The Irrevocable Standby Letter of Credit is a fundamental banking instrument used in the Philippines and international commerce to provide payment security in various commercial transactions. It represents an irrevocable undertaking by a bank to pay a specified sum to a beneficiary when certain conditions are met, typically the presentation of compliant documents. This document type is governed by Philippine law, specifically the General Banking Law of 2000 and BSP regulations, while also following international banking practices (UCP 600 and ISP98). It's particularly useful in scenarios where a party needs to demonstrate financial capability or provide payment security, such as in international trade, construction projects, or large procurement contracts. The irrevocable nature means it cannot be modified or cancelled without the agreement of all parties involved.
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1. Letter Reference Number: Unique identifier for the SBLC issued by the bank
2. Date of Issuance: The official date when the SBLC becomes effective
3. Issuing Bank Details: Complete name, address, and SWIFT code of the issuing bank
4. Beneficiary Details: Full name and address of the party in whose favor the SBLC is issued
5. Applicant Details: Full name and address of the party requesting the SBLC
6. Credit Amount: The maximum amount available under the SBLC, including currency denomination
7. Expiry Date: The date and place where the SBLC expires
8. Drawing Terms: Specific conditions and required documents for drawing under the SBLC
9. Form of Presentation: Requirements for how drawing documents must be presented
10. Governing Law and Jurisdiction: Specification of Philippine law and relevant international rules (UCP 600/ISP98)
11. Bank Authorization: Official bank signatures and authorization stamps
1. Advising Bank Details: Required when a second bank is involved in advising the SBLC to the beneficiary
2. Transferability Clause: Include when the SBLC needs to be transferable to another beneficiary
3. Partial Drawings: Include when multiple partial drawings are to be allowed
4. Auto-Extension Clause: Include when the SBLC should automatically extend beyond its initial expiry date
5. Multiple Currency Option: Include when drawings can be made in different currencies
6. Force Majeure Clause: Optional protection against extraordinary events affecting bank operations
1. Schedule A - Required Documents: Detailed list of documents required for drawing under the SBLC
2. Schedule B - Drawing Certificate Format: Prescribed format for the beneficiary's drawing certificate
3. Schedule C - Fee Schedule: Breakdown of all applicable banking fees and charges
4. Appendix 1 - Authorized Signatories: List of authorized signatories for the applicant and/or beneficiary
5. Appendix 2 - Communication Procedures: Detailed procedures for communications between parties
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Construction
Manufacturing
Energy
Infrastructure
Real Estate
Telecommunications
Mining
Oil and Gas
Retail
Wholesale Distribution
Relevant Teams
Treasury
Finance
International Trade
Procurement
Legal
Risk Management
Compliance
Commercial Operations
Credit Control
Trade Operations
Relevant Roles
Chief Financial Officer
Treasury Manager
Trade Finance Manager
Financial Controller
Import/Export Manager
Procurement Manager
Credit Manager
Risk Manager
Banking Relationship Manager
Commercial Director
Finance Director
International Trade Specialist
Documentary Credits Specialist
Compliance Officer
Legal Counsel
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