An Irrevocable Standby Letter of Credit is commonly used in Singapore and international business transactions as a risk mitigation tool. It serves as a financial backstop when one party requires payment security from another. The document is particularly relevant in cross-border transactions where parties seek the security of a bank's promise to pay. Under Singapore law, these instruments are regulated by the Monetary Authority of Singapore and must comply with international banking practices. The SBLC contains specific terms regarding the amount, validity period, drawing conditions, and required documentation for payment.
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1. Issuing Bank Details: Full identification and contact details of the issuing bank, including registration number, address, and authorized signatories
2. Beneficiary Details: Complete identification of the beneficiary, including full legal name, address, registration details, and contact information
3. Credit Number and Date: Unique identification number of the SBLC and date of issuance
4. Amount and Currency: Specified amount in numbers and words, and currency of the SBLC
5. Expiry Terms: Clear statement of validity period, expiration date, and place of expiry
6. Drawing Conditions: Specific conditions and requirements under which the SBLC can be drawn, including required documentation
7. Irrevocability Declaration: Express statement confirming the irrevocable nature of the SBLC
1. Transferability Provisions: Terms and conditions governing the transfer rights of the SBLC to another beneficiary
2. Partial Drawing Terms: Provisions specifying conditions and procedures for partial drawings under the SBLC
3. Auto-extension Clause: Terms specifying the automatic extension or renewal conditions of the SBLC
4. Assignment Rights: Provisions governing the assignment of proceeds under the SBLC
1. Drawing Certificate Template: Standard format template for beneficiary's drawing request
2. Required Documents Schedule: Comprehensive list of documents required for drawing under the SBLC
3. Bank Authorization Forms: Standard forms for bank processing and authorization procedures
4. Specimen Signatures: Authorized specimen signatures for verification purposes
Relevant legal definitions
Advising Bank
Applicant
Banking Day
Beneficiary
Business Day
Complying Presentation
Credit
Drawing
Effective Date
Event of Default
Expiry Date
Face Amount
Force Majeure
Governing Law
ICC
ISP98
Issuing Bank
Letter of Credit
Nominated Bank
Notice of Drawing
Presentation
Presenting Bank
Required Documents
SWIFT
Singapore Dollars
Standby Letter of Credit
UCP 600
USD
Applicant
Banking Day
Beneficiary
Business Day
Complying Presentation
Credit
Drawing
Effective Date
Event of Default
Expiry Date
Face Amount
Force Majeure
Governing Law
ICC
ISP98
Issuing Bank
Letter of Credit
Nominated Bank
Notice of Drawing
Presentation
Presenting Bank
Required Documents
SWIFT
Singapore Dollars
Standby Letter of Credit
UCP 600
USD
Clauses
Irrevocability
Amount and Currency
Availability
Expiry
Drawing Conditions
Presentation Requirements
Payment Terms
Transfer Rights
Assignment
Force Majeure
Governing Law
Jurisdiction
Notices
Amendments
Documentation Requirements
Bank Obligations
Beneficiary Rights
Default Events
Termination
Partial Drawings
Multiple Drawings
Automatic Extension
Non-Documentary Conditions
Fraudulent Claims
Bank Fees
Language
Electronic Presentations
Sanctions Compliance
Amount and Currency
Availability
Expiry
Drawing Conditions
Presentation Requirements
Payment Terms
Transfer Rights
Assignment
Force Majeure
Governing Law
Jurisdiction
Notices
Amendments
Documentation Requirements
Bank Obligations
Beneficiary Rights
Default Events
Termination
Partial Drawings
Multiple Drawings
Automatic Extension
Non-Documentary Conditions
Fraudulent Claims
Bank Fees
Language
Electronic Presentations
Sanctions Compliance
Relevant Industries
Relevant Teams
Relevant Roles
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