The Performance SBLC is a crucial financial instrument in commercial transactions where parties seek security for performance obligations. It evolved from the need to provide reliable, bank-backed guarantees in complex commercial transactions. Under U.S. jurisdiction, these instruments are primarily governed by UCC Article 5 and international banking practices (ISP98). The Performance SBLC typically includes specific details about the underlying transaction, performance obligations, conditions for drawing, and expiry terms. It's particularly valuable in international trade and large-scale projects where parties may not have established business relationships or where significant performance risks exist.
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1. Issuing Bank Details: Complete identification and contact information of the issuing bank, including SWIFT codes and authentication details
2. Beneficiary Information: Full details of the party in whose favor the SBLC is issued, including legal name, address, and contact information
3. Applicant Information: Details of the party requesting the SBLC, including legal name, address, and contact information
4. SBLC Amount and Currency: Specified amount and currency of the guarantee, including any provisions for adjustment
5. Validity Period: Clear statement of the SBLC effective date, validity period and expiration date
6. Performance Obligations: Detailed description of the underlying performance obligations being guaranteed under the SBLC
7. Drawing Conditions: Precise conditions and documentation requirements under which the SBLC can be drawn upon
1. Transferability Clause: Optional provisions specifying whether and under what conditions the SBLC may be transferred to other beneficiaries
2. Partial Drawing Provisions: Optional specifications for allowing and handling partial draws against the SBLC
3. Automatic Extension Clause: Optional provisions for automatic extension of the SBLC, including conditions and notice requirements
4. Governing Law and Jurisdiction: Optional section specifying the applicable law and jurisdiction for dispute resolution
1. Schedule A - Drawing Certificate Template: Standard format and requirements for beneficiary to make claims under the SBLC
2. Schedule B - Underlying Contract Reference: Reference details and key terms of the main contract being guaranteed by the SBLC
3. Schedule C - Bank Authentication Procedures: Detailed procedures and requirements for authenticating and processing SBLC claims
4. Schedule D - Required Documents for Drawing: Comprehensive list of documents required to be presented with any drawing request
Authors
Relevant legal definitions
Clauses
Relevant Industries
Construction
Infrastructure Development
Energy
Manufacturing
International Trade
Relevant Teams
Finance
Legal
Treasury
Operations
Risk Management
Relevant Roles
Chief Financial Officer
Treasury Manager
Project Manager
Contract Manager
Risk Manager
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