The Standby Letter of Credit (SLOC) is a fundamental financial instrument used in commercial transactions where payment assurance is crucial. This document is particularly relevant in the South African context, where it must comply with local banking regulations while maintaining international banking standards. It is typically used when parties seek a reliable payment security mechanism in various commercial scenarios, including performance guarantees, financial obligations, or contract compliance. The SLOC provides beneficiaries with a bank's commitment to pay upon presentation of compliant documents, offering a robust risk mitigation tool. Under South African law, these instruments must conform to specific regulatory requirements, including those set forth by the South African Reserve Bank and the Financial Intelligence Centre Act, while also adhering to international banking practices and standards.
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1. Bank Details and Reference: Issuing bank's details, SLOC reference number, and date of issuance
2. Beneficiary Information: Full legal name and address of the beneficiary
3. Applicant Information: Full legal name and address of the applicant requesting the SLOC
4. Amount and Currency: Maximum amount available under the SLOC and specified currency
5. Expiry Details: Expiration date and place for presentation of documents
6. Form of Presentation: Specific requirements for how and where documents must be presented
7. Required Documents: List of documents that must be presented to trigger payment
8. Payment Terms: Conditions and timing of payment upon presentation of complying documents
9. Governing Law and Jurisdiction: Specification of South African law and relevant jurisdiction
10. Applicable Rules: Reference to applicable ICC rules (typically ISP98 or UCP 600)
1. Transferability Clause: Used when the SLOC needs to be transferable to another beneficiary
2. Partial Drawings: Include when multiple or partial drawings are permitted under the SLOC
3. Automatic Extension Clause: Used when the SLOC should automatically extend for additional periods
4. Assignment of Proceeds: Include when proceeds can be assigned to third parties
5. Multiple Beneficiary Provisions: Required when there are multiple beneficiaries
6. Special Conditions: Any unique requirements or conditions specific to the transaction
7. Force Majeure Provisions: Additional provisions dealing with extraordinary circumstances
1. Schedule A - Drawing Certificate Format: Prescribed format for beneficiary's demand for payment
2. Schedule B - Form of Transfer Request: Standard format for requesting transfer of the SLOC (if transferable)
3. Schedule C - Supporting Documentation Requirements: Detailed list and formats of required supporting documents
4. Appendix 1 - Authorized Signatories: List of persons authorized to sign documents related to the SLOC
5. Appendix 2 - Fee Schedule: Details of all applicable fees and charges
6. Appendix 3 - Communication Procedures: Specific procedures for communications between parties
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Construction
Energy and Resources
Import/Export
Telecommunications
Infrastructure Development
Mining
Real Estate
Retail
Agriculture
Technology
Relevant Teams
Legal
Finance
Treasury
Trade Finance
Risk Management
Compliance
International Operations
Commercial Operations
Credit Control
Banking Operations
Relevant Roles
Chief Financial Officer
Treasury Manager
Trade Finance Manager
Financial Director
Risk Manager
Compliance Officer
Legal Counsel
Banking Relationship Manager
Finance Manager
Credit Manager
International Trade Specialist
Commercial Director
Operations Manager
Contract Manager
Financial Controller
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