The Standby Letter of Credit is widely used in Singapore and international commerce as a risk mitigation tool. It serves as a contingent obligation where the issuing bank commits to pay the beneficiary upon presentation of specified documents indicating a default or non-performance by the applicant. The document follows strict formatting and content requirements under Singapore law and international banking practices, particularly UCP 600 and ISP98. It typically includes detailed information about payment conditions, expiry dates, and documentary requirements, making it a crucial instrument for securing commercial obligations.
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1. Issuing Bank Details: Full legal name, address, and reference numbers of the issuing bank
2. Beneficiary Details: Complete identification of the party in whose favor the SBLC is issued
3. Amount and Currency: Specific amount and currency of the SBLC
4. Expiry Date: Clear statement of when the SBLC expires
5. Drawing Conditions: Specific conditions under which the SBLC can be drawn
6. Governing Law and Jurisdiction: Specification of Singapore law as governing law and jurisdiction for disputes
1. Transferability Clause: Optional clause specifying whether and how the SBLC can be transferred to another beneficiary
2. Partial Drawings: Optional clause allowing for multiple partial drawings under the SBLC
3. Auto-renewal Clause: Optional clause specifying terms for automatic renewal of the SBLC
4. Assignment Provisions: Optional clause detailing whether proceeds can be assigned to third parties
1. Form of Demand: Standard template for making a compliant demand under the SBLC
2. Required Supporting Documents: Comprehensive list of documents required to be presented with any demand
3. Fee Schedule: Detailed breakdown of all applicable banking charges and fees
4. Communication Methods: Approved methods and formats for communications relating to the SBLC
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