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Bank Guarantee For Lost Bill Of Lading Template for Singapore

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Key Requirements PROMPT example:

Bank Guarantee For Lost Bill Of Lading

"I need a Bank Guarantee For Lost Bill Of Lading for a pharmaceutical shipment arriving in Singapore on March 15, 2025, with a guarantee amount of SGD 500,000 and validity period of 12 months from discharge date, where DBS Bank is the guarantor and Maersk Line is the beneficiary."

Document background
The Bank Guarantee For Lost Bill Of Lading is essential in international trade scenarios where the original bill of lading has been lost, destroyed, or delayed. Under Singapore law, this document provides crucial protection for shipping companies who might otherwise face significant liability for releasing cargo without original documentation. The guarantee typically includes specific details about the shipment, involved parties, and the bank's obligations. It's particularly relevant in Singapore's busy maritime sector, where efficient cargo movement must be balanced with legal security. The document complies with Singapore's robust financial and maritime regulatory framework, including MAS guidelines and maritime law requirements.
Suggested Sections

1. Parties: Identifies the bank (guarantor), shipping company, and beneficiary

2. Background: Explains circumstances of lost bill of lading and need for guarantee

3. Definitions: Defines key terms used in the guarantee including 'Bill of Lading', 'Vessel', 'Cargo', and 'Guarantee Period'

4. Guarantee Amount: Specifies the monetary value of the guarantee and conditions for payment

5. Duration: Specifies the validity period of the guarantee and any extension conditions

6. Indemnity Provisions: Details the bank's commitment to indemnify against claims arising from the lost bill of lading

7. Claims Procedure: Sets out the process and requirements for making claims under the guarantee

8. Termination: Conditions under which the guarantee may be terminated or released

Optional Sections

1. Counter-Indemnity: Customer's obligation to indemnify the bank, used when required by bank's internal policy

2. Governing Law and Jurisdiction: Choice of law and courts for dispute resolution, particularly important for international transactions

3. Assignment Clause: Provisions regarding the right to assign the guarantee, included when assignment might be needed

4. Force Majeure: Provisions for unforeseen circumstances affecting the guarantee's performance

Suggested Schedules

1. Schedule 1 - Details of Lost Bill of Lading: Complete details of the lost bill of lading including number, date, and parties involved

2. Schedule 2 - Vessel and Cargo Details: Specifications of the vessel and cargo including vessel name, voyage number, and cargo description

3. Schedule 3 - Form of Demand: Standard template for making claims under the guarantee

4. Schedule 4 - Required Documentation: List of documents required to be submitted with any claim under the guarantee

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions




































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Industries

Bills of Lading Act (Chapter 384): Primary Singapore legislation governing bills of lading, their issuance, transfer, and rights of holders

Maritime and Port Authority of Singapore Act: Legislation establishing the regulatory framework for maritime operations and port management in Singapore

Carriage of Goods by Sea Act (COGSA): Singapore's implementation of international maritime cargo rules, defining carrier liability and documentation requirements

Banking Act (Chapter 19): Primary legislation governing banking operations and regulations in Singapore, including issuance of bank guarantees

Hague-Visby Rules: International Convention establishing uniform rules for bills of lading in international trade

Rotterdam Rules: UN Convention on contracts for international carriage of goods by sea, providing modern legal framework for door-to-door cargo operations

MAS Guidelines: Regulatory guidelines issued by Monetary Authority of Singapore governing banking practices and guarantees

Singapore Ship Registry Regulations: Regulations governing the registration and operation of vessels under Singapore flag

Maritime and Port Authority Regulations: Specific regulations governing maritime operations and documentation in Singapore ports

Contract Law Principles: Common law principles governing formation, validity, and enforcement of contracts under Singapore law

Banking Law Principles: Common law principles specific to banking operations and guarantees in Singapore

Maritime Law Principles: Common law principles specific to maritime trade and shipping operations

Doctrine of Indemnity: Legal principle governing compensation and protection against loss in context of lost bill of lading guarantees

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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