Overview
This guide provides step-by-step instructions for creating and submitting an Undertaking Issued request through iTrade.
An Undertaking can be issued as either a:
- Demand Guarantee
- Standby Letter of Credit (SBLC)
The application allows users to define undertaking details, beneficiary information, issuing bank instructions, charges, contract information, and supporting documentation before submitting the request to the bank.
Prerequisite: Users must have the appropriate permissions to initiate an Undertaking request. If access is unavailable, contact your Corporate Administrator.
Step 1: Access Undertaking Issued Services
- From the iTrade Dashboard, select Trade Services.
- Click Undertaking Issued.
This will open the Undertaking Issued Dashboard.
Step 2: Create a New Undertaking
- Click Request Undertaking.
The Undertaking application form will open.
Step 3: Complete the General Details
Enter all mandatory fields marked with a red asterisk (*).
Navigation Tip: Use Next and Previous to move between sections, or select a section directly from the navigation panel on the left side of the screen.
Request for Draft
Enable this option if you want the undertaking wording reviewed before issuance.
The request progresses through the following statuses:
- Wording Under Review
- Final Wording
- New (after issuance)
Mode of Transmission
Select one of the following transmission methods:
- SWIFT
- Courier / Mail
- Other
If Other is selected, additional information must be provided.
Create From
You can create an undertaking using:
- Template
- Bank Template
- Existing Undertaking
Form of Undertaking
Select the type of undertaking to be issued.
Demand Guarantee
Selecting this option enables the Extension Details section within the Undertaking Details.
Standby Letter of Credit (SBLC)
Selecting this option enables:
- Confirmation Instructions
- Shipment Details
- Payment Details
within the Undertaking Details section.
Purpose
Select the purpose of the undertaking request.
Issuance of Undertaking
Instructs the bank to issue an undertaking directly to the beneficiary.
Counter and Local Undertaking
Instructs the bank to issue a counter undertaking that will be used by another bank to issue a local undertaking.
Counter-Counter and Counter Undertaking
Instructs the bank to issue a counter undertaking that will subsequently be used by another bank to issue a second counter undertaking before a third bank issues the local undertaking.
Confirmation Instructions(Standby Letter of Credit only)
Available options include:
- Confirm
- May Add
- Without Confirmation
Transfer Indicator
Enable this option if the undertaking is transferable.
This option is only available for the Standby Letter of Credit undertaking type.
Transfer Conditions
Enter the applicable transfer conditions for the undertaking.
Provide:
- Beneficiary Reference
- Customer Reference
Step 4: Complete Applicant and Beneficiary Details
Applicant Details
The Applicant information is pre-populated and generally cannot be edited.
This includes:
- Applicant Name
- Applicant Address
Alternate Applicant
Complete this section if the undertaking is being requested on behalf of another entity.
Provide:
- Name
- Address
- Country
Beneficiary Details
You may:
- Select an existing beneficiary
- Create a new beneficiary
- Save a new beneficiary for future use
Provide:
- Beneficiary Name
- Beneficiary Address
- Beneficiary Country
BEI Code
Enter the Business Entity Identifier (BEI) if applicable.
Beneficiary Contact Details
Enable this option if the beneficiary has a designated contact person or department responsible for undertaking-related communications.
Provide:
- Contact Name
- Address
- Country
Step 5: Complete Bank Details
Bank Name
The default Issuing Bank is Commercial Bank of Dubai (CBD) and cannot be modified.
Issuer's Reference
Enter or review the transaction reference associated with the undertaking request.
Issuing Bank Type
Select one of the following:
Direct
The undertaking will be issued directly by CBD.
Indirect
Another bank will be requested to issue the undertaking on behalf of CBD.
Issuing Bank Details
Where applicable, provide:
- SWIFT Code
- Bank Name
- Bank Address
Beneficiary Bank
Provide:
- SWIFT Code
- Bank Name
- Bank Address
The Beneficiary Bank will advise the undertaking to the beneficiary.
Confirmation Required
Enable this option if confirmation by the Beneficiary Bank is required.
The Confirming Bank details may be pre-populated from the Beneficiary Bank information.
Confirming Bank
Where applicable, provide:
- SWIFT Code
- Bank Name
- Bank Address
Step 6: Complete Undertaking Details
Type and Expiry
Specify the undertaking type and expiry details.
Amount and Charges
Provide:
- Undertaking Currency
- Undertaking Amount
- Variation in Drawing (+/-)
- Issuing Charges
- Correspondent Charges
- Additional Amount Information
Contract Details
Enter the contract information related to the undertaking.
Terms
Enter the terms and conditions of the undertaking.
Shipment Details
Complete shipment information where applicable
Note: Shipment Details are only available when the Form of Undertaking is Standby Letter of Credit.
Payment Details
Complete the payment terms applicable to the undertaking.
Step 7: Complete Instructions to Bank
Enter any additional instructions required for processing the undertaking request.
Support Tip: Provide clear and complete instructions to avoid delays or clarification requests from the bank.
Step 8: Upload Supporting Documents
Attach all required supporting documentation.
Attachment Requirements
- Maximum of 5 files
- Maximum file size: 5 MB per file
Supported File Types
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Examples of Supporting Documents
- Proforma Invoice
- Contract Documents
- Tender Documents
- Trade Documents
- Specimen Signature
Step 9: Review the Application
Open the Preview section and review all information entered.
Verify:
- General Details
- Applicant Information
- Beneficiary Information
- Bank Details
- Undertaking Details
- Charges
- Contract