The Counter Standby Letter of Credit is a crucial instrument in international banking and trade finance, particularly when multiple banking institutions are involved in providing guarantees. This document is typically used when a bank requires additional security or counter-guarantee from another bank before issuing a primary Standby Letter of Credit. Under Australian law, the Counter Standby Letter of Credit establishes the legal framework for one bank to reimburse another bank that has issued a primary Standby Letter of Credit, effectively creating a back-to-back guarantee structure. The document includes specific provisions for drawing conditions, expiry dates, applicable rules and regulations, and compliance requirements with both Australian banking laws and international banking standards. It's particularly relevant in scenarios involving cross-border transactions, large infrastructure projects, or when local banks need support from international banking institutions.
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1. Issuing Bank Details: Full legal name and address of the bank issuing the Counter Standby Letter of Credit
2. Reference Information: CSBLC number, date, and reference to the primary Standby Letter of Credit
3. Beneficiary Details: Complete details of the beneficiary bank (issuer of the primary Standby Letter of Credit)
4. Applicant Details: Full information of the party requesting the Counter Standby Letter of Credit
5. Amount and Currency: Maximum amount and currency of the counter guarantee
6. Effective Date and Expiry: Clear statement of when the CSBLC becomes effective and its expiration date
7. Drawing Terms: Specific conditions and documentation required for drawing under the CSBLC
8. Governing Law Declaration: Statement that the CSBLC is governed by Australian law
9. Applicable Rules: Reference to applicable international rules (typically ISP98 or UCP 600)
10. Bank Authorization: Authorized signatures and authentication details from the issuing bank
1. Automatic Extension Clause: Used when the CSBLC needs to include provisions for automatic extension periods
2. Transfer Rights: Include when the CSBLC needs to be transferable to other beneficiaries
3. Partial Drawings: Include when multiple partial drawings are to be permitted
4. Electronic Presentation: Include when electronic presentation of documents is acceptable
5. Force Majeure Provisions: Additional provisions for force majeure events affecting the CSBLC
6. Anti-Money Laundering Compliance: Include when specific AML compliance requirements need to be highlighted
7. Multiple Currency Provisions: Include when drawings can be made in multiple currencies
1. Schedule A - Form of Demand: Standard format for making a demand under the CSBLC
2. Schedule B - Required Documents: Detailed list of documents required for drawing
3. Schedule C - Bank Charges and Fees: Schedule of applicable banking charges and fees
4. Appendix 1 - Primary SBLC Reference: Copy or key details of the primary Standby Letter of Credit being counter-guaranteed
5. Appendix 2 - Authentication Procedures: Detailed procedures for authenticating drawing requests and communications
6. Appendix 3 - Communication Methods: Approved methods and details for communications between parties
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Construction and Infrastructure
Energy and Resources
Manufacturing
Import/Export
Shipping and Logistics
Mining
Commercial Real Estate
Telecommunications
Relevant Teams
Trade Finance
International Banking
Corporate Banking
Legal
Compliance
Risk Management
Treasury
Operations
Credit Administration
Documentary Credits
Relevant Roles
Trade Finance Manager
Banking Operations Director
Letter of Credit Specialist
International Banking Officer
Corporate Banking Manager
Treasury Manager
Risk Management Officer
Compliance Officer
Financial Controller
Banking Relationship Manager
Documentary Credits Manager
Senior Credit Officer
Trade Finance Operations Manager
Banking Legal Counsel
Chief Financial Officer
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