Irrevocable Standby Letter Of Credit

Irrevocable Standby Letter Of Credit Template for England and Wales

Create a bespoke document in minutes, or upload and review your own.

4.6 / 5

4.8 / 5

Let's create your Irrevocable Standby Letter Of Credit

1. Select your governing law and document type:

2. Enter your key requirements:

3. Create your document to edit, review or download

Get your first 2 documents free

Your data doesn't train Genie's AI

You keep IP ownership of your information

Key Requirements PROMPT example:

"I need an Irrevocable Standby Letter of Credit for a construction project in London, with a value of £5 million, expiring on 30 June 2025, allowing for partial drawings and including specific performance milestone requirements."

Document background

The Irrevocable Standby Letter of Credit is a crucial financial instrument used when parties seek independent payment security for commercial transactions. It represents an irrevocable commitment by a bank to pay upon compliant presentation of documents, typically serving as a 'standby' facility that is drawn only if the underlying obligation is not fulfilled. Under English and Welsh law, these instruments are particularly valued for their independence from the underlying transaction and the strict compliance doctrine that governs their operation. They are commonly used in international trade, construction projects, and financial transactions where parties seek reliable payment security.

Suggested Sections

1. Issuing Bank Details: Full legal name, address, registration details and reference numbers of the issuing bank

2. Beneficiary Information: Complete identification details of the beneficiary including full legal name, address and registration details

3. Credit Amount and Currency: Precise statement of the amount and currency of the standby letter of credit, including any provisions for variation

4. Drawing Terms and Conditions: Detailed conditions and requirements that must be met for the credit to be drawn upon

5. Expiry Terms: Clear statement of expiry date, time and conditions, including the place where documents must be presented

Optional Sections

1. Transfer Provisions: Terms and conditions for transfer of the credit to another beneficiary, if transferability is permitted

2. Partial Drawing Clause: Provisions allowing or prohibiting partial drawings under the credit

3. Automatic Extension Clause: Terms for automatic extension of the credit if certain conditions are met

4. Force Majeure Provisions: Specific provisions dealing with force majeure events affecting the credit

Suggested Schedules

1. Form of Demand: Standard template for making a compliant demand under the letter of credit

2. Required Documents Schedule: Comprehensive list of documents required to be presented with any demand

3. Authentication Details: SWIFT or other authentication procedures and requirements

4. Specimen Signatures: Authorized signatures for the issuing bank and/or confirmation bank if applicable

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Relevant Teams

Relevant Roles

Find the exact document you need

Unsecured Letter Of Credit

An England & Wales financial document ensuring payment assurance without collateral in international and domestic trade.

������Ƶ

How ������Ƶ reduced drafting time by 75% for a legal firm

Let's create your Irrevocable Standby Letter Of Credit

Authors

Alex Denne

Find the exact document you need

Unsecured Letter Of Credit

Unrestricted Letter Of Credit

Trade Finance Letter Of Credit

Unconditional Letter Of Credit

Transit Letter Of Credit

Synthetic Letter Of Credit

Syndicated Letter Of Credit

Surety Backed Letter Of Credit

Structured Letter Of Credit

Restricted Letter Of Credit

Revolving Letter Of Credit

Reverse Letter Of Credit

Sblc Purchase Agreement

Sblc Lease Agreement

Provisional Credit Reversal Letter

Outstanding Letter Of Credit

Operative Letter Of Credit

Non Recourse Sblc

Non Negotiable Letter Of Credit

Negotiable Letter Of Credit

Letter Of Credit Verbiage

Letter Of Credit Negotiable Instrument

Letter Of Credit Loc

Letter Of Credit Facility

Letter Of Credit Discrepancy Acceptance

Letter Of Credit Balance Sheet

Letter Of Credit Amendment

Lease Letter Of Credit

Issuing Bank Letter Of Credit

Irrevocable Revolving Letter Of Credit

International Letter Of Credit

Interest On Letter Of Credit

Fronting Letter Of Credit

Fronting Fee Letter Of Credit

Fixed Letter Of Credit

Electronic Letter Of Credit

Divisible Letter Of Credit

Direct Letter Of Credit

Credit Reference Letter From Utility Company

Credit Reference Letter From Supplier

Credit Reference Letter From Bank

Credit Note Letter

Credit Extension Letter

Credit Commitment Letter

Credit Card Welcome Letter

Credit Card Request Letter

Credit Card Missing Letter

Credit Card Declined Letter To Customer

Credit Card Convenience Fee Letter To Customers

Credit Cancellation Letter

Credit Approval Letter

Confirming Bank Letter Of Credit

Conditional Letter Of Credit

Commercial Letter Of Credit

Cash Collateral Letter Of Credit

Cash Backed Letter Of Credit

Cancellation Of Letter Of Credit

Bond Letter Of Credit

Blockchain Letter Of Credit

Beneficiary Certificate Letter Of Credit

Bankers Acceptance And Letter Of Credit

Bank Facilities Letter

Backstop Letter Of Credit

Advised Letter Of Credit

Advance Letter Of Credit

Beneficiary Letter Of Credit

Advising Bank Letter Of Credit

Transfer Letter Of Credit

Letter Of Credit On Sight

Letter Of Credit For Utilities

Corporate Credit Card Limit Increase Request Letter

Credit Rejection Letter

Release Letter Of Credit

Credit Application Letter

��Ƶ

How ��Ƶ reduced drafting time by 75% for a legal firm

�ұ�Ծ��’s Security Promise

��Ƶ