This document is essential for transactions requiring a Cash Backed Standby Letter of Credit (SBLC) within the Indonesian jurisdiction. It is typically used when a party needs to provide financial security for a commercial obligation, with the unique feature of being fully supported by cash collateral. The document becomes relevant in various scenarios including international trade, project guarantees, and performance securities. It must comply with Bank Indonesia regulations, particularly Regulation No. 7/3/PBI/2005 and OJK requirements, while incorporating international banking practices. The document structure addresses the full lifecycle of the SBLC, from cash collateral placement to potential drawings and expiry, making it crucial for both domestic and cross-border transactions involving Indonesian parties.
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1. Parties: Identifies the key parties: the Bank (issuer), the Applicant (providing cash collateral), and the Beneficiary
2. Background: Explains the context of the SBLC issuance and the underlying commercial relationship
3. Definitions: Defines key terms used throughout the document including 'Cash Collateral', 'Drawing', 'Expiry Date', etc.
4. SBLC Terms: Specifies the amount, validity period, purpose, and conditions of the SBLC
5. Cash Collateral Arrangements: Details the cash deposit requirements, maintenance, and treatment of the collateral
6. Drawing Conditions: Specifies the circumstances and process under which the SBLC can be drawn
7. Bank's Rights and Obligations: Outlines the issuing bank's responsibilities and rights regarding the SBLC
8. Fees and Charges: Details all fees, commissions, and charges applicable to the SBLC
9. Representations and Warranties: Standard declarations by the applicant regarding their capacity and authority
10. Events of Default: Defines circumstances constituting default and their consequences
11. Governing Law and Jurisdiction: Specifies Indonesian law as governing law and relevant jurisdiction for disputes
1. Anti-Money Laundering Provisions: Required when dealing with international transactions or high-risk sectors
2. Foreign Currency Provisions: Required when the SBLC is issued in a currency other than Indonesian Rupiah
3. Counter-Indemnity: Required when there are multiple parties providing support or guarantees
4. Tax Provisions: Required when tax implications need specific addressing, especially in cross-border transactions
5. Assignment Provisions: Required when transfer or assignment of SBLC rights may be contemplated
6. Force Majeure: Optional clause detailing circumstances beyond parties' control that may affect obligations
1. Schedule 1 - Form of SBLC: The actual form and wording of the SBLC to be issued
2. Schedule 2 - Drawing Certificate Template: Standard format for beneficiary to make a drawing under the SBLC
3. Schedule 3 - Fee Schedule: Detailed breakdown of all applicable fees and charges
4. Schedule 4 - Cash Collateral Account Details: Specifications of the account where cash collateral will be maintained
5. Appendix A - Required Documents: List of documents required for SBLC issuance and drawings
6. Appendix B - Authorized Signatories: List of persons authorized to act on behalf of each party
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Construction
Manufacturing
Energy and Resources
Infrastructure Development
Real Estate
Telecommunications
Import/Export
Shipping and Logistics
Relevant Teams
Legal
Finance
Treasury
Trade Finance
Risk Management
Compliance
Corporate Banking
Credit Administration
International Banking
Documentary Credits
Relevant Roles
Chief Financial Officer
Treasury Manager
Trade Finance Manager
Banking Relationship Manager
Finance Director
Legal Counsel
Commercial Director
Risk Manager
Compliance Officer
Credit Manager
Transaction Banking Officer
Documentary Credits Specialist
Corporate Banking Officer
Financial Controller
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