Letters of Credit, Stand-by Letters and Bank Demand Guarantees

Crafting Credit Instruments for Domestic and International Financing Transactions

Recording of a 90-minute premium CLE webinar with Q&A

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Conducted on Tuesday, December 20, 2011

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Course Materials

This CLE course 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.

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Outline

  1. Commercial letters of credit
  2. Stand-by letters of credit
  3. 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?

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.

Faculty

Kevin J. Connolly
Kevin J. Connolly
Shareholder
Anderson Kill & Olick

He represents owners and developers of significant commercial, industrial and educational projects. He has experience...  |  Read More

Isaac E. Druker
Isaac E. Druker
Shareholder
Anderson Kill & Olick

His practice emphasizes corporate, commercial and financial matters, not-for-profit law and captive insurance...  |  Read More

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