The Irrevocable Standby Letter of Credit is a fundamental instrument in international trade and commercial transactions, providing security and payment assurance to parties engaging in significant business dealings. This document is particularly relevant when parties seek a reliable, bank-backed guarantee for performance or payment obligations. Under New Zealand jurisdiction, it combines local legal requirements with international banking standards, making it a robust tool for cross-border transactions. The document typically includes specific drawing conditions, expiry terms, and clear identification of all parties involved. It's commonly used in situations requiring financial security, such as large commercial contracts, infrastructure projects, or international trade transactions, where the beneficiary needs a reliable payment backup mechanism.
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1. Letter Reference Number: Unique identification number of the SBLC
2. Date of Issuance: The official 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 amount of the SBLC in both figures and words
7. Expiry Date: The date and place of expiry of the SBLC
8. Drawing Terms: Conditions under which the SBLC can be drawn, including required documents
9. Governing Law and Jurisdiction: Specification of New Zealand law and jurisdiction
10. Reference to UCP/ISP: Statement incorporating UCP 600 or ISP98 rules
11. Authorized Signatures: Space for bank officials' signatures and bank seal
1. Advising Bank Details: Details of the advising bank if the SBLC is advised through another bank
2. Confirmation Instructions: Instructions regarding confirmation if the SBLC needs to be confirmed by another bank
3. Transferability Clause: Section specifying if the SBLC is transferable and under what conditions
4. Partial Drawings: Clause indicating whether partial drawings are allowed
5. Revolving Terms: Terms of revolving if the SBLC is revolving in nature
6. Special Conditions: Any additional terms or conditions specific to the transaction
7. Anti-Money Laundering Declaration: Specific declarations required under NZ AML/CFT Act
1. Schedule A - Required Documents: Detailed list and format of documents required for drawing under the SBLC
2. Schedule B - Drawing Certificate Format: Prescribed format for the beneficiary's drawing certificate
3. Schedule C - Form of Demand: Standard format for making a demand under the SBLC
4. Appendix 1 - Underlying Transaction Details: Reference to the underlying commercial transaction or agreement
5. Appendix 2 - Special Instructions: Any special handling or processing instructions
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Construction
Manufacturing
Energy and Resources
Infrastructure
Real Estate
Telecommunications
Import/Export
Shipping and Logistics
Professional Services
Relevant Teams
Legal
Finance
Treasury
Trade Finance
Risk Management
Compliance
Commercial Operations
Procurement
International Business
Credit Administration
Banking Operations
Relevant Roles
Trade Finance Manager
Credit Manager
Commercial Banking Officer
International Business Manager
Chief Financial Officer
Treasury Manager
Risk Manager
Legal Counsel
Compliance Officer
Commercial Director
Supply Chain Manager
Procurement Manager
Contract Administrator
Banking Relationship Manager
Documentary Credits Specialist
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