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Standby Letter of Credit: What You Need to Know

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.

Runtime: 59 minutes
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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.

Agenda

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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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.

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
  • 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: 399790
Published 2017
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