APPLICATION FOR IRREVOCABLE STANDBY LETTER OF CREDIT
TO: OVERSEA-CHINESE BANKING CORPORATION LIMITED
Please establish by *airmail/telex/courier/SWIFT an IRREVOCABLE STANDBY LETTER OF CREDIT (the "Standby
Letter of Credit”) for our account on the following terms through your agent in favour of
for account of up to an aggregate amount
of ($ ) *available by drafts to be drawn on you AT
SIGHT bearing the WORDS: “Drawn under the OVERSEA-CHINESE BANKING CORPORATION LIMITED Standby
Letter of Credit No. dated ."
Drawings under this Standby Letter of Credit are to be made against presentation of the following:-
(1) Beneficiary’s signed statement certifying that the amount drawn represents and covers the unpaid indebtedness
and interest thereon due to beneficiary by us .
*(2) All draft(s) must be marked: “Drawn under the OVERSEA-CHINESE BANKING CORPORATION LIMITED Standby
Letter of Credit No. dated ."
All Bank charges incurred outside Singapore are for beneficiary’s account.
Documents in conformity with the terms and conditions of the Standby Letter of Credit requested to be duly
honoured by you must be presented to you on or before in
THIS UNDERTAKING IS ISSUED SUBJECT TO THE INTERNATIONAL STANDBY PRACTICES 98.
IN CONSIDERATION OF YOUR ISSUING THE ABOVE STANDBY LETTER OF CREDIT, WE AGREE:
(1) to pay to you on demand and without question all amount(s) under or in connection with the Standby Letter of Credit,
and without any deduction or allowance in respect of the sum deposited by us with you or earmarked by you in our account
as a deposit in accordance with the provisions of Clause (7) below and will provide you with money to meet all payments
made or to be made by you or your agents;
(2) to hold you and your agents free from any responsibility for (a) any delay, mistake or omission that may happen in the
transmission of the instructions or in the misinterpretation of such instructions, (b) the correctness or genuineness of the
documents submitted which on the face thereof appear to be in order, (c) the loss or delay in forwarding of the documents
or (d) any error, neglect or default of any of your agents;
(3) to pay interest on all amounts under or in connection with the Standby Letter of Credit at the rate fixed by you from time
to time and such interest shall accrue from date of payment by you of such amounts and, if not paid, shall accumulate by
way of compound interest with monthly rests;
(4) to pay your usual commission and all expenses and your agents’ charges, if any;
(5) to pay the amount due or payable in the currency in which such amount is denominated at the current rate of exchange
at the date of payment, unless otherwise arranged;
(6) that the negotiation of the draft(s) drawn under the Standby Letter of Credit, if any, may at your discretion be confined to
branches of Oversea-Chinese Banking Corporation Limited or its agents as you deem fit;
(7) to place a deposit of/to allow you to earmark in our account No. as a deposit
an amount of Dollars ($ ).
(8) that the said deposit or the amount earmarked as aforesaid shall henceforth be charged to you and be held as a
continuing security for due payment and discharge to you of all money and liabilities due to or to become due from time to
(9) that you are hereby authorised and empowered at your absolute discretion and without any notice to us to apply the said
deposit or the amount earmarked as aforesaid or any part thereof in setting off the same against all amounts under or in
connection with the Standby Letter of Credit and any other money due to you hereunder;
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(10) that we shall not be entitled to withdraw or in any way claim a refund of or assign, charge or transfer the said deposit or
the amount earmarked as aforesaid or any part thereof until and unless all amounts under or in connection with the Standby
Letter of Credit and all other money which may be due or owing to you hereunder shall have been paid in full;
(11) that without prejudice to the foregoing provisions hereof you may at any time in your absolute discretion while the
Standby Letter of Credit is outstanding and before any payment has been made thereunder debit our account with all
amounts under or in connection with the Standby Letter of Credit;
(12) to take such action as you may think fit to reimburse yourself in respect of any payments made or other liabilities
incurred by you under or in respect of the Standby Letter of Credit;
(13) that you shall be at full liberty to apply any sum(s) standing to the credit of our account with you or with any of the
branches of Oversea-Chinese Banking Corporation Limited without prior notice to us in satisfaction of the whole or any part
of the amounts under or in connection with the Standby Letter of Credit and all other monies which may be due to you
(14) to indemnify you from and against all actions, proceedings, damages, costs, claims, demands, expenses or losses
which you may suffer, incur or sustain by reason or on account of your having issued or opened or established or honoured
or refusing to honour the Standby Letter of Credit.
(15) If we are more than one person, we confirm that our liabilities hereunder shall be joint and several.
(16) The terms herein shall be binding upon our executors, successors and permitted assigns.
(17) The terms herein shall be governed by the laws of Singapore. We irrevocably submit to the non-exclusive jurisdiction
of the courts of Singapore. A person who is not a party to the terms herein has no right under the Contracts (Rights of Third
Parties) Act (Cap 53B) to enforce any of the terms and conditions herein.
Authorised Signature(s) and Company Stamp Date
Address Contact Person and Telephone Number
Bank Standard Form
*Delete if not applicable
(Updated on 15 March 2010)
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