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
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