The Irrevocable Standby Letter of Credit is a essential financial instrument in South African and international commerce, designed to provide payment security in various commercial transactions. It represents a bank's irrevocable commitment to pay a specified sum to a beneficiary when certain conditions are met, typically serving as a 'standby' guarantee that only comes into effect if the applicant fails to fulfill their primary contractual obligations. Used extensively in international trade, construction projects, and financial transactions, this document follows South African banking laws while incorporating international standards such as ISP98 and UCP 600. The SBLC's irrevocable nature means it cannot be modified or cancelled without the agreement of all parties involved, providing robust security for commercial transactions.
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1. Letter Reference Number: Unique identifier for the SBLC
2. Date of Issuance: Date when the SBLC is issued
3. Issuing Bank Details: Complete name, address, and SWIFT code of the issuing bank
4. Beneficiary Details: Full name and address of the party in whose favor the SBLC is issued
5. Applicant Details: Full name and address of the party requesting the SBLC
6. Currency and Amount: Specified currency and amount both in figures and words
7. Expiry Date: Clear statement of expiry date and place
8. Purpose/Underlying Transaction: Description of the underlying transaction or purpose of the SBLC
9. Drawing Terms: Specific conditions and documentation required for drawing under the SBLC
10. Governing Law and Jurisdiction: Statement that South African law governs and jurisdiction details
11. ISP98/UCP600 Declaration: Statement of which international rules govern the SBLC
1. Transferability Clause: Include when the SBLC needs to be transferable to other beneficiaries
2. Partial Drawings: Include when multiple partial drawings are to be permitted
3. Automatic Extension Clause: Include when the SBLC should automatically extend beyond its initial expiry date
4. Multiple Currency Options: Include when payments can be made in different currencies
5. Counter-Guarantee Details: Include when there's a counter-guarantee from another bank
6. Force Majeure Provisions: Include specific force majeure terms when required by the transaction nature
1. Required Documents: Detailed list of documents required for drawing under the SBLC
2. Drawing Certificate Format: Prescribed format for the beneficiary's drawing certificate
3. Fee Schedule: Details of all applicable fees and charges
4. Communication Procedures: Specific procedures for communications between parties
5. Amendment Request Format: Standard format for requesting amendments to the SBLC
Relevant legal definitions
Advising Bank
Applicant
Banking Day
Beneficiary
Business Day
Complying Presentation
Confirmation
Confirming Bank
Counter-Guarantee
Drawing
Expiry Date
Expiry Place
Force Majeure
Honour
ISP98
Issuing Bank
Letter of Credit
Nominated Bank
Non-complying Presentation
Presentation
Presenter
SWIFT
UCP 600
Underlying Transaction
ZAR
Applicant
Banking Day
Beneficiary
Business Day
Complying Presentation
Confirmation
Confirming Bank
Counter-Guarantee
Drawing
Expiry Date
Expiry Place
Force Majeure
Honour
ISP98
Issuing Bank
Letter of Credit
Nominated Bank
Non-complying Presentation
Presentation
Presenter
SWIFT
UCP 600
Underlying Transaction
ZAR
Clauses
Issuance
Amount and Currency
Availability
Expiry
Drawing Conditions
Documentary Requirements
Payment Terms
Transferability
Assignment
Force Majeure
Governing Law
Jurisdiction
Notices
Bank Obligations
Amendments
Fees and Charges
Communications
Compliance with Laws
Anti-Money Laundering
Dispute Resolution
Representations and Warranties
Partial Drawings
Document Examination
Confidentiality
Default Events
Termination
Amount and Currency
Availability
Expiry
Drawing Conditions
Documentary Requirements
Payment Terms
Transferability
Assignment
Force Majeure
Governing Law
Jurisdiction
Notices
Bank Obligations
Amendments
Fees and Charges
Communications
Compliance with Laws
Anti-Money Laundering
Dispute Resolution
Representations and Warranties
Partial Drawings
Document Examination
Confidentiality
Default Events
Termination
Relevant Industries
Banking & Financial Services
International Trade
Import/Export
Manufacturing
Construction
Energy
Mining
Infrastructure
Telecommunications
Real Estate
Retail
Agriculture
Logistics & Transportation
Relevant Teams
Trade Finance
Corporate Banking
Treasury
Legal
Compliance
Risk Management
International Banking
Documentary Credits
Trade Operations
Project Finance
Relevant Roles
Trade Finance Manager
Corporate Banking Officer
Chief Financial Officer
Treasury Manager
International Trade Specialist
Credit Risk Manager
Documentary Credits Manager
Finance Director
Commercial Banking Manager
Trade Operations Manager
Compliance Officer
Legal Counsel
Financial Controller
Import/Export Manager
Project Finance Manager
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