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negotiating the captioned Bill(s) at our request, notwithstanding discrepancies, between the documents presented and the terms of the said Letter of Credit in the following particulars, namely:  \nand any other discrepancies, whether or not the same be noted hereon,  \nWe hereby agree to hold you harmless and fully indemnified from any liability, damages, claims, demands, actions and proceedings, loss, costs, interest and expenses whatsoever that may be incurred, sustained or paid by you by reason of your having negotiated the said bill(s) notwithstanding such discrepancies  \nWe undertake to indemnify you for giving such indemnity against any loss and consequences arising from such discrepancies as maybe required in order to obtain acceptance and/or payment of the said Bill(s) and we agree to indemnify you against any liability, damages, claims, demands, actions and proceedings, loss, costs, interest and expenses whatsoever that may be incurred from such indemnity.  \nWe further agree to refund to you on demand the value of the said Bill(s), adding interest thereon and any charges, costs and expenses whatsoever in the event of the non-acceptance or non-payment thereof.  \nThis Letter of Indemnity is subject to the Terms found at [http://www.smbc.co.jp/asia/singapore/forms/trade-terms.pdf which we](http://www.smbc.co.jp/asia/singapore/forms/trade-terms.pdf which we) have read, understood and agree to.  \nYours faithfully,  \nSign here  \nAuthorised Signature  \n\n| Signature Verified |\n| --- |\n|  |\n\nSumitomo Mitsui Banking Corporation Singapore Branch (Incorporated in Japan with limited liability) Reg No. (UEN) T03FC6366F  \nGTFD_202409_v5  \nThis page intentionally left blank  \nDuplicate  \nLetter Of Indemnity  \nTo: Sumitomo Mitsui Banking Corporation Singapore Branch Date: 24-Oct-2024   \nRe:   (Your Ref.   ) For: 􀀗 currency 􀀗 amount    \nDrawn On:  \nUnder L/C No: Dated:  \nIssued By:  \nIn consideration of your negotiating the captioned Bill(s) at our request, notwithstanding discrepancies, between the documents presented and the terms of the said Letter of Credit in the following particulars, namely:  \nand any other discrepancies, whether or not the same be noted hereon,  \nWe hereby agree to hold you harmless and fully indemnified from any liability, damages, claims, demands, actions and proceedings, loss, costs, interest and expenses whatsoever that may be incurred, sustained or paid by you by reason of your having negotiated the said bill(s) notwithstanding such discrepancies  \nWe undertake to indemnify you for giving such indemnity against any loss and consequences arising from such discrepancies as maybe required in order to obtain acceptance and/or payment of the said Bill(s) and we agree to indemnify you against any liability, damages, claims, demands, actions and proceedings, loss, costs, interest and expenses whatsoever that may be incurred from such indemnity.  \nWe further agree to refund to you on demand the value of the said Bill(s), adding interest thereon and any charges, costs and expenses whatsoever in the event of the non-acceptance or non-payment thereof.  \nThis Letter of Indemnity is subject to the Terms found at [http://www.smbc.co.jp/asia/singapore/forms/trade-terms.pdf which we](http://www.smbc.co.jp/asia/singapore/forms/trade-terms.pdf which we) have read, understood and agree to.  \nYours faithfully,  \nSign here  \nAuthorised Signature  \n\n| Signature Verified |\n| --- |\n|  |\n\nSumitomo Mitsui Banking Corporation Singapore Branch (Incorporated in Japan with limited liability) Reg No. (UEN) T03FC6366F  \nGTFD_202409_v5","cbCairXJ1dYrDgnU","https://ap.wps.com/l/cbCairXJ1dYrDgnU","pdf",1649391,"English","# Letter of Indemnity\n## Parties and transaction references\n## Indemnity scope and liabilities\n## Refund and reference to trade terms","[{\"question\":\"What is the purpose of this Letter of Indemnity in trade finance?\",\"answer\":\"It allows the issuer to indemnify the bank for liabilities arising when the bank negotiates bills despite discrepancies between presented documents and the Letter of Credit terms.\"},{\"question\":\"What liabilities and expenses does the indemnity cover?\",\"answer\":\"The bank is held harmless and fully indemnified for all liability, damages, claims, demands, actions and proceedings, losses, costs, interest, and expenses incurred, sustained, or paid by the bank.\"},{\"question\":\"What happens if the bill is not accepted or not paid?\",\"answer\":\"The issuer must refund the value of the bills on demand, add interest, and pay any charges, costs, and expenses in the event of non-acceptance or non-payment.\"}]","Application for Letter of Indemnity - Template | PDF",1789488620]