The Stand By LC Bank Guarantee is a crucial financial instrument in US commercial transactions, providing security and risk mitigation for complex business dealings. It represents a bank's irrevocable commitment to pay a specified sum upon documented default or non-performance by the applicant. Common in international trade and domestic transactions, this instrument is governed by UCC Article 5 and often incorporates International Standby Practices (ISP98). It serves as a powerful tool for businesses seeking to establish creditworthiness and secure commercial relationships.
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1. Bank Details: Full legal name, address, and regulatory identification details of the issuing bank
2. Beneficiary Information: Complete details of the party in whose favor the SBLC is issued, including full legal name and address
3. Amount and Currency: Specified amount and currency of the guarantee, including both numerical and written forms
4. Validity Period: Effective date and expiry date of the guarantee, including any auto-renewal terms if applicable
5. Purpose and Underlying Transaction: Detailed description of the transaction or obligation being guaranteed and the purpose of the SBLC
6. Drawing Conditions: Specific conditions and requirements under which the beneficiary can make a claim against the SBLC
1. Transferability Clause: Terms and conditions regarding whether and how the SBLC can be transferred to another beneficiary
2. Governing Law Choice: Specific jurisdiction selection and governing law provisions for dispute resolution
3. Multiple Drawing Provisions: Terms and conditions for partial or multiple drawings against the guarantee
1. Form of Demand: Standard template and instructions for making a claim under the guarantee
2. Required Documents Checklist: Comprehensive list of documents required for presentation with any demand
3. Fee Schedule: Detailed breakdown of bank charges, fees, and commission applicable to the SBLC
4. Communication Procedures: Specified methods, formats, and contact details for all official communications regarding the SBLC
Authors
Relevant legal definitions
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Relevant Industries
International Trade
Construction
Real Estate
Manufacturing
Energy
Relevant Teams
Finance
Treasury
Legal
Commercial
Risk Management
Relevant Roles
Chief Financial Officer
Treasury Manager
Trade Finance Manager
Credit Manager
Commercial Director
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