relevant jurisdiction
12. Reference to ISP98: Statement that the SBLC is subject to International Standby Practices ISP98
1. Partial Drawings: Include when multiple partial drawings are permitted under the SBLC
2. Transfer Conditions: Include when the SBLC is transferable to other beneficiaries
3. Additional Conditions: Include when there are specific conditions beyond standard drawing requirements
4. Special Instructions: Include when there are specific banking or processing instructions
5. Counter-Guarantee Reference: Include when the SBLC is issued under a counter-guarantee arrangement
6. Language Preference: Include when documents may be presented in multiple languages
1. Schedule A - Drawing Certificate Format: Template of the required drawing certificate format
2. Schedule B - Demand Notice Format: Standard format for making a demand under the SBLC
3. Schedule C - Required Documents Checklist: Detailed checklist of all required documents for drawing
4. Appendix 1 - Authorized Signatories: List of authorized signatories and specimen signatures
5. Appendix 2 - Communication Methods: Approved methods and details for communications between parties
Relevant legal definitions
Advising Bank
Applicant
Banking Day
Beneficiary
Business Day
Complying Presentation
Confirming Bank
Counter-Guarantee
Demand
Drawing Certificate
Expiry Date
Governing Law
ISP98
Issuing Bank
Letter of Credit
Nominated Bank
Notice of Dishonor
Presentation
Presenting Bank
Required Documents
SBLC Amount
SWIFT
Specimen Signature
State Bank of Pakistan
Transfer
UCP 600
Applicant
Banking Day
Beneficiary
Business Day
Complying Presentation
Confirming Bank
Counter-Guarantee
Demand
Drawing Certificate
Expiry Date
Governing Law
ISP98
Issuing Bank
Letter of Credit
Nominated Bank
Notice of Dishonor
Presentation
Presenting Bank
Required Documents
SBLC Amount
SWIFT
Specimen Signature
State Bank of Pakistan
Transfer
UCP 600
Clauses
Issuance
Amount and Currency
Expiry
Drawing Rights
Document Presentation
Payment Terms
Transfer Rights
Force Majeure
Amendments
Bank Obligations
Representations and Warranties
Governing Law
Jurisdiction
Notices
Communications
Fees and Charges
Default Events
Document Examination
Sanctions Compliance
Anti-Money Laundering
Assignments
Partial Drawings
Counter-Indemnity
Dispute Resolution
Language
Banking Days
Severability
Amount and Currency
Expiry
Drawing Rights
Document Presentation
Payment Terms
Transfer Rights
Force Majeure
Amendments
Bank Obligations
Representations and Warranties
Governing Law
Jurisdiction
Notices
Communications
Fees and Charges
Default Events
Document Examination
Sanctions Compliance
Anti-Money Laundering
Assignments
Partial Drawings
Counter-Indemnity
Dispute Resolution
Language
Banking Days
Severability
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Construction
Energy and Utilities
Import/Export
Real Estate
Infrastructure Development
Telecommunications
Mining and Resources
Oil and Gas
Shipping and Logistics
Relevant Teams
Trade Finance
Credit Operations
Legal
Compliance
Risk Management
Treasury
International Banking
Corporate Banking
Documentary Credits
Transaction Banking
Relevant Roles
Trade Finance Manager
Credit Manager
Banking Operations Officer
Financial Controller
Treasury Manager
Risk Management Officer
Compliance Officer
Documentary Credits Specialist
International Trade Specialist
Corporate Banking Manager
Legal Counsel
Chief Financial Officer
Banking Relationship Manager
Transaction Banking Officer
Letters of Credit Manager
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