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Counter Sblc for the United Kingdom

Counter Sblc Template for England and Wales

A Counter Standby Letter of Credit (Counter SBLC) is a financial instrument governed by English and Welsh law that serves as a secondary guarantee mechanism. It is issued by a bank to another bank as a counter-guarantee for an original SBLC, providing additional security in international trade and financial transactions. The document outlines the terms, conditions, obligations, and rights of all parties involved, including payment terms, validity period, and drawing conditions, all within the framework of English banking and financial services regulations.

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Counter Sblc

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What is a Counter Sblc?

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.

What sections should be included in a Counter Sblc?

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

What sections are optional to include in a Counter Sblc?

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

What schedules should be included in a Counter Sblc?

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

England and Wales

Document Type

Bank Guarantee

Sector

Banking

Cost

Free to use
Relevant legal definitions


































Clauses






























Industries

UCP 600: Uniform Customs and Practice for Documentary Credits - Essential international rules governing documentary credits and standby letters of credit

ISP98: International Standby Practices - Comprehensive framework of rules specifically designed for standby letters of credit operations

Bills of Exchange Act 1882: UK legislation governing negotiable instruments, including aspects of documentary credits and bank guarantees

Financial Services and Markets Act 2000: Primary UK legislation regulating financial services, including banking activities and issuance of financial instruments

FSMA Regulated Activities Order 2001: Detailed regulations specifying which activities require authorization under the Financial Services and Markets Act

Money Laundering Regulations 2017: UK regulations implementing anti-money laundering requirements for financial transactions and instruments

Proceeds of Crime Act 2002: Legislation dealing with money laundering and proceeds of crime, relevant for financial instrument verification

Basel Committee Guidelines: International banking standards providing framework for bank capital adequacy and risk management

Contracts (Rights of Third Parties) Act 1999: Legislation governing how third parties may enforce terms of a contract, relevant for SBLC beneficiaries

Unfair Contract Terms Act 1977: Controls the use of exclusion and limitation clauses in contracts under English law

Export Control Order 2008: Regulations controlling international trade and financial transactions, relevant for cross-border SBLCs

UK Sanctions and Anti-Money Laundering Act 2018: Framework for imposing and implementing sanctions that may affect international financial instruments

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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