Letters of Credit, Stand-by Letters and Bank Demand Guarantees
Crafting Credit Instruments for Domestic and International Financing Transactions
Recording of a 90-minute CLE webinar/teleconference with Q&A
Conducted on Tuesday, December 20, 2011
Recorded event now available
This CLE webinar will provide banking counsel with an analysis of the requirements of letters of credit and bank demand guarantees. The panel will discuss distinctions between the various documents and provide best practices for drafting documents in domestic and international commercial transactions.
Description
Frequently used in trade finance, commercial letters of credit provide an irrevocable payment undertaking. They are usually governed by the International Chamber of Commerce Uniform Customs and Practice for Documentary Credits applies (UCP 600).
Standby letters of credit are more common in domestic financial transactions and are issued by banks to provide assurances to a third party beneficiary that their customers will perform under the terms of a contract between the customer and the beneficiary. Standby letters of credit are often made subject to UCP 600, but other regimes are superior.
Bank guarantees are used in most countries outside the United States and Canada. There are subtle, but important differences between letters of credit and guarantees that practitioners representing domestic or foreign entities in international transactions must understand to consummate deals.
Listen as our authoritative panel of attorneys discusses requirements of letters of credit and bank demand guarantees and the critical distinctions between these documents.
Outline
- Commercial letters of credit
- Stand-by letters of credit
- Bank guarantees
Benefits
The panel will review these and other key questions:
- What are the distinctions between commercial letters of credit and standby letters of credit?
- How do bank guarantees differ from letters of credit?
- What are best practices for drafting and negotiating letters of credit and bank guarantees?
Faculty
Kevin J. Connolly,
Shareholder
Anderson Kill & Olick, New York
He represents owners and developers of significant commercial, industrial and educational projects. He has experience with using bank guarantees for project finance in the Middle East and Europe. He worked on revising the United Nation’s protocols for securing its contracts, recommending bank guaranties for transactions outside the US and stand-by letters of credit for US transactions.
Isaac E. Druker,
Shareholder
Anderson Kill & Olick, New York
His practice emphasizes corporate, commercial and financial matters, not-for-profit law and captive insurance companies. For 35 years, he has handled mergers and acquisitions; international and domestic business, investment and financial transactions; captive insurance; project finance; international and domestic joint ventures; and distribution, licensing and general commercial agreements.
Ordering
Online CLE - Audio Recording
Includes audio streaming of full program plus handouts (available 24 hours after live seminar).
CLE:
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Recorded Event
Includes full event recording plus handouts (available after live seminar).
CLE: Pre-approved for self-study credit in: AK, AZ, CA, CT, GA, HI, MO, MT, NY, TX*, UT, VT, WA, WV. Upon request, self-study credit is also available in: CO, FL, ID, KY, ME, ND, NE, NH, NM, NV, OR, WI, WY. If you are applying for self-study credit in one of these states, contact Strafford CLE at 1-800-926-7926 ext. 35 or CLE@straffordpub.com. (*Indicates that Strafford needs to process the CLE — see below to purchase this option.)
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Available three business days after the live event
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plus $9.45 S&H
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