22.5 Initiate Islamic Outward Guarantee/Stand By LC - Commitment Details

This topic provides the systematic instructions to initiate an Outward Guarantee/Stand By LC - Commitment Details in the application.

Commitment Details tab captures the commitment details of the Outward Guarantee application process.

To initiate the commitment details of the Outward Guarantee/Stand By LC:

1. Navigate to Initiate Islamic Outward Guarantee/Stand By LC screen.
2. On Initiate Islamic Outward Guarantee/Stand By LC screen, then click Commitment Details.
   The Initiate Islamic Outward Guarantee/Stand By LC - Commitment Details screen appears.

   Figure 22-8 Initiate Outward Guarantee/Stand By LC - Commitment Details
   
   Description of the illustration initiate-outward-guarantee-commitment-details.png
   

   Note:

   The fields which are marked as Required are manadatory.

   For more information refer to the field description table below:

   Table 22-7 Initiate Islamic Outward Guarantee/Stand By LC - Commitment Details - Field Description

   Field Name	Description
   Contract Reference Number	Specify the beneficiary’s reference number for the Outward Guarantee contract.
   Currency	Select the currency for the Outward Guarantee was created.
   Undertaking Amount	Specify the amount for which the Outward Guarantee was created.
   Local Currency Equivalent	Displays the local currency equivalent value for the undertaking amount from back office (with decimal places).
   Effective Date	Select the effective date of the Outward Guarantee.
   Transfer Indicator	Select the option to define whether transfer of the instrument is permissible for the Outward Guarantee. The options are: Yes No
   Transfer Conditions	Specify the details of the transfer values under the Outward Guarantee. This field is enabled only if the Transfer Indicator is Yes.
   Underlying Transaction Details	Specify the details of the underlying business transactions for which undertaking is issued.
   Charges	Specify the details of the charges, and who will bear it for the Outward Guarantee.
   Governing Law and/or Place of Jurisdiction	Specify the details of the Governing Law and/or Place of Jurisdiction applicable to the undertaking.
   Demand Indicator	Select whether the multiple or partial demands are permissible while initiating Outward Guarantee or not. The options available for selection are: Multiple demands not permitted Multiple and partial demands not permitted Partial demands not permitted.

3. Specify the beneficiary’s reference number for the Outward Guarantee contract, in the Contract Reference Number field.
4. Specify the amount for the Outward Guarantee application, in the Undertaking Amount field.
5. Select the effective date of the Outward Guarantee, from the Effective Date field.
6. Select the option to decide whether the undertaking is transferrable or not, in the Transfer Indicator field.
7. If Transfer Indicator is Yes; specify the details of the transfer values under the Outward Guarantee in the Transfer Condition field.
8. Specify the details of the underlying business transactions in the Underlying Transaction Details field.
9. Specify the enter the details of the charges, and who will bear it for the Outward Guarantee in the Charges field.
10. Specify the details of the Governing Law and/or Place of Jurisdiction applicable to the undertaking, in the Governing Law and/or Place of Jurisdiction field.
11. Select the permissible demands for initiating Outward Guarantee, from the Demand Indicator list.
12. Perform any one of the following actions:
    • Click Next to proceed to the next tab.

      The Presentation Documents And Undertaking Terms and Conditions tab appears in the Initiate Outward Guarantee/Stand By LC screen.

    • Click Save As Draft, system allows transaction details to be saved as a template or draft. (For more details, refer Save As Template or Save As Draft sections.)
    • Click Cancel to cancel the transaction.

      The Dashboard appears.

    • Click Back to go back to previous screen.