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The Bank Guarantee For Lost Bill of Lading is a crucial instrument in international maritime trade when the original bill of lading, which serves as title to the goods, has been lost or misplaced. This document, governed by Canadian federal legislation including the Bank Act and Bills of Lading Act, enables the smooth completion of international trade transactions despite the missing original document. The guarantee typically includes details of the lost bill of lading, cargo specifications, vessel information, and the bank's commitment to indemnify the carrier. It is commonly used in situations where time is of essence, and waiting for a replacement original bill of lading would result in significant delays and costs. The guarantee amount usually represents twice the cargo value and remains valid for a specified period, providing protection to carriers while facilitating timely cargo release.

1. Parties: Identification of the Bank (Guarantor), the Applicant (usually the cargo owner/receiver), and the Beneficiary (usually the shipping company/carrier)

2. Background: Details of the lost bill of lading, including vessel name, voyage number, cargo details, and circumstances of loss

3. Definitions: Key terms used in the guarantee including 'Original Bill of Lading', 'Replacement Bill of Lading', 'Cargo', 'Vessel', etc.

4. Guarantee and Indemnity: Core section detailing the bank's guarantee to indemnify the carrier against claims related to delivering cargo without the original bill of lading

5. Amount of Guarantee: Specification of the maximum amount covered by the guarantee, usually twice the cargo value

6. Duration of Guarantee: Period of validity of the guarantee, typically one year from delivery date

7. Claims Procedure: Process for making claims under the guarantee, including notice requirements and documentation

8. Bank's Rights and Obligations: Detailed description of the bank's rights, including right to investigate claims and conditions for payment

9. Governing Law and Jurisdiction: Specification of applicable law (Canadian) and courts having jurisdiction

10. Notices: Communication procedures and contact details for all parties

11. Execution: Signature blocks and execution formalities