The Performance Standby Letter of Credit is a crucial financial instrument in international trade and domestic commercial transactions within the Indonesian legal framework. This document is typically used when a party requires security for the performance of contractual obligations, particularly in large-scale projects or significant commercial transactions. The Performance Standby Letter of Credit provides beneficiaries with a bank's independent obligation to pay upon presentation of complying documents stating that the applicant has failed to perform its obligations. Operating under Indonesian law and regulated by Bank Indonesia, this instrument incorporates both local regulatory requirements and international banking practices, making it a reliable tool for securing performance in cross-border and domestic transactions. The document includes specific details about the parties, performance obligations, conditions for demand, and payment terms, all structured to comply with Indonesian banking regulations while maintaining international standards.
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1. Letter Reference Number: Unique identifier for the SBLC
2. Date of Issuance: The 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
7. Expiry Date: The date and place of expiry of the SBLC
8. Form of Presentation: Required documents and manner of presentation for claiming under the SBLC
9. Underlying Transaction: Reference to the underlying contract or obligation being guaranteed
10. Trigger Events: Specific conditions that would trigger a demand under the SBLC
11. Payment Terms: Timeframe and method of payment upon complying presentation
12. Governing Law and Jurisdiction: Specification of Indonesian law and relevant jurisdiction
13. Authorization: Authorized signatures and bank stamps
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. Language Provision: Include when the SBLC is issued in multiple languages
4. Counter-Guarantee Reference: Include when there is a counter-guarantee from another bank
5. Amendment Terms: Include when specific amendment procedures need to be predetermined
6. Force Majeure Clause: Include when specific force majeure provisions are required beyond standard banking practice
1. Format of Demand: Prescribed format for making a complying demand under the SBLC
2. Required Documents: List and format of all documents required for presentation
3. Underlying Contract Extract: Relevant excerpts from the underlying contract being guaranteed
4. Bank Authorization List: List of authorized signatories and specimen signatures
5. Fee Schedule: Schedule of all applicable fees and charges
Relevant legal definitions
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International Trade
Engineering
Infrastructure Development
Energy
Oil & Gas
Mining
Telecommunications
Defense Contracting
Technology Services
Project Development
Relevant Teams
Legal
Finance
Treasury
International Trade
Risk Management
Corporate Banking
Procurement
Commercial Operations
Credit Administration
Trade Finance Operations
Compliance
Documentary Credits
Relevant Roles
Trade Finance Manager
Corporate Banking Officer
International Business Development Manager
Project Finance Director
Contract Manager
Treasury Manager
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Commercial Director
Chief Financial Officer
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Procurement Manager
Credit Risk Officer
Documentary Credits Specialist
International Trade Specialist
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