The Surety Backed Letter of Credit is a specialized financial instrument used in international trade and commercial transactions where additional security beyond a standard letter of credit is required. This document is particularly relevant when dealing with high-value transactions or when the beneficiary requires additional assurance of payment. Governed by German law, it combines the traditional letter of credit mechanism with a surety guarantee (叠眉谤驳蝉肠丑补蹿迟) provided by a third party, typically a bank or insurance company. The document details the conditions for drawing under the letter of credit, the scope of the surety's obligations, and the relationships between all parties. It incorporates requirements from the German Civil Code (BGB), German Banking Act (KWG), and international banking practices (UCP 600), making it suitable for complex international transactions requiring enhanced security measures.
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1. Parties: Identification of all parties: Issuing Bank, Beneficiary, Applicant, and Surety Provider
2. Background: Context of the transaction and relationship between parties
3. Definitions: Key terms used throughout the document, including banking and surety-specific terminology
4. Letter of Credit Terms: Core terms including amount, validity period, and conditions for drawing
5. Surety Agreement: Terms of the surety backing, including scope and nature of the guarantee
6. Drawing Requirements: Specific conditions and documentation required for drawing under the LC
7. Obligations of the Parties: Detailed responsibilities of each party under both LC and surety arrangements
8. Fees and Charges: All applicable fees, charges, and payment terms
9. Representations and Warranties: Standard declarations by all parties regarding capacity and authority
10. Events of Default: Circumstances constituting default and consequent remedies
11. Governing Law and Jurisdiction: Confirmation of German law application and jurisdiction
1. Counter-Indemnity: Terms for indemnification of the surety provider by the applicant, used when required by the surety provider
2. Transfer and Assignment: Provisions regarding transfer rights, included when transferability is permitted
3. Multiple Drawing Provisions: Detailed procedures for multiple drawings, included for revolving LCs
4. Currency Provisions: Special terms for cross-border transactions involving multiple currencies
5. Force Majeure: Provisions for extraordinary events, particularly relevant for international transactions
6. Anti-Money Laundering Provisions: Additional compliance terms, required for high-risk transactions or parties
7. Sanctions Compliance: Special provisions regarding international sanctions, included for international transactions
1. Form of Letter of Credit: Standard format of the LC following UCP 600 requirements
2. Form of Surety Bond: Standard format of the surety agreement complying with German law
3. Required Documents: List and samples of all required documents for drawing
4. Fee Schedule: Detailed breakdown of all fees and charges
5. Drawing Certificate Template: Standard format for drawing requests
6. Contact Details: List of authorized contacts and notice details for all parties
7. Specimen Signatures: Authorized signatures for all relevant parties
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
International Trade
Manufacturing
Construction
Energy
Infrastructure
Import/Export
Telecommunications
Real Estate
Shipping & Logistics
Relevant Teams
Legal
Trade Finance
Risk Management
Compliance
Treasury
International Banking
Credit Administration
Corporate Banking
Documentary Credits
Trade Operations
Relevant Roles
Trade Finance Manager
International Business Development Manager
Credit Risk Officer
Legal Counsel
Corporate Banking Officer
Trade Operations Manager
Compliance Officer
Treasury Manager
Chief Financial Officer
Export Finance Manager
Documentary Credits Specialist
Relationship Manager
Surety Manager
Risk Management Director
International Trade Specialist
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