Irrevocable Standby Letter Of Credit

Irrevocable Standby Letter Of Credit Template for Singapore

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Key Requirements PROMPT example:

"Need an Irrevocable Standby Letter of Credit for a construction project in Singapore, issued by DBS Bank for SGD 5 million, valid until March 15, 2025, with monthly partial drawing rights."

Document background

An Irrevocable Standby Letter of Credit is commonly used in Singapore and international business transactions as a risk mitigation tool. It serves as a financial backstop when one party requires payment security from another. The document is particularly relevant in cross-border transactions where parties seek the security of a bank's promise to pay. Under Singapore law, these instruments are regulated by the Monetary Authority of Singapore and must comply with international banking practices. The SBLC contains specific terms regarding the amount, validity period, drawing conditions, and required documentation for payment.

Suggested Sections

1. Issuing Bank Details: Full identification and contact details of the issuing bank, including registration number, address, and authorized signatories

2. Beneficiary Details: Complete identification of the beneficiary, including full legal name, address, registration details, and contact information

3. Credit Number and Date: Unique identification number of the SBLC and date of issuance

4. Amount and Currency: Specified amount in numbers and words, and currency of the SBLC

5. Expiry Terms: Clear statement of validity period, expiration date, and place of expiry

6. Drawing Conditions: Specific conditions and requirements under which the SBLC can be drawn, including required documentation

7. Irrevocability Declaration: Express statement confirming the irrevocable nature of the SBLC

Optional Sections

1. Transferability Provisions: Terms and conditions governing the transfer rights of the SBLC to another beneficiary

2. Partial Drawing Terms: Provisions specifying conditions and procedures for partial drawings under the SBLC

3. Auto-extension Clause: Terms specifying the automatic extension or renewal conditions of the SBLC

4. Assignment Rights: Provisions governing the assignment of proceeds under the SBLC

Suggested Schedules

1. Drawing Certificate Template: Standard format template for beneficiary's drawing request

2. Required Documents Schedule: Comprehensive list of documents required for drawing under the SBLC

3. Bank Authorization Forms: Standard forms for bank processing and authorization procedures

4. Specimen Signatures: Authorized specimen signatures for verification purposes

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

International Trade
Construction
Real Estate
Energy
Manufacturing

Relevant Teams

Finance
Treasury
Legal
Risk Management
International Trade

Relevant Roles

Chief Financial Officer
Treasury Manager
Trade Finance Manager
Risk Manager
Corporate Banker

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Let's create your Irrevocable Standby Letter Of Credit

Authors

Alex Denne

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