A Bank Standby Letter of Credit is a crucial financial instrument in commercial transactions, providing security and risk mitigation. It represents an irrevocable commitment by a bank to pay a specified sum upon the presentation of complying documents. Under U.S. jurisdiction, SBLCs are primarily governed by UCC Article 5 and often incorporate international practices like ISP98. They are commonly used in international trade, construction projects, and various commercial transactions where parties seek independent financial assurance of performance or payment obligations.
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1. Issue Date and Reference Number: Unique identifier and date of issuance of the Standby Letter of Credit
2. Bank Details: Full details of the issuing bank including name, address, SWIFT code, and contact information
3. Beneficiary Information: Complete details of the party in whose favor the SBLC is issued, including full legal name, address, and contact details
4. Applicant Information: Complete details of the party requesting the SBLC, including full legal name, address, and contact details
5. Amount and Currency: Specified amount and currency of the SBLC, stated in both numbers and words
6. Expiry Date: Clear statement of when the SBLC expires, including time and place of expiry
7. Drawing Terms: Detailed conditions and requirements under which the beneficiary can draw on the SBLC
8. Governing Law and Jurisdiction: Specification of applicable law (UCC Article 5) and jurisdiction for dispute resolution
1. Transferability Clause: Optional provision specifying whether and how the SBLC can be transferred to another beneficiary
2. Automatic Extension Clause: Optional provision for automatic renewal of the SBLC unless notice is given within specified period
3. Partial Drawing Clause: Optional provision allowing multiple partial drawings up to the total amount of the SBLC
4. Assignment of Proceeds: Optional provision allowing the assignment of proceeds to a third party
1. Drawing Certificate Template: Standard format template for beneficiary to make a claim under the SBLC
2. Required Documents List: Comprehensive list of documents required to be presented for drawing under the SBLC
3. Authentication Instructions: Detailed procedures and requirements for verifying authenticity of drawings and documents
4. Fee Schedule: Schedule of applicable fees, charges, and commission rates
Relevant legal definitions
Clauses
Relevant Industries
International Trade
Construction
Real Estate
Manufacturing
Energy
Relevant Teams
Treasury
Finance
Legal
Trade Finance
Risk Management
Relevant Roles
Trade Finance Manager
Credit Officer
Treasury Manager
Commercial Banking Officer
Risk Manager
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