The Standby Letter of Credit (SBLC) is a crucial financial instrument in Saudi Arabian commercial transactions, providing security and payment assurance in various business arrangements. It is commonly used when parties seek a reliable payment guarantee mechanism that complies with both international banking standards and Islamic finance principles. The document is particularly valuable in large commercial contracts, international trade, and project financing where the Saudi Arabian jurisdiction applies. An SBLC typically remains undrawn but provides the beneficiary with security that payment will be made if specific conditions are met, such as default or non-performance by the applicant. The document must incorporate elements required by the Saudi Arabian Monetary Authority (SAMA), adhere to Shariah compliance requirements, and often follows international standards such as ISP98 or URDG 758.
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1. Issuing Bank Details: Complete identification and contact information of the issuing bank
2. Beneficiary Details: Full name and address of the party in whose favor the SBLC is issued
3. Applicant Details: Complete information about the party requesting the SBLC
4. SBLC Reference Number: Unique identification number assigned to the SBLC
5. Issue Date: Date of issuance of the SBLC
6. Expiry Date: Date and place of expiry of the SBLC
7. Currency and Amount: Specified currency and maximum amount available under the SBLC
8. Drawing Terms: Specific conditions and documentation required for drawing under the SBLC
9. Governing Law Declaration: Statement specifying Saudi Arabian law as governing law
10. Shariah Compliance Statement: Declaration of compliance with Islamic banking principles
11. Presentation Location: Where and how documents should be presented for payment
12. Transfer Terms: Whether and how the SBLC may be transferred to other parties
1. Partial Drawings: Include when multiple drawings are permitted under the SBLC
2. Automatic Extension Clause: Include when the SBLC may be automatically extended under certain conditions
3. Counter-Guarantee Details: Include when the SBLC is issued under a counter-guarantee arrangement
4. Special Instructions: Include when there are specific handling or processing requirements
5. Reduction Schedule: Include when the SBLC amount reduces over time according to a predetermined schedule
6. Force Majeure Provisions: Include when specific force majeure terms are required beyond standard provisions
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: Details of all applicable fees and charges
4. Appendix 1 - Underlying Transaction Details: Summary of the transaction or obligation being supported by the SBLC
5. Appendix 2 - Authentication Details: SWIFT or other authentication information
6. Appendix 3 - Authorized Signatories: List of authorized signatories and specimen signatures if applicable
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Construction and Infrastructure
Energy and Resources
Manufacturing
Real Estate Development
Government and Public Sector
Telecommunications
Transportation and Logistics
Defense Contracting
Relevant Teams
Legal
Finance
Treasury
Trade Finance
Compliance
Risk Management
Corporate Banking
International Banking
Credit Administration
Operations
Relevant Roles
Trade Finance Manager
Corporate Banking Officer
Chief Financial Officer
Treasury Manager
Finance Director
Credit Risk Manager
Compliance Officer
Legal Counsel
International Business Development Manager
Project Finance Manager
Trade Operations Manager
Documentary Credits Specialist
Banking Relationship Manager
Shariah Compliance Officer
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