An Irrevocable Standby Letter of Credit (SBLC) is utilized when parties seek a secure, independent payment guarantee mechanism. It is particularly relevant in situations where one party requires assurance of payment or performance from another. Governed by US law, including UCC Article 5 and international practices (ISP98), the SBLC represents an irrevocable commitment by a bank to pay upon presentation of complying documents. Unlike commercial letters of credit, SBLCs are intended as backstop instruments, typically drawn upon only in case of default or non-performance of the underlying obligation.
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1. Issuing Bank Details: Full legal name, address, reference numbers, and contact information of the issuing bank
2. Beneficiary Details: Complete identification and details of the party in whose favor the SBLC is issued
3. Credit Amount and Currency: Specific amount and currency of the standby letter of credit, including any automatic adjustment provisions
4. Expiry Details: Expiration date, time, and place of the SBLC, including any automatic extension provisions
5. Drawing Conditions: Specific conditions and circumstances under which the beneficiary can draw on the credit
6. Presentation Requirements: Detailed list of documents and statements required for drawing under the credit
1. Transferability Clause: Terms and conditions under which the credit may be transferred to another beneficiary
2. Partial Drawings: Provisions specifying whether and how multiple partial drawings are permitted
3. Governing Law Choice: Explicit designation of governing law and jurisdiction for dispute resolution
4. Assignment of Proceeds: Terms allowing the assignment of proceeds to third parties
1. Form of Demand: Standard template for making a complying demand under the SBLC
2. Required Certificates: Templates for any certificates or statements required for drawing
3. Authentication Procedures: Detailed procedures for authenticating communications and documents
4. Fee Schedule: Schedule of fees, charges, and commission applicable to the SBLC
Relevant legal definitions
Clauses
Form and Issuance
Amount and Currency
Availability and Expiry
Drawing Conditions
Presentation Requirements
Payment Terms
Document Examination
Bank Obligations
Transfer Rights
Assignment
Governing Law
Force Majeure
Notices
Amendment Terms
Fees and Charges
Default Events
Dispute Resolution
Communications
Partial Drawings
Multiple Drawings
Automatic Extension
Independence Principle
Amount and Currency
Availability and Expiry
Drawing Conditions
Presentation Requirements
Payment Terms
Document Examination
Bank Obligations
Transfer Rights
Assignment
Governing Law
Force Majeure
Notices
Amendment Terms
Fees and Charges
Default Events
Dispute Resolution
Communications
Partial Drawings
Multiple Drawings
Automatic Extension
Independence Principle
Relevant Industries
International Trade
Construction
Real Estate
Energy
Financial Services
Relevant Teams
Treasury
Finance
Legal
Trade Operations
Risk Management
Relevant Roles
Trade Finance Manager
Chief Financial Officer
Treasury Manager
Credit Risk Manager
Commercial Banking Officer
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