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.
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Over 35 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 35 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
This course was last revised on May 7, 2021.
Call 1-866-352-9540 for further credit information.
- AK CLE 1.0
- Alaska attorneys may receive 1.0 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
- AL CLE 1.1
- This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.1 hours credit.
- AR CLE 1.0
- This course has been approved for 1.0 hours of CLE by the Arkansas CLE Board.
- Arizona CLE 1.0
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
- 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.
- CT CLE 1.0
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
- HI CLE 1.0
- This program was approved by the Hawaii State Board of Continuing Legal Education for 1.0 CLE credit hours.
- IL CLE 1.0
- This course was approved for a total of 1.0 hours of MCLE Credit by the Illinois MCLE Board.
- ND CLE 1.0
- North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.0 hours of CLE credit.
- NH MCLE 1.1
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 66 Minutes.
- NY CLE 1.0 including Areas of Professional Practice 1
- This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.0 credit hours in the area(s) of Areas of Professional Practice for 1.00 hour. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, LLC. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
- PA CLE 1.0
- This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.0 hours of substantive law, practice and procedure CLE credit.
- RI CLE 1.0
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.0 hours of CLE credit.
- VT CLE 1.0
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
- WA CLE 1.0
- This program has been approved by the Washington State Board of Continuing Legal Education for 1.0 hours of A/V credit under the Law & Legal Procedure category.
- WV MCLE 1.2
- This program has been approved by the West Virginia State Bar MCLE Commission for 1.2 MCLE hours.
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 35 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
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 35 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.
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