The Bank Standby Letter of Credit is a vital financial instrument commonly used in international trade and business transactions where payment assurance is required. It serves as a contingent obligation issued by a bank, providing security to beneficiaries in case of default or non-performance by the applicant. Under Hong Kong law, these instruments are particularly important due to the jurisdiction's status as a major international financial center, with the document incorporating both local regulations and international banking standards such as UCP 600 and ISP98. The SBLC typically includes specific details about the parties involved, the guaranteed amount, expiry date, drawing conditions, and required documentation for claims. It is commonly used in various scenarios including performance guarantees, bid bonds, advance payment guarantees, and financial support 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: The currency and maximum amount available under the SBLC, in both figures and words
7. Expiry Date: Clear statement of when the SBLC expires
8. Form of Presentation: Specific requirements for how and where documents must be presented
9. Drawing Terms: Conditions under which the SBLC can be drawn upon
10. Required Documents: List of documents that must be presented for drawing
11. Governing Law: Statement that Hong Kong law governs the SBLC
12. Authorization: Authorized bank signatures and authentication
1. Transferability Clause: Include when the SBLC needs to be transferable to another beneficiary
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 Provision: Include when drawings can be made in multiple currencies
5. Force Majeure Clause: Include when specific force majeure provisions are required beyond standard banking practice
6. Electronic Presentation Clause: Include when electronic presentation of documents is permitted
7. Silent Confirmation Provision: Include when silent confirmation by another bank is permitted
1. Schedule A - Drawing Certificate Format: Template of the beneficiary's drawing certificate
2. Schedule B - Form of Demand: Prescribed format for making a demand under the SBLC
3. Schedule C - Underlying Transaction Details: Description of the commercial transaction being supported by the SBLC
4. Schedule D - Required Document Formats: Templates or formats for any specific required documents
5. Appendix 1 - Bank's Standard Terms and Conditions: Standard terms and conditions applicable to all SBLCs issued by the bank
6. Appendix 2 - Fee Schedule: Details of all applicable fees, charges, and commission
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Construction and Infrastructure
Manufacturing
Shipping and Logistics
Energy and Resources
Real Estate Development
Telecommunications
Project Finance
Relevant Teams
Trade Finance
Credit Risk
Legal
Compliance
Treasury
International Banking
Documentary Credits
Trade Operations
Corporate Banking
Financial Control
Risk Management
Relevant Roles
Trade Finance Manager
Credit Risk Officer
Documentary Credits Specialist
International Banking Manager
Compliance Officer
Treasury Manager
Global Transaction Banking Officer
Commercial Banking Relationship Manager
Trade Operations Manager
Legal Counsel
Chief Financial Officer
Finance Director
Corporate Banking Manager
Letter of Credit Specialist
Risk Management Officer
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