Will A Model SBLC Form Energize eUCP Use?

Energy LEAP, an organization comprised of energy trading, service and association entities, drafted and released wording in April 2023 for a standby letter of credit form designed to support oil and gas transactions. Although slight changes to the form are being contemplated, the current form available from Energy LEAP may be used by any company.

As pointed out in previous DCW reporting, the form seeks to allow electronic presentation of a demand by the beneficiary directly to the issuer and is intended to be compatible with either ISP98 or “eUCP 600” as applicable rules. This, even as eUCP usage remains negligible throughout the LC world.