A Standby Letter of Credit is commonly used in business transactions where one party seeks financial assurance from another. It serves as a contingent obligation, becoming payable only upon the applicant's failure to perform or meet specified obligations. Used extensively in international trade and domestic transactions, SLOCs are governed by U.S. banking regulations and international practices. They typically include specific drawing conditions, expiry dates, and document requirements. The instrument provides security to beneficiaries while allowing applicants to avoid tying up large amounts of capital.
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1. Issuing Bank Details: Full name, address, and contact information of the bank issuing the SLOC
2. Beneficiary Information: Complete details of the party in whose favor the SLOC is issued, including full name, address and contact information
3. Applicant Information: Details of the party requesting the SLOC, including full name, address and contact information
4. Credit Amount and Currency: Specific amount and currency of the SLOC, including any automatic reduction clauses if applicable
5. Expiry Terms: Clear statement of when the SLOC expires, including date, time, and place of expiry
6. Drawing Conditions: Specific conditions and circumstances under which the beneficiary can draw on the SLOC
7. Required Documentation: Comprehensive list of documents needed for drawing under the SLOC, including format and submission requirements
1. Transfer Rights: Optional clause specifying whether the SLOC is transferable and under what conditions
2. Governing Rules Declaration: Optional specification of whether ISP98 or UCP 600 rules apply to this SLOC
3. Automatic Extension Clause: Optional evergreen clause specifying terms for automatic renewal of the SLOC
4. Partial Drawings: Optional clause specifying whether partial drawings are permitted under the SLOC
5. Multiple Drawings: Optional clause specifying whether multiple drawings are permitted under the SLOC
1. Drawing Certificate Template: Standard format template for beneficiary to make a demand under the SLOC
2. Form of Demand: Prescribed format and template for making a claim under the SLOC
3. Required Supporting Documents: Ƶ or examples of additional required documentation for drawing under the SLOC
4. Bank Contact Details: Complete contact information for relevant bank departments for presentations and inquiries
Relevant legal definitions
Clauses
Relevant Industries
International Trade
Construction
Real Estate
Energy
Manufacturing
Relevant Teams
Treasury
Finance
Legal
Procurement
Risk Management
Relevant Roles
Trade Finance Manager
Credit Risk Officer
Treasury Manager
Commercial Banking Officer
Contract Manager
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