The Surety Backed Letter of Credit is typically employed in high-value commercial transactions where additional security layers are required beyond standard letter of credit protection. This document is particularly relevant in complex international trade, construction, or infrastructure projects where multiple parties seek enhanced payment security. Under English and Welsh jurisdiction, it provides a robust legal framework combining traditional letter of credit mechanics with surety guarantees, offering protection against both performance and payment risks. The document typically includes detailed provisions for drawing conditions, surety obligations, and specific procedures for claim processing.
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1. Parties: Identifies all parties: issuing bank, beneficiary, applicant, and surety
2. Background: Context of the transaction and relationship between parties
3. Definitions: Key terms used throughout the document including UCP 600 and other relevant regulations
4. Letter of Credit Terms: Core LC provisions including amount, expiry, and drawing conditions
5. Surety Obligations: Details of the surety's guarantee and conditions
6. Drawing Procedures: Process for making claims under the LC including required documentation
7. Reimbursement Provisions: Terms for reimbursing the issuing bank
1. Transfer Rights: Optional terms for transferring the LC - include when the LC needs to be transferable
2. Counter-Indemnities: Additional indemnity provisions for cases requiring multiple layers of security
3. Syndication Provisions: Terms for syndicated participation in large LCs with multiple bank participation
1. Form of Demand: Standard format for making drawings under the LC
2. Required Documents: List of documents required for LC drawings
3. Form of Surety Bond: The surety's guarantee documentation
4. Fee Schedule: Details of all applicable fees and charges
5. Notice Details: Contact information and notice requirements for all parties
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