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FORM OF ICC ISP 98 STANDBY LETTER OF CREDIT SAMPLE TEXT
ISSUE DATE:
MATURITY DATE:
ACCOUNT NO.:
BENEFICIARY NAME:
LETTER OF CREDIT NO.:
FOR VALUE RECEIVED, WE, THE UNDERSIGNED xxxxxxxxxxxxxxxxx, xxxxxxxxxxx,
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How to fill out standby letter of credit
How to fill out standby letter of credit:
01
Gather all the necessary information and documentation, such as the beneficiary's name, address, and contact details, as well as the terms and conditions of the transaction.
02
Follow the instructions provided by the issuing bank for filling out the application form accurately and completely. This may include providing details about the applicant, the beneficiary, the expiration date, and the maximum amount of the standby letter of credit.
03
Attach any supporting documents required, such as contracts, invoices, or shipping documents, to provide evidence and support for the standby letter of credit.
04
Review the completed application form and all the attached documents for accuracy and completeness. Ensure that all required signatures are obtained before submitting the application to the issuing bank.
Who needs standby letter of credit:
01
Businesses involved in international trade often require standby letters of credit to provide a guarantee of payment or performance.
02
Exporters who want assurance that they will receive payment for their goods or services can benefit from a standby letter of credit issued by the importer's bank.
03
Importers who want to ensure that the goods they have ordered will be delivered as agreed upon can use a standby letter of credit to provide a financial guarantee to the exporter.
04
Contractors and construction companies may also require standby letters of credit to guarantee their performance on a project and provide assurance to project owners or investors.
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What is standby letter of credit?
A standby letter of credit is a financial instrument issued by a bank to provide a guarantee of payment to a beneficiary if the principal fails to fulfill contractual obligations.
Who is required to file standby letter of credit?
Typically, the applicant or the party seeking a guarantee is required to apply for and file a standby letter of credit with the issuing bank.
How to fill out standby letter of credit?
To fill out a standby letter of credit, you need to provide details such as the names of the applicant, beneficiary, amount, expiration date, description of the obligation, and specific terms under which the bank will make payment.
What is the purpose of standby letter of credit?
The purpose of a standby letter of credit is to serve as a safety net for the beneficiary, ensuring that they receive payment if the applicant defaults on their obligations.
What information must be reported on standby letter of credit?
Important information that must be reported includes the names of the parties involved, the amount, expiration date, conditions for payment, and any other specific terms related to the obligations covered.
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