This document is essential for transactions requiring a Cash Backed Standby Letter of Credit (SBLC) in Australia, particularly in international trade, large-scale projects, or significant commercial transactions. It is used when a party needs to provide a bank guarantee backed by a cash deposit, offering the highest level of security to the beneficiary. The agreement complies with Australian banking regulations, including the Banking Act 1959 and ASIC requirements, while also considering international banking practices. It's commonly used in scenarios requiring performance guarantees, bid bonds, advance payment guarantees, or other commercial security arrangements. The document includes comprehensive details about the cash backing mechanism, drawing conditions, monitoring arrangements, and release provisions, making it suitable for both domestic and international transactions where Australian law governs the arrangement.
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1. Parties: Identifies all parties to the agreement including the bank (issuer), applicant (account party), and beneficiary
2. Background: Sets out the context of the transaction and purpose of the SBLC
3. Definitions: Defines key terms used throughout the agreement
4. SBLC Terms: Specifies the amount, validity period, and essential terms of the SBLC
5. Cash Backing Arrangements: Details of the cash deposit, account arrangements, and pledge conditions
6. Rights and Obligations: Outlines the rights and obligations of each party
7. Drawing Conditions: Specifies the conditions under which the SBLC can be drawn upon
8. Fees and Charges: Details all fees, charges, and costs associated with the SBLC
9. Representations and Warranties: Standard representations and warranties from all parties
10. Events of Default: Defines what constitutes default and consequences
11. Termination: Conditions and process for termination of the agreement
12. General Provisions: Standard boilerplate clauses including notices, amendments, governing law
1. Security Documents: Additional security arrangements beyond cash backing - include if other forms of security are required
2. Counter-Indemnity: Include when additional indemnification from the applicant is required
3. Foreign Currency Provisions: Include when the SBLC involves foreign currency
4. Tax Provisions: Detailed tax clauses - include when cross-border elements exist
5. Assignment: Include if assignment rights are to be granted to any party
6. Multiple Beneficiaries: Include when there is more than one beneficiary
7. Step-In Rights: Include when third parties may have rights to step into the agreement
1. Form of SBLC: The actual form/format of the SBLC to be issued
2. Fee Schedule: Detailed breakdown of all fees and charges
3. Cash Account Details: Specifications of the cash backing account
4. Drawing Documents: Forms and documents required for drawing under the SBLC
5. Authorized Signatories: List of authorized signatories and specimen signatures
6. Conditions Precedent: List of all documents and conditions required before SBLC issuance
7. Notice Details: Contact details and notice requirements for all parties
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Construction
Infrastructure
Mining
Energy
Manufacturing
Import/Export
Real Estate Development
Telecommunications
Government Contracting
Relevant Teams
Legal
Finance
Treasury
Trade Finance
Risk Management
Compliance
Commercial Operations
Banking Operations
International Business
Project Finance
Relevant Roles
Chief Financial Officer
Treasury Manager
Trade Finance Manager
Financial Controller
Banking Relationship Manager
Credit Manager
Legal Counsel
Compliance Officer
Risk Manager
Project Finance Manager
Commercial Director
Contract Manager
Finance Director
Banking Operations Manager
International Trade Specialist
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