Initiate Islamic Outward Guarantee/Stand By LC

22.9 Initiate Islamic Outward Guarantee/Stand By LC – Local Undertaking

This topic provides the systematic instructions to capture the details of the Local Guarantee in the application.

This tab is used to capture the details of the Local Guarantee. This screen is enabled when the “Issuance of counter-counter-undertaking” and “Issuance of counter-undertaking” options are selected in the “Purpose of Message” field.

To capture the details of the Local Guarantee:

Navigate to Local Undertaking screen.

On navigation to Initiate Islamic Outward Guarantee/Stand By LC screen, user lands to Local Undertaking tab screen.

Figure 22-12 Initiate Outward Guarantee/Stand By LC – Local Undertaking

Description of "Figure 22-12 Initiate Outward Guarantee/Stand By LC – Local Undertaking"

For more information refer to the field description table below:

Table 22-11 Initiate Islamic Outward Guarantee/Stand By LC – Local Undertaking - Field Description

Field Name	Description
Local Guarantee Issuing Bank	Select the party that issues the local undertaking. The options are: SWIFT Code Bank Address
SWIFT Code	Specify the SWIFT code of the local guarantee bank, available in the application. Or Click the Lookup SWIFT Code link to search and select the link. The user can specify the SWIFT Code, City and Bank Name as search criteria. This field is enabled if the SWIFT Code option is selected in the Local Guarantee Issuing Bank field.
Name	The name of the bank which issued the local undertaking. This field is enabled if the Bank Address option selected in the Local Guarantee Issuing Bank field.
Address	The address details of the bank which issued the local undertaking. This field is enabled if the Bank Address option selected in the Local Guarantee Issuing Bank field.
Country	The country of the local undertaking bank.
Counter SBLC/ Guarantee Issuing Bank	Select the party that issues the counter undertaking. The options are: SWIFT Code Bank Address
SWIFT Code	Specify the SWIFT code of the counter undertaking, available in the application. Or Click the Lookup SWIFT Code link to search and select the link. The user can specify the SWIFT Code, City and Bank Name as search criteria. This field is enabled if the SWIFT Code option is selected in the Counter Guarantee Issuing Bank field.
Name & Address	The name and address details of the bank which issued the local undertaking. This field is enabled if the Bank Address option selected in the Local Guarantee Issuing Bank field.
Country	The country of the counter undertaking bank.
Applicable Rules	Select the applicable rules for guarantee. The options are: Uniform Rules For Demand Guarantee Uniform Customs and Practice International Standby Practices Not subject to any rules Other
Applicable Other Details	Indicates the applicable other details for guarantee. This field is enabled if the Other option selected in the Applicable Rules field.
Requested Issue Date	Select the requested issue date of guarantee. Requested Issue Date cannot be less than the branch date.
Expiry Type	Select the type of validity applicable to the Outward Guarantee. The options are: Fixed - Specified date of expiry (either with or without automatic extension) Conditional - Expiry condition (including option for specified date of expiry) Open - No specified date of expiry
Expiry Condition/ Event	Specify the expiry condition for the Outward Guarantee. This field is enabled if Conditional option selected in the Expiry Type list
Expiry Date	Select the date after which Outward Guarantee will expire.
Automatic Extension Required	Select whether automatic extension is required to the Outward Guarantee or not. The options are: Yes No This field does not appear for ‘Open’ Expiry Type.
Automatic Extension Period	Select the period after which automatic extension is given to the Outward Guarantee. The options are: Days One Year Others Below Automatic Extension related fields appear, if Yes option is selected in the Automatic Extension Required field.
Automatic Extension Details	Specify the details of the automatic extension of the Outward Guarantee. This field is enabled to fill details only if the Other or Days option is selected in the Automatic Extension Period list.
Non Extension Details	Specify the non extension details.
Non Extension Notification Period	Specify the period after which notification given for non-extension of automatic extension while creating Outward Guarantee.
Auto Extension Final Expiry Date	Select the date after which validity of automatic extension to the Outward Guarantee expires.
Standard Wording Required	Select the option, whether standard wording is required to the Outward Guarantee or not. The options are: Yes No
Guarantee Language	Select the option for the guarantee language of the Outward Guarantee. This field appears if Yes option is Yes selected in Standard Wording Required field.
Governing Law	Specify the details of the Governing Law and/or Place of Jurisdiction applicable to the undertaking.
Transfer Indicator	Select the option to define whether transfer of the instrument is permissible for the Outward Guarantee. The options are: Yes No
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
Underlying Transaction Details	Specify the details of the underlying business transactions for which undertaking is issued.
Delivery of Local Undertaking	Select the details of delivery of the local undertaking. The options are: By Collection By Courier By Mail By Messenger - Hand-deliver By Registered Mail or Airmail Other method
Narrative	Specify the additional details of delivery of the local undertaking, if By Courier or Other method option is selected in Delivery of Local Undertaking field.
Delivery To/ Collection by	Select the option to whom the delivery of undertaking will be done. The options are: Beneficiary Specified Address
Name & Address	Displays the name and address details of the beneficiary to whom delivery of undertaking will be given. This field is auto populated only if the Beneficiary option is selected in the Delivery To/ Collection By field.
Narrative	Specify the name and address details of the person to whom delivery of undertaking will be given. This field is enabled only if the Specified Address option is selected in the Delivery To/ Collection By field.
Undertaking Terms and Condition	Select the applicable terms and condition of the undertaking. The options are: Standard Non Standard
Undertaking Terms and Conditions	Displays the details of applicable terms and condition of the undertaking. The standard details of applicable terms and condition of the undertaking appears, if you select Standard option in the Undertaking Terms and Condition field. Specify the terms and condition of the undertaking, if you select Non Standard option in the Undertaking Terms and Condition field.
Document and Presentation Instruction	Specify the presentation instructions (for example, form and/or place of presentation) including documents required to make a complying demand. The field indicates the details of the document and presentation instructions present in the Outward Guarantee.
Undertaking Terms and Condition	Displays the details of applicable terms and condition of the undertaking.
Document and Presentation Instructions	Displays the details of the document and presentation instructions present in the Inward Guarantee.

