The Irrevocable Standby Letter of Credit is a critical financial instrument used to secure performance or payment obligations in commercial transactions. It represents an irrevocable commitment from a bank to pay a specified sum to a beneficiary upon presentation of complying documents, typically used as a backup facility rather than a primary payment mechanism. Under German law, these instruments must comply with both local banking regulations and international standards such as ISP98 or UCP 600. The document is particularly valuable in international trade, construction projects, and financial transactions where parties seek reliable, bank-backed security. It includes detailed provisions for drawing conditions, document presentation requirements, expiry terms, and governing law clauses, providing a robust framework for securing commercial obligations while meeting German legal and regulatory requirements.
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1. Letter Reference Number: Unique identification number of the SBLC
2. Date of Issuance: The official date when the SBLC is issued
3. Issuing Bank Details: Complete name and address of the issuing bank
4. Beneficiary Details: Full name and address of the beneficiary
5. Applicant Details: Full name and address of the applicant requesting the SBLC
6. Currency and Amount: The currency and maximum amount available under the SBLC, in both figures and words
7. Expiry Date: The date and place of expiry of the SBLC
8. Form of Presentation: Requirements for presentation of documents, including location and method
9. Drawing Terms: Specific conditions and required documents for drawing under the SBLC
10. Governing Law and Jurisdiction: Statement that German law governs the SBLC and jurisdiction details
11. Applicable Rules: Reference to ISP98 or UCP 600 as applicable
1. Partial Drawings: Include when multiple partial drawings are permitted or explicitly prohibited
2. Transfer Conditions: Include when the SBLC is transferable, specifying transfer conditions
3. Multiple Beneficiaries: Include when there are multiple beneficiaries and their respective rights
4. Automatic Extension Clause: Include when the SBLC has an 'evergreen' clause for automatic extension
5. Special Payment Conditions: Include when there are specific payment timing or method requirements
6. Counter-Guarantee Reference: Include when the SBLC is issued under a counter-guarantee structure
1. Schedule A - Drawing Certificate Format: Template of the demand/drawing certificate required for presentation
2. Schedule B - Underlying Transaction Details: Description of the underlying commercial transaction or obligation
3. Schedule C - Required Documents: Detailed list of all documents required for drawing under the SBLC
4. Schedule D - Special Conditions: Any additional terms, conditions, or requirements specific to this SBLC
5. Schedule E - Communication Methods: Specified methods and details for official communications between parties
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Construction and Infrastructure
Manufacturing
Energy and Utilities
Telecommunications
Real Estate Development
Government and Public Sector
Defense Contracting
Import/Export
Relevant Teams
Legal
Treasury
Trade Finance
Risk Management
Compliance
Corporate Banking
International Business
Finance
Credit Analysis
Banking Operations
Relevant Roles
Trade Finance Manager
Corporate Banking Officer
International Business Development Manager
Treasury Manager
Risk Management Officer
Compliance Officer
Legal Counsel
Chief Financial Officer
Import/Export Manager
Project Finance Manager
Contract Administrator
Credit Risk Analyst
Documentary Credits Specialist
Banking Operations Manager
Commercial Finance Director
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