Extend or Pay Demand for Standby Letter of Credit | Practical Law

Extend or Pay Demand for Standby Letter of Credit | Practical Law

A form of extend or pay demand that may be presented by the beneficiary when a standby letter of credit is expiring, but the underlying commercial transaction that the standby credit supports has not yet been completed. An extend or pay demand asks the issuing bank to choose either to extend the term of the standby credit or to pay the beneficiary. This Standard Document has integrated notes with important explanations and drafting and negotiating tips.

Extend or Pay Demand for Standby Letter of Credit

Practical Law Standard Document w-033-4925 (Approx. 11 pages)

Extend or Pay Demand for Standby Letter of Credit

by Practical Law Finance
MaintainedUSA (National/Federal)
A form of extend or pay demand that may be presented by the beneficiary when a standby letter of credit is expiring, but the underlying commercial transaction that the standby credit supports has not yet been completed. An extend or pay demand asks the issuing bank to choose either to extend the term of the standby credit or to pay the beneficiary. This Standard Document has integrated notes with important explanations and drafting and negotiating tips.