Standby Letter of Credit Issuance

 

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Definition:
Guarantee of payment in the event of default with respect to guaranteed objects by asserting a claim accompanied by documents under the Standby L/C terms and conditions and the sharia contracts of guarantee (kafalah).

Requirements

  • Giro or financing customers
  • An application letter for opening Standby L/C
  • Appropriate guarantee
  • Standby L/C should be subject to UCP 600 or ISP98

Benefits

  • As an alternative for financing facility
  • In rupiah or foreign currency
  • Flexible guarantee (cash collateral, financing facility, counter standby or counter guarantee)
  • For goods and services
  • Flexible period: 1, 3, 6 and 12 months