A Counter Standby Letter of Credit is utilized when a bank requires back-to-back support for a Standby Letter of Credit it has issued. This document is particularly relevant in the UAE's international trading environment, where complex multi-party financial arrangements are common. The Counter Standby Letter of Credit provides security to the bank that issued the primary credit, ensuring they will be reimbursed if called upon to pay. It must comply with UAE banking regulations, particularly UAE Central Bank requirements and Federal Law No. 18 of 1993, while also adhering to international banking standards. This instrument is commonly used in large commercial transactions, project financing, and international trade deals where multiple layers of security are required.
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1. Letter Reference and Date: Unique reference number, date of issuance, and expiry date of the Counter Standby Letter of Credit
2. Issuing Bank Details: Complete details of the bank issuing the Counter Standby Letter of Credit
3. Beneficiary Information: Full details of the beneficiary bank (the bank that issued the primary Standby Letter of Credit)
4. Primary Credit Reference: Details of the primary Standby Letter of Credit being counter-guaranteed
5. Counter Credit Amount: The maximum amount of the Counter Standby Letter of Credit and currency
6. Trigger Events: Specific conditions under which the Counter Standby Letter of Credit can be drawn upon
7. Drawing Terms: Required documentation and procedures for making a claim under the Counter Standby Letter of Credit
8. Payment Terms: Timeframe and method of payment upon presentation of complying documents
9. Governing Law and Jurisdiction: Specification of UAE law as governing law and relevant jurisdiction
1. Transfer Provisions: Include when the Counter Standby Letter of Credit needs to be transferable
2. Islamic Banking Compliance: Required when the instrument needs to comply with Sharia principles
3. Multiple Drawing Provisions: Include when multiple partial drawings are to be permitted
4. Foreign Currency Provisions: Include when payments may be made in multiple currencies or currency conversion is relevant
5. Force Majeure Clauses: Optional additional protection for extraordinary circumstances
6. Electronic Presentation Terms: Include when electronic presentation of documents is permitted
1. Schedule A - Required Documents: Detailed list of documents required for drawing under the Counter Standby Letter of Credit
2. Schedule B - Form of Demand: Prescribed format for making a demand under the Counter Standby Letter of Credit
3. Schedule C - Bank Payment Instructions: Detailed banking coordinates and payment routing instructions
4. Appendix 1 - Primary Credit: Copy or key terms of the primary Standby Letter of Credit being counter-guaranteed
5. Appendix 2 - Communication Procedures: Specific procedures for communications between parties including SWIFT formats if applicable
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Construction
Manufacturing
Energy and Resources
Infrastructure
Shipping and Maritime
Commercial Real Estate
Project Finance
Relevant Teams
Legal
Trade Finance
Credit Risk
Compliance
Treasury
International Banking
Documentary Credits
Financial Control
Banking Operations
Corporate Finance
Relevant Roles
Trade Finance Manager
Banking Operations Director
Credit Risk Officer
International Trade Specialist
Documentary Credits Manager
Financial Controller
Treasury Manager
Compliance Officer
Legal Counsel
Bank Relationship Manager
Senior Credit Analyst
Trade Finance Operations Officer
Banking Product Manager
Chief Financial Officer
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