The Standby Letter of Credit is utilized when parties seek a secure, bank-backed guarantee for commercial obligations. It serves as a contingent obligation where the issuing bank commits to pay the beneficiary upon presentation of specified documents indicating a default or non-performance by the applicant. This document type, governed by Belgian law, incorporates both local banking regulations and international standards such as ISP98. The SBLC can be used in various contexts including performance guarantees, financial obligations, bid bonds, or advance payment guarantees. It typically includes detailed information about all parties involved, specific conditions for drawing, expiry terms, and governing law provisions. The document provides a robust risk mitigation tool particularly valuable in international trade and complex commercial transactions where parties seek additional security.
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1. Issuing Bank Details: Complete details of the bank issuing the SBLC, including name, address, SWIFT code, and reference numbers
2. Beneficiary Information: Full legal name and address of the beneficiary of the SBLC
3. Applicant Information: Full legal name and address of the party requesting the SBLC
4. SBLC Number and Date: Unique identification number and issuance date of the SBLC
5. Amount and Currency: The maximum amount available under the SBLC and the currency of payment
6. Expiry Details: Expiry date and place of the SBLC
7. Drawing Terms: Conditions under which the beneficiary can draw on the SBLC, including required documentation
8. Governing Law and Jurisdiction: Specification of Belgian law as governing law and relevant jurisdiction
9. Form of Demand: Precise format and content requirements for making a compliant demand under the SBLC
1. Partial Drawings: Include when multiple drawings are permitted under the SBLC
2. Transfer Provisions: Include when the SBLC is transferable to other beneficiaries
3. Counter Guarantee Details: Include when the SBLC is issued under a counter-guarantee structure
4. Special Conditions: Include when there are additional specific conditions or requirements
5. ISP98 Declaration: Include when explicitly subjecting the SBLC to International Standby Practices
6. Assignment Provisions: Include when proceeds of the SBLC can be assigned to third parties
1. Form of Demand Notice: Template for the beneficiary to use when making a demand under the SBLC
2. Required Supporting Documents: List and samples of documents required to be presented with any demand
3. Authorized Signatory List: List of persons authorized to sign demands on behalf of the beneficiary
4. Underlying Transaction Details: Summary of the transaction or obligation being secured by the SBLC
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