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Form 7-1

This form outlines information to consider when applying for the issuance of a standby letter of credit or accepting a standby letter of credit. Further information regarding items on the checklist is contained in the referenced sections of the practice notes.

Checklist

[For Standby Letter of Credit]

1. Name of the issuer.	See § 7.4
2. Name of the confirmer (if any).	See § 7.4
3. Name of the customer/applicant/account party.	See § 7.4
4. Name of the beneficiary.	See § 7.4
5. Expiration date of the letter of credit.	See § 7.9:5
6. Is the letter of credit revocable or irrevocable?	See § 7.9:1
7. Is the letter of credit transferable?	See § 7.9:3
8. Are partial draws permitted?	See § 7.9:8
9. Conditions to a draw under the letter of credit/what documents must be produced for a draw?	See §§ 7.9:2 and 7.9:6
10. Location for presentation of documents for a draw under the letter of credit/submission required in person or via electronic means?	See § 7.9:7
11. Does the original letter of credit have to be submitted with a draw?	See § 7.9:7
12. Governing law/governed by ISP98 or UCP?	See §§ 7.6 and 7.9:9
13. If governed by UCP, has the issuer modified the effect of article 36?	See § 7.6