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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.

Faculty

Carter H. Klein

Carter H. Klein

Jenner & Block LLP

Agenda

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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