Standby Letter of Credit: What You Need to Know
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Is a standby letter of credit the right choice? Learn the best practices when dealing with a SBLC and how to avoid common problems that may arise.After this topic, you should be able to evaluate whether using a SBLC is feasible and appropriate as opposed to some other form of credit assurance, what terms and problems should be requested and avoided, how to spot SBLC issues and problems and deal with them, when to ask for a confirmation or advice, how to prepare for and properly draw on a letter of credit, how to use certificates to protect the applicant, and what to avoid in letter of credit practice. The benefits of this topic include what to look for in SBLCs, what the alternatives are, who to go to for help and issues to address in drafting and drawing on a letter of credit; and if you are a banker that handles letters of credit, the common problem areas and exposures, and how to avoid or minimize them. The materials provided with the content alone should provide a guide for issue spotting and resources for where to look for further help.
AuthorsCarter H. Klein, Jenner & Block LLP
What an SBLC Can Be Used for
What Are Their Advantages?
What Are Their Disadvantages?
Alternatives to SBLCs and How They Compare to SBLCs
How LCs Are Priced and Secured
How Beneficiaries of LCs Fare in a Bankruptcy of the Applicant
Letter of Credit Application and Reimbursement Agreements
Potentially Troublesome Letter of Credit Situations
Confirmations vs. Advices
What Regimes to Choose for SBLCs: ISP or UCP
Unique and Counterintuitive Features of LC Law and Practice
Auto-Extend Clauses and Outside Expiration Dates
Enjoining a Draw on a Letter of Credit
Advance Payment Guarantee SBLCs
Counterguarantee SBLCs - How They Work and Issues They Present
Force Majeure, Impossibility of Performance and Fraud
Common Drafting Mistakes
Foreign LCs and EU 'Bail-in' Language
Regulatory Capital Guidelines Applicable to SBLCs
What Is a Swift Format Letter of Credit?
How to Evaluate the Credit of the Issuer and Deal With Issuer Credit Downgrades
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