The Performance Standby Letter of Credit is a crucial financial instrument used to secure performance obligations in commercial transactions. This document type is particularly relevant when one party requires security for another party's performance of contractual obligations. Under Swiss law, which is renowned for its stability and predictability in banking matters, the Performance Standby Letter of Credit provides an independent, irrevocable commitment from a bank to pay upon presentation of specified documents indicating a performance failure. It is commonly used in international trade, construction projects, and large commercial contracts where the beneficiary seeks a reliable, bank-backed security instrument. The document incorporates specific requirements for demand conditions, validity periods, and documentation, often referencing international banking practices while maintaining compliance with Swiss legal requirements.
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1. Letter Reference Details: Date, reference number, and SWIFT details if applicable
2. Beneficiary Details: Full name and address of the party in whose favor the SBLC is issued
3. Applicant Details: Full name and address of the party requesting the SBLC
4. Issuing Bank Details: Full name, address and contact information of the issuing bank
5. Transaction Reference: Reference to the underlying contract or obligation being secured
6. SBLC Amount and Currency: The maximum amount available under the SBLC and currency denomination
7. Bank's Undertaking: Clear statement of the bank's independent payment obligation and commitment
8. Drawing Conditions: Specific conditions and required documentation for demanding payment
9. Expiry Details: Expiry date and place, including any auto-extension clauses
10. Form of Demand: Exact format and content requirements for making a compliant demand
11. Presentation Location: Where and how demands must be presented
12. Governing Law Declaration: Statement that Swiss law governs the SBLC
13. Applicable Rules: Reference to ISP98 or other applicable rules
1. Transferability Clause: Include when the SBLC needs to be transferable to other beneficiaries
2. Multiple Drawing Clause: Include when partial drawings are to be permitted
3. Language of Documents: Include when documents may be presented in multiple languages
4. Bank Charges: Include when there's a need to specify responsibility for bank charges
5. Force Majeure Clause: Include when specific force majeure provisions are required beyond standard rules
6. Assignment of Proceeds: Include when assignment of proceeds needs to be explicitly permitted or prohibited
7. Electronic Presentation: Include when electronic presentation of documents is permitted
1. Form of Demand: Template for the beneficiary's written demand for payment
2. Required Documents: List and samples of any additional documents required for drawing
3. Performance Statement Format: Template for the statement declaring applicant's non-performance
4. Authentication Instructions: Details of how documents should be authenticated or legalized
5. Contact Details Schedule: Complete contact information for all relevant parties and departments
Relevant legal definitions
Clauses
Relevant Industries
Construction
Infrastructure
Engineering
Manufacturing
Energy
International Trade
Telecommunications
Mining
Oil and Gas
Real Estate Development
Renewable Energy
Defense Contracting
Technology Services
Industrial Projects
Relevant Teams
Legal
Finance
Treasury
Risk Management
Commercial Operations
Project Management
Procurement
Trade Finance
Contract Administration
Corporate Banking
International Business
Relevant Roles
Chief Financial Officer
Treasury Manager
Trade Finance Manager
Project Manager
Contract Manager
Risk Manager
Commercial Director
Finance Director
Legal Counsel
Banking Relationship Manager
Procurement Manager
Credit Risk Officer
Corporate Finance Manager
Business Development Director
Operations Manager
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