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Advantages of Letters of Credit vs. Surety Bonds

What are the advantages and disadvantages of using a bond vs. a letter of credit?This topic will explore the similarities and differences of letters of credit with surety bonds as a performance assurance or credit enhancement. Each has unique characteristics, wording, pricing, procedures and bodies of law that apply to them. This topic will discuss how each are priced and risk assessed, how they work and are commonly used in practice, what are the advantages and disadvantages of using a bond vs. a letter of credit to assure performance or payment of various types of contracts and obligations, and what are the problems and legal pitfalls each presents.


Runtime: 89 minutes
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Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Core Differences of What Is a Letter of Credit vs. a Bond

Frequent Uses of Bonds and Letters of Credit

  • Uses of Letters of Credit
  • Uses and Types of Bonds

Who Are the Parties to a Letter of Credit vs. a Bond? The Parties Are to a Certain Extent Parallel

How to Choose Between Bond vs. Letter of Credit

  • From the Applicant or Principal's Perspective
  • From the Beneficiary's or Obligee's Perspective

Traps for the Unwary in LC and Bond Claim Practice

Legal Regimes That Govern LCs and Bonds

How to Choose a Reliable Issuer of an LC or Bond

Where to Look for Help and Who to Ask for LC and Bond Questions

Reimbursement Issues

Subrogation Issues

Tailoring a Bond or LC

Severally Issued or Syndicated Bonds or LCs

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Carter H. Klein

Carter H. Klein

Jenner & Block LLP

  • Partner in Jenner & Block LLP's Chicago office
  • Concentrated his practice on Uniform Commercial Code work, secured and unsecured lending and payments for the past 43 years at Jenner & Block LLP
  • Extensive experience with Article 5 of the Uniform Commercial Code – Letters of Credit
  • ABA UCC Liaison to the Permanent Editorial board of the Uniform Commercial Code
  • Former Chair of both the Letter of Credit Subcommittee and Payments Sub-committee of the ABA
  • Co-wrote three books on the Uniform Commercial Code
  • Honored as Letter of Credit Attorney of the Year in 2018 by the Institute of International Banking Law & Practice
  • J.D. degree, Order of the Coif, First in Class, University of Illinois College of Law; B.A. degree, with the highest distinction, University of Illinois at Urbana-Champagne
  • Can be contacted at 312-923-2950 or [email protected]
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Product ID: 399100
Published 2016
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