The Performance Letter of Credit is a vital financial instrument in Philippine commercial transactions, particularly used when one party requires security for the performance of contractual obligations by another party. This document, regulated under Philippine banking laws and the UCP 600, represents a bank's irrevocable commitment to pay a specified amount upon documented evidence of non-performance. Performance Letters of Credit are commonly used in construction projects, international trade, and large-scale commercial transactions where the stakes are high and parties seek reliable performance guarantees. The document typically includes specific performance criteria, claim conditions, expiry terms, and documentary requirements, providing a standardized yet customizable framework for performance security in commercial transactions.
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1. Bank Details and Reference Number: Issuing bank's complete details and unique LC reference number
2. Date of Issuance: The official date when the Letter of Credit is issued
3. Beneficiary Information: Complete details of the party in whose favor the LC is issued
4. Applicant Information: Complete details of the party requesting the LC
5. Currency and Amount: The specified currency and maximum amount of the LC
6. Underlying Contract Reference: Details of the contract or agreement whose performance is being guaranteed
7. Expiry Date and Place: When and where the LC expires
8. Performance Conditions: Specific conditions that trigger the LC payment
9. Documentary Requirements: List of documents required to make a claim under the LC
10. Claim Procedure: Detailed process for making a claim under the LC
11. Governing Law and Jurisdiction: Specification of Philippine law and relevant jurisdiction
12. UCP 600 Reference: Statement of adherence to UCP 600 rules
1. Partial Drawings Clause: Include when partial drawings are to be allowed under the LC
2. Transfer Rights: Include when the LC needs to be transferable to another beneficiary
3. Force Majeure Provisions: Include when specific force majeure protections are required
4. Language Preference: Include when the LC might be used in international context and language preferences need to be specified
5. Anti-Money Laundering Declaration: Include when required by specific bank policies or heightened compliance requirements
1. Schedule A - Performance Metrics: Detailed criteria for measuring contract performance
2. Schedule B - Required Document Formats: Templates or formats for documents required for claims
3. Schedule C - Authorized Signatories: List of persons authorized to make claims or modifications
4. Appendix 1 - Copy of Underlying Contract: Reference copy of the contract being guaranteed
5. Appendix 2 - Bank's Standard Terms and Conditions: Standard terms and conditions applicable to the LC
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction and Infrastructure
International Trade
Manufacturing
Energy and Utilities
Mining and Resources
Telecommunications
Real Estate Development
Government and Public Sector
Engineering Services
Relevant Teams
Legal
Finance
Treasury
Procurement
Project Management
Risk Management
Compliance
International Trade
Commercial Operations
Credit Management
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Project Manager
Contract Manager
Procurement Manager
Legal Counsel
Banking Relations Manager
Trade Finance Manager
Risk Manager
Commercial Director
Operations Director
Credit Manager
Compliance Officer
International Trade Specialist
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