The Standby Letter of Credit (SBLC) At Sight is a crucial financial instrument used in Indonesian and international business transactions to provide payment security. It is typically employed when parties require a strong payment guarantee backed by a bank's creditworthiness. The document is structured under Indonesian banking laws and regulations, particularly Law No. 7 of 1992 on Banking (as amended) and relevant Bank Indonesia regulations, while also incorporating international banking practices. An SBLC At Sight is specifically designed to provide immediate payment upon presentation of compliant documents, unlike term SBLCs which may have a waiting period. The instrument serves as a contingent obligation, ensuring that the beneficiary can receive payment promptly if the applicant fails to meet their contractual obligations. This type of document is particularly valuable in cross-border transactions where parties seek additional security beyond contractual promises.
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1. Issuing Bank Details: Complete details of the bank issuing the SBLC, including name, address, SWIFT code, and reference number
2. Date and Place of Issue: The date when the SBLC is issued and the location of issuance
3. SBLC Number: Unique identification number assigned to the SBLC
4. Beneficiary Details: Full name and address of the party in whose favor the SBLC is issued
5. Applicant Details: Full name and address of the party requesting the SBLC
6. Currency and Amount: The currency and amount of the SBLC in both figures and words
7. Expiry Date: The date and place where the SBLC expires
8. Drawing Terms: Specific conditions and requirements for drawing under the SBLC
9. Required Documents: List of documents that must be presented for drawing under the SBLC
10. Payment Terms: Specification that payment is to be made at sight upon compliant presentation
11. Governing Law and Jurisdiction: Statement that the SBLC is governed by Indonesian law and relevant international practices
1. Partial Drawings: Section specifying whether partial drawings are allowed under the SBLC, included when multiple drawings might be necessary
2. Transfer Rights: Section indicating whether the SBLC is transferable, included when transferability is a requirement
3. Special Conditions: Any specific conditions or requirements unique to the transaction
4. Assignment of Proceeds: Terms regarding the assignment of proceeds, included when assignment rights are relevant
5. Force Majeure Clause: Provisions for unforeseen circumstances, included in cases where specific risk allocation is necessary
1. Form of Demand: Template for the beneficiary to make a compliant demand under the SBLC
2. Specimen Signatures: Authorized signatures of the issuing bank officials
3. Underlying Transaction Details: Summary of the transaction or obligation that the SBLC is supporting
4. Authentication Documentation: SWIFT or other authentication details confirming the validity of the SBLC
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