Select the party that issues the local undertaking, from the Local Guarantee Issuing Bank field.
Select the party that issues the counter SBLC/ guarantee, from the Counter SBLC/ Guarantee Issuing Bank field.
Select the appropriate option, from the Applicable Rule list.
Select the requested date of issue of guarantee, from the Requested Issue Date list.
From the Expiry Type list, select the type of expiry applicable to the Outward Guarantee.
1. If Expiry Type is Conditional; Specify the expiry conditions for the Outward Guarantee in the Expiry Condition field, and select the appropriate expiry date.
2. If Expiry Type is Fixed, select the appropriate expiry date from the Expiry Date field.
Expiry Type is Fixed and Conditional; select the option, whether automatic extension is required or not.
Select the period after which automatic extension is given to the Outward Guarantee from the Automatics Extension Period list.
1. If the Automatics Extension Period is selected as Days; specify the details i.e. the number of days for the automatic extension of the Outward Guarantee, in the Automatics Extension Details field.
2. If the Automatics Extension Period is selected as Other; specify the details of the automatic extension of the Outward Guarantee.
Select the date after which automatic extension validity expires of the Outward Guarantee from the Automatic Extension Final Expiry Date list.
Select the appropriate option in the Standard Wording Required field.
Select the Guarantee Language, if standard wording is required.
Specify the details of the Governing Law and/or Place of Jurisdiction applicable to the undertaking in the Governing Law field.
Select the option to decide whether the undertaking is transferrable or not, in the Transfer Indicator field.
If Transfer Indicator is Yes; specify the details of the transfer values under the Outward Guarantee in the Transfer Condition field.
Select the appropriate option from the Demand Indicator field.
Specify the details of the underlying business transactions in the Underlying Transaction Details field.
Specify the enter the details of the charges, and who will bear it for the Outward Guarantee in the Charges field.
Select the appropriate option from the Delivery of Local Undertaking field.
Specify the Narrative, if Delivery of Local Undertaking is Other method.
Select the appropriate option in the Delivery To/ Collection by field.
Specify the name and address of the person whom undertaking delivery is to be given, in the Narrative field, if Delivery To/ Collection by is Other.
Specify the name and address of the person whom undertaking delivery is to be given, in the Name & Address field, if Delivery To/ Collection by is Specified Address.
Select the appropriate option in the Undertaking Terms and Conditions field.
Specify the Undertaking Terms and Conditions, if Non Standard option is selected in Undertaking Terms and Conditions field.
Perform any one of the following actions:
- Click Next to save the entered details and proceed to the next level.
  The Linkages tab appears in the Initiate Islamic 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.

Parent topic: Initiate Islamic Outward Guarantee/Stand By LC