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Standby Letter of Credit: What You Need to Know

Learn the best practices when dealing with an SBLC and how to avoid common problems that may arise.

This topic will address when a standby letter of credit is the right choice and best practices when using them. The information will discuss what issues to spot and how to avoid common problems. This topic will also provide information on how to draft a better standby letter of credit from the standpoint of the issuer, the applicant, and the beneficiary. The material will look at prevention or reduced litigation exposure in letter of credit transactions and the difference between confirmation and advice. After reviewing this information, you will be knowledgeable in how to get a foreign letter of credit confirmed and what laws, rules, and jurisdiction should govern a standby letter of credit.

67 minutes
Course Exam
Certificate of Completion
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Over 37 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

Uses of an SBLC

What Are Their Advantages and Disadvantages?

Alternatives to SBLCs and How They Compare

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

Non-Documentary Draw Triggers or Conditions

Draw Triggers Based on Nonrenewal and Issuer Credit Downgrade

Enjoining a Draw on a Letter of Credit

Advance Payment Guarantee SBLCs

Counter-Guarantee SBLCs - How They Work, and Issues They Present

Force Majeure, Impossibility of Performance and Fraud

Common Drafting Mistakes

Foreign LCs and Bank Guarantees

AML, OFAC and Regulatory Concerns

Regulatory Capital Guidelines Applicable to SBLCs

What Is a SWIFT Format Letter of Credit?

SWIFT Changes

How to Evaluate the Credit of the Issuer and Deal With Issuer Credit Downgrades

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Why Lorman?

Over 37 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 Course

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Maine, New Hampshire, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on May 7, 2021.

Call 1-866-352-9540 for further credit information.

  • CA MCLE 1.0
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
     

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

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

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Why Lorman?

Over 37 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

  • Of Counsel at Jenner & Block LLP's Chicago office where he has practiced for 47 years
  • Practice concentrates on letters of credit, payments, collateral issues, and sales of assets
  • ABA UCC Liaison to the Permanent Editorial Board of the Uniform Commercial Code
  • Former Chair of ABA’s Letter of Credit Subcommittee and Payments Subcommittee
  • Co-wrote three books on the Uniform Commercial Code for West Publications
  • Letter of Credit Attorney of the Year by the Institute of International Banking Law & Practice
  • Can be contacted at 312-923-2950 or [email protected]
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Why Lorman?

Over 37 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.

All of your training, right here at Lorman

All of your training, right here at Lorman.

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Additional benefits include:

  • State Specific Credit Tracker
  • All-Access Pass Course Concierge

Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 408702
Published 2021
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