A Standby Letter of Credit is a crucial financial instrument in Philippine business transactions, particularly in international trade and commercial contracts. It serves as a risk mitigation tool where the issuing bank provides an irrevocable commitment to pay the beneficiary upon presentation of specified documents indicating a default or non-performance by the applicant. The document is structured in accordance with Philippine banking regulations, particularly the General Banking Law of 2000 and BSP Circular 1044, while often incorporating international banking practices like ISP98 or UCP 600. This instrument is commonly used in various commercial contexts including performance guarantees, financial obligations, and tender bonds. The document includes specific terms regarding the credit amount, expiry conditions, drawing requirements, and document presentation procedures.
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1. Letter Reference and Date: Unique SLOC reference number and issuance date
2. Issuing Bank Details: Complete name and address of the issuing bank
3. Beneficiary Information: Full name and address of the beneficiary
4. Applicant Information: Full name and address of the applicant requesting the SLOC
5. Credit Amount: Maximum amount available under the SLOC and currency specification
6. Expiry Details: Expiration date and place for presentation of documents
7. Form of Presentation: Specify how and where documents should be presented
8. Drawing Terms: Conditions and required documents for drawing under the SLOC
9. Payment Terms: Timing and method of payment upon compliant presentation
10. Governing Law: Specification of Philippine law as governing law
11. Transfer Terms: Whether the credit is transferable and under what conditions
12. Bank Undertaking: The bank's commitment to honor compliant presentations
1. Partial Drawings: Include when partial drawings are permitted under the SLOC
2. Revolving Terms: Include when the SLOC is revolving rather than single-use
3. Special Conditions: Include when there are additional requirements or conditions specific to the transaction
4. Multiple Currency Provisions: Include when drawings can be made in different currencies
5. Force Majeure Clause: Include when specific force majeure provisions are required beyond standard ICC rules
6. Assignment of Proceeds: Include when assignment of proceeds is permitted
1. Schedule A - Required Documents: Detailed list of documents required for drawing under the SLOC
2. Schedule B - Form of Demand: Prescribed format for making a demand under the SLOC
3. Schedule C - Fee Schedule: Details of all applicable fees and charges
4. Appendix 1 - Authorized Signatories: List of authorized signatories for the beneficiary
5. Appendix 2 - Special Instructions: Any special instructions for document presentation or processing
6. Appendix 3 - Amendment Format: Standard format for requesting amendments to the SLOC
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Construction
Manufacturing
Energy
Infrastructure
Real Estate
Telecommunications
Mining
Oil and Gas
Retail
Agriculture
Transportation and Logistics
Relevant Teams
Legal
Finance
Treasury
Trade Finance
Risk Management
Compliance
International Banking
Credit Administration
Commercial Banking
Operations
Relevant Roles
Trade Finance Manager
Credit Risk Officer
Commercial Banking Officer
International Banking Manager
Documentary Credits Specialist
Relationship Manager
Chief Financial Officer
Treasury Manager
Compliance Officer
Legal Counsel
Contract Manager
Finance Director
Banking Operations Manager
Credit Administrator
Risk Management Officer
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