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Bank Guarantee For Lost Bill Of Lading Template for United States

A Bank Guarantee for Lost Bill of Lading is a legal document issued by a bank under U.S. jurisdiction, providing security to a shipping company against potential claims arising from the delivery of goods without the original bill of lading. This document serves as an indemnity, protecting the carrier from liability while enabling the consignee to take delivery of goods when the original document of title has been lost or misplaced. It operates under federal maritime laws and the Uniform Commercial Code.

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What is a Bank Guarantee For Lost Bill Of Lading?

The Bank Guarantee For Lost Bill Of Lading addresses a common challenge in international trade where original bills of lading are lost or delayed in transit. Under U.S. maritime law and banking regulations, this guarantee enables the release of cargo without the original document while protecting all parties involved. It typically includes specific details about the shipment, indemnity provisions, and claim procedures. The guarantee is particularly crucial in time-sensitive situations where waiting for replacement documents could result in significant delays and costs.

What sections should be included in a Bank Guarantee For Lost Bill Of Lading?

1. Parties: Identification of the bank issuing guarantee, the applicant, and the beneficiary

2. Background: Details of the lost bill of lading and circumstances requiring the guarantee

3. Definitions: Key terms used in the guarantee including 'Original Bill of Lading', 'Vessel', 'Cargo'

4. Guarantee Details: Specific terms of the guarantee including amount and validity period

5. Indemnification Clause: Bank's commitment to indemnify against claims arising from lost bill

6. Claim Procedure: Process for making claims under the guarantee

7. Termination: Conditions for guarantee termination and return of original bill if found

What sections are optional to include in a Bank Guarantee For Lost Bill Of Lading?

1. Counter-Indemnity: Additional provisions for when applicant provides counter-indemnity to bank. Used for high-value transactions or high-risk scenarios

2. Insurance Provisions: Additional insurance requirements for particularly valuable cargo or high-risk routes

3. Multiple Jurisdiction Clause: Governing law provisions for different jurisdictions when multiple countries are involved

What schedules should be included in a Bank Guarantee For Lost Bill Of Lading?

1. Schedule 1 - Cargo Details: Detailed description of cargo covered by lost bill of lading

2. Schedule 2 - Vessel Details: Information about the carrying vessel

3. Appendix A - Form of Claim Notice: Standard format for submitting claims under the guarantee

4. Appendix B - Lost Bill Details: Copy of shipping company's confirmation of lost bill

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents

Jurisdiction

United States

Publisher

Ƶ

Document Type

Bank Guarantee

Sector

Banking

Cost

Free to use

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