Utilisation Request for Standby Letter of Credit to be issued by an Issuer for a Beneficiary on request by an Applicant. This utilisation request made on behalf of the Seller against the Purchaser asking him/her to ask for a Standby Letter of Credit from the Issuing Bank. It works as a guarantee to ensure that payment for a deal is made.
The most common scenario for the Standby Letter of Credit to be issued is where two parties enter into an agreement or a deal, and they do not know each other’s credibility well enough.
This document should be carefully read by the Agent, the Seller and the Recipient of the Letter (the Purchaser).
Both the Agent and the Recipient should sign and return a copy, and once signed, both parties should get a copy. To avoid any future disputes, both parties may wish to have their signatures witnessed.
If either party wishes to amend the agreement in the future, both parties should agree to do so, and the original agreement and amendments should be recorded in writing and signed by both parties.
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