The Performance Standby Letter of Credit is a crucial financial instrument in Singapore's commercial landscape, commonly used when one party requires security for another's performance obligations. This document, governed by Singapore law and international banking practices, provides an independent payment undertaking from a bank to pay a specified amount upon documented evidence of non-performance. It differs from traditional bank guarantees by following specific SBLC formats and rules, offering greater certainty in international transactions. The document typically includes detailed performance criteria, drawing conditions, and expiry terms, making it particularly valuable in complex commercial projects where performance risk needs to be managed effectively.
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1. Issuing Bank Details: Complete identification of the issuing bank including name, address, SWIFT code, and reference numbers
2. Beneficiary Details: Full identification of the beneficiary including name, address, and any reference numbers
3. Applicant Details: Complete information about the party requesting the SBLC including name, address, and reference details
4. Credit Amount and Currency: Specific amount and currency of the SBLC, including any automatic variation clauses
5. Validity Period: Clear statement of the effective date, validity period and expiry date of the SBLC
6. Performance Obligations: Detailed description of the underlying performance obligations being guaranteed
7. Drawing Terms and Conditions: Specific conditions and documentation requirements for drawing under the SBLC
1. Transferability Provisions: Terms and conditions for transfer rights, when the SBLC needs to be transferable to another beneficiary
2. Partial Drawing Terms: Specific provisions for partial drawings against the SBLC, when multiple drawings might be needed
3. Special Jurisdiction Clauses: Additional legal provisions when parties are in different jurisdictions
1. Schedule 1 - Form of Demand: Standard template for making a compliant demand under the SBLC
2. Schedule 2 - Performance Specifications: Detailed description of the performance requirements being guaranteed
3. Schedule 3 - Required Supporting Documents: Comprehensive list of required supporting documents for drawing under the SBLC
4. Schedule 4 - Applicable Rules Declaration: Declaration of which international rules govern the SBLC (UCP 600 or ISP98)
Relevant legal definitions
Advising Bank
Applicant
Banking Day
Beneficiary
Demand
Documentary Credit
Drawing
Effective Date
Expiry Date
Form of Demand
Governing Law
ICC
ISP98
Issuing Bank
Letter of Credit Amount
Non-Performance Event
Obligations
Performance Requirements
Place of Presentation
Presentation
Principal
Required Documents
SBLC
Supporting Documents
Transfer Rights
UCP 600
Underlying Contract
Applicant
Banking Day
Beneficiary
Demand
Documentary Credit
Drawing
Effective Date
Expiry Date
Form of Demand
Governing Law
ICC
ISP98
Issuing Bank
Letter of Credit Amount
Non-Performance Event
Obligations
Performance Requirements
Place of Presentation
Presentation
Principal
Required Documents
SBLC
Supporting Documents
Transfer Rights
UCP 600
Underlying Contract
Clauses
Issuance
Amount and Currency
Availability
Expiry Date
Drawing Requirements
Form of Demand
Presentation Requirements
Payment Terms
Performance Obligations
Documentary Requirements
Transfer Rights
Assignment
Force Majeure
Governing Law
Jurisdiction
Notices
Amendments
Partial Drawings
Multiple Drawings
Bank Charges
Independence
Compliance Requirements
Anti-Money Laundering
Sanctions Compliance
Termination
Automatic Reduction
Language
Amount and Currency
Availability
Expiry Date
Drawing Requirements
Form of Demand
Presentation Requirements
Payment Terms
Performance Obligations
Documentary Requirements
Transfer Rights
Assignment
Force Majeure
Governing Law
Jurisdiction
Notices
Amendments
Partial Drawings
Multiple Drawings
Bank Charges
Independence
Compliance Requirements
Anti-Money Laundering
Sanctions Compliance
Termination
Automatic Reduction
Language
Relevant Industries
Relevant Teams
Relevant Roles
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