Quote

ISSUING_BANK_NAME

To: BENFICIARY_NAME

Dear Sirs,

Irrevocable Standby Letter of Credit No. SBLC_NUMBER.

At the request and for the account of APPLICANT_NAME (hereinafter called the “Applicant”), we hereby establish our irrevocable Standby Letter of Credit in your favour up to an aggregate maximum amount of MAXIMUM_AMOUNT (“The Maximum Amount”) as security for the purpose of our obligations under AGREEMENT_NAME dated ORIGINAL_AGREEMENT_DATE.  This Standby Letter of Credit is payable against your demand via facsimile, tested telex or authenticated SWIFT for up to the Maximum Amount.

This Standby Letter of Credit is effective from EFFECTIVE_DATE and expires at EXPIRYTIME (JURISDICTION_STATE time) in JURISDICTION_STATE on EXPIRY_DATE (the “Expiry Date”). We will be thereby released from our obligations under this Letter of Credit on the following Day at 00:00:00am. When we are no longer under any further obligations under this Letter of Credit, you must return the original of this Letter of Credit to us within 7 days.

We hereby agree that all demands presented in conformity with the terms of this Standby Letter of Credit shall be duly honoured by us and we shall remit the payment within PAYMENTDATE banking days upon receipt of documents complying with the credit terms and conditions listed below: 

CONDITIONS

Each demand shall be in writing, and, unless otherwise stated, may be made by letter, fax or telex and must be received in legible form by us at our address.

Partial payments and multiple presentations are not allowed.

All bank charges are for the Applicant’s account.

Without limitations, we will not be liable for any action taken by it under or in connection with any related Agreement, unless directly caused by its gross negligence or wilful misconduct. No Party (other than us) may take any proceedings against any officer, employee or agent of our Bank in respect of any claim it might have against us or in respect of any act or omission of any kind by that officer, employee or agent in relation to any related Agreement and any officer, employee or agent of our Bank may rely on this clause.

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