The Performance Standby Letter of Credit is a crucial financial instrument in Qatar's business environment, particularly used in large-scale projects and commercial transactions. This document is typically required when one party (usually a contractor or service provider) needs to provide performance security to another party (usually a project owner or employer). The instrument, governed by Qatar law, provides the beneficiary with a reliable and readily accessible form of security, as it represents an irrevocable commitment from a bank to pay a specified amount upon presentation of compliant documents stating that the applicant has failed to perform its obligations. The document must conform to Qatar Central Bank regulations, the Qatar Commercial Code, and often needs to consider Sharia compliance principles. It incorporates international banking practices while adhering to local legal requirements, making it a preferred choice for both domestic and international business transactions in Qatar.
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1. Letter Reference Number: Unique identifier for the SBLC
2. Date of Issuance: The date when the SBLC is issued
3. Issuing Bank Details: Complete name, address, and SWIFT code of the issuing bank
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. Currency and Amount: The maximum drawing amount and currency of the SBLC
7. Expiry Date: The date and place of expiry of the SBLC
8. Underlying Transaction Reference: Reference to the underlying contract or agreement being guaranteed
9. Drawing Terms and Conditions: Specific conditions that must be met for the beneficiary to draw on the SBLC
10. Required Documents: List of documents that must be presented with any drawing request
11. Partial Drawings Clause: Whether partial drawings are allowed or prohibited
12. Governing Law and Jurisdiction: Specification of Qatar law as governing law and jurisdiction
13. Authorization: Authorized signatures and bank stamps
1. Transferability Clause: Include when the SBLC needs to be transferable to other parties
2. Multiple Beneficiary Clause: Include when there are multiple beneficiaries
3. Reduction Schedule: Include when the SBLC amount reduces over time according to a specified schedule
4. Language Declaration: Include when the SBLC is issued in multiple languages, specifying which version prevails
5. Islamic Banking Compliance: Include when the SBLC needs to explicitly comply with Sharia principles
6. Counter-Guarantee Reference: Include when there is a counter-guarantee from another bank
7. Force Majeure Clause: Include when specific force majeure provisions are required
1. Schedule of Authorized Signatories: List of persons authorized to sign documents related to the SBLC
2. Schedule of Approved Drawing Formats: Standard formats for drawing requests and required declarations
3. Performance Metrics Schedule: Detailed criteria for performance evaluation if linked to specific performance targets
4. Fee Schedule: Details of banking charges and fees if not included in the main text
5. Amendment Format: Standard format for any future amendments to the SBLC
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