Counter SBLCs are essential financial instruments used when additional security layers are required in international transactions. The document becomes necessary when a bank needs to provide a counter-guarantee to another bank that has issued or will issue an original SBLC. Governed by English and Welsh law, the Counter SBLC includes specific terms regarding the guarantee amount, validity period, drawing conditions, and compliance requirements. It is particularly relevant in cross-border transactions where multiple banking institutions are involved and additional security measures are needed to mitigate risks.
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1. Parties: Details of the applicant, beneficiary, and issuing bank
2. Background: Context of the transaction and relationship between parties
3. Definitions: Key terms used throughout the document
4. Counter SBLC Terms: Core terms including amount, validity period, and conditions for drawing
5. Payment Terms: Details of fees, charges, and payment mechanisms
6. Representations and Warranties: Statements of fact and assurances from parties
7. Events of Default: Circumstances constituting default and consequences
8. Governing Law and Jurisdiction: Specification of applicable law and dispute resolution
1. Security Provisions: Additional security requirements - use when additional collateral is required
2. Assignment and Transfer: Rules for transferring rights under the SBLC - use when transferability is permitted
3. Force Majeure: Provisions for unforeseen circumstances - use when specific risk allocation is needed
4. Anti-Money Laundering Provisions: Specific AML requirements - use for high-risk transactions or jurisdictions
1. Form of SBLC: Template of the actual Standby Letter of Credit
2. Fee Schedule: Detailed breakdown of all applicable fees and charges
3. Drawing Requirements: Specific documentation required for drawing under the SBLC
4. Compliance Requirements: List of required regulatory compliance documents
5. Security Documents: Details of any collateral or security arrangements when security is required
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