The Performance Standby Letter of Credit is a crucial financial instrument in Pakistani commercial transactions, particularly used in large-scale projects and international trade. This document is employed when a party requires security against potential non-performance of contractual obligations by their counterparty. It provides an independent payment undertaking from a bank, typically triggered by documented evidence of default or non-performance. Under Pakistani jurisdiction, these instruments are governed by local banking laws and regulations, including Islamic banking provisions where applicable, while also commonly incorporating international standards like UCP 600 and ISP98. The document specifies key elements such as the maximum drawable amount, validity period, drawing conditions, and required documentation for demands, making it an essential tool for risk management in commercial transactions.
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1. Letter Reference and Date: Unique reference number and date of issuance of the SBLC
2. Parties and Addresses: Full legal names and addresses of the issuing bank, beneficiary, and applicant
3. Credit Amount: The maximum drawable amount and currency of the standby letter of credit
4. Underlying Transaction Reference: Reference to the main contract or agreement that this SBLC is supporting
5. Performance Obligations: Specific description of the performance obligations being guaranteed
6. Drawing Conditions: Detailed conditions and required documents for making a demand under the SBLC
7. Expiry Details: Expiry date and place of the SBLC
8. Form of Demand: Specific format and requirements for making a compliant demand
9. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction
10. Bank Details: Complete banking details for processing payments
1. Partial Drawings: Include when multiple drawings are permitted under the SBLC
2. Transfer Provisions: Include when the SBLC is transferable to other beneficiaries
3. Language of Documents: Include when documents may be presented in multiple languages
4. Electronic Presentation: Include when electronic presentation of documents is permitted
5. Force Majeure Clause: Include when specific force majeure provisions are required
6. Islamic Banking Compliance: Include when the SBLC needs to be Shariah-compliant
7. Multiple Currency Provisions: Include when drawings can be made in different currencies
1. Schedule A - Form of Demand: Standard template for making a compliant demand under the SBLC
2. Schedule B - Performance Standards: Detailed technical specifications or performance standards that must be met
3. Schedule C - Required Documents: List and formats of all required supporting documents for demands
4. Schedule D - Bank Contact Details: Complete contact information for all relevant bank departments
5. Appendix 1 - Original Contract Reference: Copy or extract of the underlying contract being guaranteed
6. Appendix 2 - Authorization Documents: Corporate authorizations and specimen signatures
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