Counter Standby Letters of Credit are essential instruments in international banking and trade finance, particularly when multiple jurisdictions are involved. Under Singapore law, this document type provides a bank-to-bank guarantee that backs an existing Standby Letter of Credit, effectively creating a chain of security. The Counter SBLC contains specific terms regarding the amount, validity period, drawing conditions, and the circumstances under which it can be called upon. It's commonly used in complex international transactions where multiple layers of security are required, especially when dealing with cross-border transactions or when local banking regulations require additional guarantees.
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Key Requirements PROMPT example:
Counter Standby Letter Of Credit
"Need a Counter Standby Letter of Credit to be issued by DBS Bank Singapore in favor of HSBC Hong Kong, backing an existing SBLC worth USD 5 million for a construction project, with validity until March 2025."
1. Issuing Bank Details: Complete identification and contact information of the bank issuing the Counter SBLC
2. Original SBLC Reference: Details and reference numbers of the original SBLC being counter-guaranteed
3. Beneficiary Information: Complete identification and contact information of the beneficiary bank
4. Amount and Currency: Specification of the Counter SBLC amount and currency, including any automatic adjustment mechanisms
5. Validity Period: Clear statement of the effective date and expiry date of the Counter SBLC
6. Drawing Terms and Conditions: Detailed conditions and procedures for making a valid drawing under the Counter SBLC
7. Governing Law and Jurisdiction: Specification of Singapore law as governing law and jurisdiction for dispute resolution
1. Automatic Extension Clause: Optional provision for automatic extension of the Counter SBLC validity under specified conditions
2. Partial Drawing Provisions: Optional terms allowing and regulating partial drawings under the Counter SBLC
3. Transfer Restrictions: Optional clause specifying any restrictions on transferability of the Counter SBLC
4. Force Majeure: Optional provisions dealing with circumstances beyond reasonable control affecting the Counter SBLC
1. Schedule 1 - Form of Demand: Standard template for making a compliant demand under the Counter SBLC
2. Schedule 2 - Original SBLC: Copy of the original SBLC being counter-guaranteed
3. Schedule 3 - Authentication Requirements: Specified documentation and procedures required for authenticating demands
4. Schedule 4 - Fee Schedule: Details of all applicable fees, charges and commission rates
Authors
Relevant legal definitions
Advising Bank
Applicant
Banking Day
Beneficiary
Business Day
Counter-Guarantee
Counter Standby Letter of Credit
Demand
Drawing
Effective Date
Expiry Date
Form of Demand
Governing Law
ICC
ISP98
Issuing Bank
Letter of Credit
Maximum Amount
Original Standby Letter of Credit
Original SBLC Reference Number
Permitted Transfer
Presentation
SWIFT
UCP 600
Underlying Transaction
Applicant
Banking Day
Beneficiary
Business Day
Counter-Guarantee
Counter Standby Letter of Credit
Demand
Drawing
Effective Date
Expiry Date
Form of Demand
Governing Law
ICC
ISP98
Issuing Bank
Letter of Credit
Maximum Amount
Original Standby Letter of Credit
Original SBLC Reference Number
Permitted Transfer
Presentation
SWIFT
UCP 600
Underlying Transaction
Clauses
Issuance
Amount and Currency
Term and Expiry
Drawing Requirements
Payment Terms
Documentary Requirements
Presentation
Examination and Payment
Force Majeure
Assignment and Transfer
Amendments
Notices
Governing Law
Jurisdiction
Compliance with Rules
Bank's Rights and Obligations
Reimbursement
Default Events
Automatic Extension
Reduction Provisions
Fees and Charges
Counter-Indemnity
Communications
Severability
Entire Agreement
Language
Amount and Currency
Term and Expiry
Drawing Requirements
Payment Terms
Documentary Requirements
Presentation
Examination and Payment
Force Majeure
Assignment and Transfer
Amendments
Notices
Governing Law
Jurisdiction
Compliance with Rules
Bank's Rights and Obligations
Reimbursement
Default Events
Automatic Extension
Reduction Provisions
Fees and Charges
Counter-Indemnity
Communications
Severability
Entire Agreement
Language
Relevant Industries
Relevant Teams
Relevant Roles
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