A standby letter of credit is also known as SBLC, SLOC, just standby, or LOC sometimes. SBLC is a must if you deal in imports and exports. In the case of the standby letter of credit, the financial institution makes an undertaking to a beneficiary, e.g. a supplier, an exporter or trader, to perform a payment for the client, if the client is not able to fulfil their contractual obligations and if the beneficiary submits a written demand for payment.
There are certain obligations and conditions that must be met. To ensure that, a reputed financial institution provides a standby letter of credit. With years of experience in undertaking the wishes of both parties in a business deal, we know exactly what to do. We perform basic, formal underwriting duties which ensure that the party seeking a letter of credit, or LOC has the financial credibility that is desired.
The financial institution guarantees, through the SBLC, that even if the company ceases operations, becomes insolvent or cannot pay for any reason whatsoever, then the business obligations and conditions of the deal will still be fulfilled.
The standby letters of credit are issued for a certain term. In general, this is the period of the term of validity of a contract or the period of the delivery of goods for which a contractual undertaking has been made. A standby letter of credit can be deleted before the expiry date agreed upon. This can be performed through the declaration of the client, and necessarily with the consent of the beneficiary.
Our process is swift and the information that we produce is authentic and elaborate, helping you make the proper decisions starting from before the deal through the entire process up to the end of deal.
SUISSE BANK is your financial partner for all your trade finance projects.
Please fill out the online writable application. Send us the copy of the application with all the required documents first by email and courier the originals to our postal address:
Reem Island, Marina Square
PO Box 2576 - Abu Dhabi
United Arab Emirates
T: +971 (0) 2 208 3113
F: +971 (0) 2 208 3111
Should you have any queries or concerns, please feel free to contact us.