The Bank to Bank LC agreement is essential for financial institutions engaging in Letter of Credit transactions within the Irish banking framework. This document is typically used when banks establish ongoing relationships for handling documentary credits, whether as issuing, confirming, or advising banks. It encompasses crucial elements such as operational procedures, risk allocation, compliance requirements, and fee structures, all while adhering to Irish banking regulations and EU directives. The agreement incorporates international standards, particularly UCP 600, while ensuring compliance with local Irish legal requirements. It's particularly relevant for banks expanding their correspondent banking relationships or establishing new trade finance partnerships, providing a robust legal framework for managing LC transactions and associated risks.
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1. Parties: Identification of the issuing bank and confirming/advising bank, including full legal names and registered addresses
2. Background: Context of the LC arrangement, relationship between the banks, and general purpose of the agreement
3. Definitions: Detailed definitions of technical banking terms, LC-specific terminology, and other key terms used in the agreement
4. Scope of Agreement: Overall scope of the LC facility and banking relationship
5. Representations and Warranties: Standard banking representations and regulatory compliance warranties from both banks
6. LC Issuance Procedures: Procedures and requirements for issuing LCs under the agreement
7. Fees and Charges: Structure of fees, charges, and compensation between the banks
8. Communication Procedures: Protocols for secure communication and authentication between banks
9. Risk Allocation: Distribution of risks and responsibilities between the banks
10. Default and Remedies: Events of default and corresponding remedies available to either bank
11. Governing Law and Jurisdiction: Specification of Irish law as governing law and jurisdiction details
12. Term and Termination: Duration of the agreement and termination provisions
1. Sanctions Compliance: Specific provisions for international sanctions compliance, required when dealing with international LCs
2. Correspondent Banking: Additional terms for correspondent banking relationships, needed when third-party banks are involved
3. Electronic Commerce: Provisions for electronic LC processing and digital documentation, required when banks use electronic systems
4. Special Trade Finance Products: Terms for specialized LC products like standby LCs or back-to-back LCs
5. Currency Provisions: Specific terms for multi-currency LCs, needed when dealing with multiple currencies
6. Force Majeure: Extended force majeure provisions, recommended for international arrangements
1. Schedule 1 - Fee Schedule: Detailed breakdown of all fees, charges, and commission structures
2. Schedule 2 - Operating Procedures: Detailed operational procedures and workflows for LC processing
3. Schedule 3 - Authentication Procedures: Security protocols and authentication requirements for LC communications
4. Schedule 4 - Standard Forms: Templates for common LC documents and forms
5. Schedule 5 - Authorized Signatories: List of authorized personnel from both banks
6. Appendix A - UCP 600 Incorporation: Specific provisions of UCP 600 incorporated into the agreement
7. Appendix B - Compliance Requirements: Detailed regulatory compliance requirements under Irish law
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