The Counter Standby Letter of Credit is a critical financial instrument used in complex international trade and banking transactions where multiple layers of security are required. It is typically issued when a bank that has provided a primary Standby Letter of Credit seeks additional security from another bank. This document, governed by Hong Kong law and international banking practices, creates a legally binding commitment from the counter-issuing bank to reimburse the primary SBLC issuer if certain conditions are met. The document specifies all drawing conditions, validity periods, applicable rules (such as UCP 600 or ISP98), and documentary requirements. It's particularly relevant in situations involving cross-border transactions, project financing, or where the primary SBLC issuer requires additional risk mitigation.
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1. Issuing Bank Details: Complete details of the bank issuing the Counter SBLC including name, address, SWIFT code, and reference numbers
2. Beneficiary Details: Full identification of the beneficiary bank (typically the issuer of the primary SBLC)
3. Applicant Details: Complete information about the party requesting the Counter SBLC
4. Reference to Primary SBLC: Details of the primary Standby Letter of Credit this Counter SBLC is supporting
5. Counter SBLC Amount and Currency: Specific amount and currency of the Counter SBLC, including any tolerance levels
6. Validity Period: Effective date and expiry date of the Counter SBLC
7. Drawing Terms and Conditions: Specific conditions under which the Counter SBLC can be drawn upon
8. Required Documents: List of documents required for any drawing under the Counter SBLC
9. Governing Law and Jurisdiction: Specification of Hong Kong law and jurisdiction
10. Applicable Rules: Reference to applicable rules (typically UCP 600 or ISP98)
1. Transfer Provisions: Include when the Counter SBLC needs to be transferable
2. Partial Drawings: Include when partial drawings are to be allowed
3. Language Preference: Include when the Counter SBLC needs to be issued in multiple languages
4. Special Instructions: Include when there are specific banking or processing instructions
5. Force Majeure Provisions: Include when specific force majeure conditions need to be addressed
6. Assignment Provisions: Include when rights under the Counter SBLC may need to be assigned
1. Schedule A - Form of Demand: Standard format for making a demand under the Counter SBLC
2. Schedule B - Form of Transfer Request: Standard format for requesting transfer of the Counter SBLC (if transferable)
3. Schedule C - Required Documents: Detailed list and format of all required supporting documents
4. Appendix 1 - Copy of Primary SBLC: Copy of the primary SBLC being counter-guaranteed
5. Appendix 2 - Fee Schedule: Schedule of all applicable fees and charges
6. Appendix 3 - Authentication Procedures: Detailed procedures for authenticating demands and communications
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