The Irrevocable Standby Letter of Credit is a fundamental banking instrument used in Pakistan to provide financial security in commercial transactions. It serves as a contingent payment mechanism, typically used when one party seeks financial assurance from another party's bank. This document, governed by Pakistani law and regulated by the State Bank of Pakistan, also incorporates international banking practices including UCP 600 and ISP98. It is particularly valuable in situations where parties need a reliable payment backup or performance guarantee, such as in international trade, construction projects, or large commercial transactions. The irrevocable nature means it cannot be modified or cancelled without the agreement of all parties involved, providing strong security for the beneficiary.
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1. Letter Reference Number: Unique identification number for the Letter of Credit
2. Date of Issuance: The date when the Letter of Credit is issued
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 LC is issued
5. Applicant Details: Full name and address of the party requesting the LC
6. Amount and Currency: The maximum amount and currency of the Letter of Credit
7. Expiry Date: The date and place of expiry of the Letter of Credit
8. Drawing Terms: Specific conditions and documentation required for drawing under the LC
9. Presentation Terms: Where and how documents should be presented
10. Governing Law Declaration: Statement that the LC is governed by Pakistani law and relevant international conventions
11. Irrevocability Statement: Clear statement that the Letter of Credit is irrevocable
1. Confirming Bank Details: Details of the confirming bank if the LC is confirmed, used when additional bank security is required
2. Partial Drawings: Statement whether partial drawings are allowed or prohibited, included when specific drawing restrictions are needed
3. Transfer Terms: Terms regarding transferability of the LC, included when the LC needs to be transferable
4. Revolving Terms: Details of revolving nature if applicable, used for ongoing business relationships
5. Special Instructions: Any special instructions or conditions specific to this LC
6. SWIFT Authentication: SWIFT authentication details, required for international transactions via SWIFT
7. Advising Bank Details: Details of the advising bank if different from confirming bank, used in international transactions
1. Required Documents Schedule: Detailed list of all documents required for drawing under the LC
2. Fee Schedule: Breakdown of all applicable fees, charges, and commission
3. Amendment Format: Standard format for future amendments to the LC
4. Drawing Schedule: If multiple drawings are allowed, schedule of permitted drawing dates and amounts
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Construction
Energy
Infrastructure
Telecommunications
Real Estate
Mining
Oil and Gas
Retail
Agriculture
Pharmaceuticals
Technology
Transportation and Logistics
Relevant Teams
Treasury
Trade Finance
International Banking
Credit Risk
Commercial Banking
Documentary Credits
Trade Operations
Compliance
Finance
Import/Export
Banking Relations
Corporate Finance
Legal
Operations
Relevant Roles
Chief Financial Officer
Treasury Manager
Trade Finance Manager
International Banking Officer
Credit Risk Manager
Commercial Banking Manager
Documentary Credits Specialist
Trade Operations Manager
Compliance Officer
Financial Controller
Import/Export Manager
Banking Relationship Manager
Corporate Finance Manager
Letter of Credit Specialist
Trade Finance Operations Officer
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