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SBLC Format-SCB-6

This document establishes an irrevocable standby letter of credit for Standard Chartered Bank, Singapore Branch from an issuing bank. The letter of credit is for an amount to secure unpaid indebtedness owed to Standard Chartered by a borrower. Standard Chartered can claim under the letter of credit by presenting a certificate stating the amount owed, and the issuing bank will immediately pay via SWIFT. The letter of credit allows for partial and multiple drawings and is effective for a set period of time. Payments will be made without deductions and the letter of credit can be transferred without fees. The letter of credit is governed by UCP 600 and Singapore law.

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2K views2 pages

SBLC Format-SCB-6

This document establishes an irrevocable standby letter of credit for Standard Chartered Bank, Singapore Branch from an issuing bank. The letter of credit is for an amount to secure unpaid indebtedness owed to Standard Chartered by a borrower. Standard Chartered can claim under the letter of credit by presenting a certificate stating the amount owed, and the issuing bank will immediately pay via SWIFT. The letter of credit allows for partial and multiple drawings and is effective for a set period of time. Payments will be made without deductions and the letter of credit can be transferred without fees. The letter of credit is governed by UCP 600 and Singapore law.

Uploaded by

Vantear Syu In
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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.

To : Standard Chartered Bank, Singapore Branch

From : (Issuing Bank)


(Issuing Office)

Date :

Irrevocable Standby Letter of Credit No. xxxxxxxxxxxxx


We hereby establish our irrevocable Standby Letter of Credit No. in your favour
up to an aggregate principal amount of (in words) _ (in figures)

_ for the purpose of securing unpaid indebtedness, whether actual or contingent,


due or owing to you arising out of banking facilities granted by you to (in name)
of (address)
(hereinafter called “the Borrower”). In addition, you are authorised to claim under this standby letter
of credit and we undertake to pay all interest (accrued or otherwise) and any commission or related
bank charges or other expenses owed by the Beneficiary.

Your Claim against this standby letter of credit should be lodged not earlier then the expiry date
and will be payable immediately against your first written demand via SW IFT to our issuing office
stated above together with your certificate which shall be in the following form (completed as
appropriate) signed by any one of your authorised signatories.

“Certificate
Standby Letter of Credit No. _ dated ( )
Issuing Bank: ( _)

With reference to the above Standby Letter of Credit, we hereby certify that the sum of
_ represents unpaid indebtedness due or owing to us pursuant to the banking
facilities granted by us to the Beneficiary defined in the above Standby Letter of Credit.”

SPECIAL INSTRUCTIONS
*Partial drawings are allowed
*Multiple drawings are allowed

This standby letter of credit is effective from and expires at our office on (date

and time) (“expiry date”) and all drawings under this standby letter of

credit must be made no later than [30] days after the expiry date of this standby letter of credit.

We hereby agree that *all demands made/ in conformity with the terms of this standby letter of
credit shall be duly honoured by us immediately and we undertake to immediately remit to such
account as you may designate the full amount of such *demand. All payments hereunder shall be
made without set-off or counterclaim and free and clear of and without deduction or withholding for
or on account of any present or future taxes of whatsoever nature, and without any liability for taxes.
If we are required by law to make any deduction or withholding as aforesaid, we shall pay such
additional amounts as are necessary to ensure that you receive and retain (free from any liability
in respect of such deduction or withholding) the amount which you would have received had no
such deduction or withholding been made.

This standby letter of credit is transferable and assignable by you without presentation to us, or
payment of any transfer or assignment fee.

This standby letter of credit is subject to and shall be governed by the provisions of the [Uniform
Customs and Practice For Documentary Credits (2007 Revision), International Chamber of
Commerce, Publication No. 600 (“UCP 600”) and to the extent not inconsistent therewith, shall be
governed by the laws of Singapore.

Authorised Signatory of Issuing Bank

* Delete where inapplicable

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