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Performance Standby Letter Of Credit

Performance Standby Letter Of Credit Template for Ireland

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Key Requirements PROMPT example:

Performance Standby Letter Of Credit

"I need a Performance Standby Letter of Credit for €5 million to secure our company's obligations in a Dublin construction project, with the letter expiring on March 15, 2025, and including provisions for partial drawings as construction milestones are completed."

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Document background
A Performance Standby Letter of Credit is a crucial financial instrument used to provide security for performance obligations in commercial transactions. This document is particularly relevant when one party requires financial assurance of the other party's performance under a separate contract or agreement. Under Irish law, incorporating EU regulations and international banking practices, the document establishes the bank's irrevocable commitment to pay upon presentation of specified documents indicating a performance default. It typically includes detailed provisions for drawing conditions, expiry dates, documentary requirements, and payment terms. The document is commonly used in construction projects, international trade, and various commercial arrangements where performance security is required. The Performance Standby Letter of Credit differs from traditional commercial letters of credit as it is drawn only upon default rather than being a primary payment mechanism.
Suggested Sections

1. Letter Reference Number: Unique identification number of the SBLC

2. Date of Issuance: The official date when the SBLC is issued

3. Beneficiary Details: Full name and address of the party in whose favor the SBLC is issued

4. Applicant Details: Full name and address of the party requesting the SBLC

5. Credit Amount: The maximum amount available under the SBLC and currency

6. Effective Date: Date from which the SBLC becomes effective

7. Expiry Date: Date and place of expiry of the SBLC

8. Governing Law Declaration: Statement that the SBLC is governed by Irish law

9. Purpose of SBLC: Clear statement of the underlying performance obligation being guaranteed

10. Drawing Conditions: Specific conditions that must be met for the beneficiary to draw on the SBLC

11. Documentation Requirements: List of documents required to be presented for drawing

12. Payment Terms: Timing and method of payment upon complying presentation

13. Authorized Signatures: Space for bank officials' signatures and bank seal

Optional Sections

1. Partial Drawings Clause: Include when multiple partial drawings are to be permitted

2. Transfer Provisions: Include when the SBLC is to be transferable to other beneficiaries

3. Assignment Clause: Include when proceeds of the SBLC may be assigned to third parties

4. Automatic Extension Clause: Include when the SBLC should automatically extend for additional periods

5. Reduction Schedule: Include when the SBLC amount should reduce over time according to a specified schedule

6. Multiple Currency Provisions: Include when drawings can be made in multiple currencies

7. Force Majeure Clause: Include when specific force majeure provisions are required beyond standard ISP98 provisions

Suggested Schedules

1. Schedule A - Form of Demand: Prescribed format for making a demand under the SBLC

2. Schedule B - Form of Performance Default Notice: Template for notification of underlying performance default

3. Schedule C - Project Details: Details of the project or performance obligations being guaranteed

4. Schedule D - Authorized Signatories: List of persons authorized to make drawings under the SBLC

5. Appendix 1 - Special Conditions: Any special conditions or requirements specific to this SBLC

6. Appendix 2 - Communication Methods: Approved methods for communications and presentations under the SBLC

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions

































Clauses






























Relevant Industries

Banking and Financial Services

Construction and Infrastructure

International Trade

Energy and Utilities

Manufacturing

Real Estate Development

Engineering and Technology

Government and Public Sector

Mining and Resources

Telecommunications

Relevant Teams

Legal

Finance

Treasury

Trade Finance

Risk Management

Compliance

Commercial

Project Management

Procurement

Credit Administration

Relevant Roles

Chief Financial Officer

Treasury Manager

Trade Finance Manager

Project Manager

Contract Manager

Commercial Director

Risk Manager

Legal Counsel

Banking Operations Manager

Compliance Officer

Credit Manager

Finance Director

Documentary Credits Specialist

Business Development Manager

Procurement Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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