Terms and Conditions for Standby Letter of Credit Issued
- The Bank may on payment debit your account with all sums paid in connection with the Standby and any commission and interest, or at any time if it thinks fit with the whole or part of the amount of the Standby. You will place the Bank in funds on demand to meet such debits.
In the case of Standbys in a currency other than UAE Dirhams, the Bank may, unless you have agreed other settlement arrangements with it, pass any such debits in UAE Dirhams at the Bank's rate of exchange ruling when it passes such debit or, if passed after payment, at the Bank's rate of exchange ruling when it receives advice of payment.
You will indemnify the Bank against all claims, demands, costs, charges and expenses which may be brought or preferred against the Bank, or which it may incur arising out of or in connection with the Standby unless directly due to its negligence or default.
- All teletransmission messages in connection with the Standby shall be dispatched at your risk and cost, and save where it is directly due to the Bank's negligence or default the Bank shall not be responsible for any loss caused by mistakes, mutilations or omissions in their teletransmission, coding or decoding or interpretation when received, or by delay on the part of the teletransmission companies and/or operators.
- Neither the Bank nor any Advising (and/or any Nominated) Bank shall have any liability or responsibility for the consequences arising out of delay and/or loss in transit of any letter(s) or document(s) or for any errors in translation and/or interpretation of technical terms save where such delay, loss or errors are directly due to the Bank's negligence or default.
- Where more than one document is required to be presented under the Standby, the Bank shall not be obliged to examine such documents for inconsistency or lack of conflict (as appropriate) with each other except to the extent (if any) expressly indicated by you under "Additional Instructions" (or on an attachment to this form) irrespective of whether the Standby is subject to International Standby Practices or Uniform Customs and Practice for Documentary Credits.
- If two or more parties sign this document, the obligations hereunder are joint and several.
- The Standby requested by this application is intended to be and will be enforceable by the Beneficiary and any other parties to it according to its terms and conditions. Otherwise, neither this application nor the Standby is intended to confer any benefit on or to be enforceable by, any third party.
Notwithstanding anything to the contrary in these terms and conditions a customer of Lloyds Bank plc shall be (and shall be deemed to be) entering into a contract with Lloyds Bank plc and a customer of Lloyds Bank International Limited shall be (and shall be deemed to be) entering into a contract with Lloyds Bank International Limited and all references in these terms and conditions to the "Bank", "us", "we", "Lloyds", "Lloyds Bank" and "Lloyds Bank plc" shall be construed accordingly to give full effect to this clause.
- Choice of Law
8.1 Subject to clauses 8.2 and 8.3 below, unless otherwise expressly agreed by the parties in writing, these terms and conditions and all matters arising out of or in connection with these terms and conditions shall be, without regard to principles of conflict of laws, subject to and governed by the laws of the Emirate of Dubai, United Arab Emirates and the courts in the Emirate of Dubai, United Arab Emirates shall have the non-exclusive jurisdiction to settle any dispute which may arise out of or in connection with these terms and conditions.
8.2 The parties agree that the Bank may, upon giving 30 days' prior notice to you (which the parties hereby acknowledge will be (and will be deemed to be) properly given, if the Bank places the notice on the website through which you access your account or by any other means that the Bank deems appropriate), elect that these terms and conditions and all matters arising out of or in connection with these terms and conditions shall, from the date of these terms and conditions, be subject to the laws of any one of the following countries: Kingdom of Saudi Arabia, State of Qatar, Sultanate of Oman, State of Kuwait, Kingdom of Bahrain or a jurisdiction which is in some way connected to the subject matter of these terms and conditions ("Nominated Jurisdiction") and/or that the courts of a Nominated Jurisdiction will have jurisdiction over these terms and conditions and all matters arising out of or in connection with these terms and conditions.
8.3 If the Bank makes an election pursuant to clause 8.2 then, without prejudice to the matters that have either been already decided by a court or are being considered by a court with competent jurisdiction and without prejudice to the Bank's continuing or accrued rights under these terms and conditions, all matters arising out of or in connection with these terms and conditions shall be decided by reference to the laws and/or by the courts of the jurisdiction notified by the Bank to you.
8.4 By using the product and/or service comprised in these terms and conditions you agree to be bound by these terms and conditions in their entirety and, in particular, agree that this clause 9 is reasonable bearing in mind the nature of the product and/or service provided to you by the Bank.
9.1 If any clause or part of these terms and conditions is found by a court, tribunal, administrative body or authority of competent jurisdiction to be illegal, invalid or unenforceable then that provision shall, to the extent required, be severed from these terms and conditions and will be ineffective without, as far as possible, modifying any other provision clause or part of these terms and conditions and this will not affect any other provisions of these terms and conditions which will remain in full force and effect.
9.2 If any term of these terms and conditions that the Bank considers to be material is deemed to be illegal, invalid or unenforceable, then the parties shall co-operate with each other to incorporate a term into these terms and conditions that complies with the applicable law and as far as possible achieves the same purpose as the aforementioned illegal, invalid or unenforceable term.
- Further Assurance
You shall do and procure the doing of all things that the Bank considers necessary to give full effect to the provisions of these terms and conditions, including without limitation to the generality of the foregoing, executing all security and other documents requested to be executed by the Bank from time to time transferring possession of title and other documents to the Bank, assisting to register and uphold the Bank's interests and rights in and to all goods, documents and things over which security is taken or purported to be taken by the Bank from time to time and all execute and return all amended versions of these terms and conditions to the Bank as requested by the Bank.