The Performance Standby Letter of Credit is a crucial financial instrument used in Malaysian business transactions where one party seeks security for another party's performance obligations. This document is commonly used in large-scale projects, international trade, and significant commercial contracts where performance risk needs to be mitigated. The instrument, governed by Malaysian law and regulated under the Financial Services Act 2013, provides a bank's independent commitment to pay upon presentation of specified documents indicating a performance default. It differs from traditional bank guarantees in its format and compliance with international standby letter of credit practices (ISP98). The document is particularly valuable in cross-border transactions where Malaysian entities are involved, as it combines local legal compliance with internationally recognized banking practices.
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1. Issuing Bank Details: Full name and address of the bank issuing the SBLC
2. Reference Number: Unique identifier for the SBLC
3. Date of Issue: Date when the SBLC becomes effective
4. Beneficiary Details: Full name and address of the party in whose favor the SBLC is issued
5. Applicant Details: Full name and address of the party requesting the SBLC
6. Amount: Maximum amount available under the SBLC and currency
7. Expiry Date: Date and place of expiry of the SBLC
8. Underlying Transaction: Reference to the contract or obligation being guaranteed
9. Drawing Terms: Conditions and documentation required for making a demand under the SBLC
10. Governing Law: Specification of Malaysian law as the governing law
11. Form of Demand: Required format and content of any demand under the SBLC
1. Transferability Clause: Include when the SBLC needs to be transferable to another beneficiary
2. Partial Drawings: Include when multiple partial drawings are to be permitted
3. Reduction Schedule: Include when the SBLC amount should reduce over time according to a schedule
4. Multiple Currencies: Include when drawings can be made in different currencies
5. Electronic Presentation: Include when electronic presentation of documents is permitted
6. Force Majeure: Include when specific force majeure provisions are required
7. Assignment Rights: Include when proceeds of the SBLC can be assigned to third parties
1. Schedule 1 - Form of Demand: Template demand letter format that must be used when making a claim
2. Schedule 2 - Required Documents: List of supporting documents required with any demand
3. Schedule 3 - Performance Standards: Specific performance criteria that trigger the right to make a demand
4. Schedule 4 - Reduction Schedule: If applicable, schedule showing automatic reductions in the SBLC amount
5. Appendix A - Underlying Contract Reference: Key details from the underlying contract being guaranteed
6. Appendix B - Communication Procedures: Procedures for making demands and communications under the SBLC
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