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
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Relevant legal definitions
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Relevant Industries
International Trade
Construction
Real Estate
Manufacturing
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Relevant Teams
Finance
Treasury
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Relevant Roles
Chief Financial Officer
Treasury Manager
Trade Finance Manager
Credit Manager
Commercial Director
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