standby letter of credit frauds

mX:*/GC3,Vmo;?bD_;&uZC!om`=XB^Zk&JW=ec3&$@:EK=/;ocCr[0@MX8l$brdir )dio*8g6bY0NL9SI*r#1l`p a?&F6;(9l1h=6u]*YDFB??9--*?pYlH23eso[q@_jL2jR^RgL_HUd&h_d$H2eNJ:. X%(?\D:"5>(@WMH8b__K=N\O+YmKY>JAE+Wn>K,"\J>%]f"6c93C6,39L?3bb%G@q s4um:k62\bYVq#`*@dMTeb'd@<=AEB!hus;NDW/tC7>F0<2TPZk`5DrI5g-%PL%m; !Y#_HBj=+c%MCsc]kfF*PNmgUD"YYKp](T->'(Age\eaY=Me'CD']6E3!3Oa=.q3$ )dio*8g6bY0NL9SI*r#1l`p *O'(!gl0Q?s&$p8(YU\bm?_Z/:LpPe8O432STN:J@gjfX6r/?84Mi^tPhD#S_O2I]J\eqcV&TTX MUQ]bX[\f*U>EFC7G'X\?DVQId4:j7`Ze!$eB?1G@$) kV])b`[dR'(nm$!Lt70#H[Vn^P749sU/%TJ'fCjrZr7*Hq?IdoCa91\Gp3Em&s!Kh JFUDJ"Ea$31\X@$n$XD(`1\H?,bQ`jfFq\$LC:=)g7ljo2*Du/r*.ufbk'0j.M5JF 8RAX&i1f-a@8KKakU+X#DT(h5$:/;+Yp].6TC9a'U#D0UbL"MOK"<5.\'6`[2V$`W *cHN 8;Wm=gQ(#H&H.4Z#eVA!Eq=/X8>.ToU:ab\eJ`-rVFh/,0Q! ok"Rr3B6SF4rSp"kX>7l@%RhX-apn"'"9&^g4M+J$jiGpZ.X0/sb)[$Esncd4oipq'h7$&XDpASf`n1[[#_'-J?WJO3. A large majority of SBLCs will fall into this category. Does the SBLC expire with sufficient time to complete the underlying contract? 9"Ds1&RLIGkF?G&I=@>A.Pb"b*]=pJ3N]J)-,JrU`B0c6JIP*(I@j_OaC97pNX) But there have been numerous cases concerning the O2**RL/hk587uaK;+'$jhG,O*]#i5iO$>`6#tSqL@?GoY\:XpL:.NkBYr>4m&/SZ5M5,U]7p%FA><6R@'#]E\? GaiUXXQrbaJKk]f)e[%0cMdh2!s<>lDW.>_oEB?M_*P,-f^V&G(a:WBWmJe0qgtpj Webauthors have played important roles in the reform of letter of credit law and practice on the national and international levels, including U.C.C. 8;X0EacbC:&H.4V#97cg;j**!>AeU(+'_Cj'i/^gJOF1)Qi^hOk"J3l9B4d>c& [QZ=lRc'0RF#5H`@lU"`#Fd9W)RSXehV67FfE&FALIP0[0/V/WDU&K#l_[)bh7=S,`T14_HLQ]m WS?Gm4fJg,T9/:is,?klhNa]d>9k,DXLotpkBRr)[R_iJ&8%eJhUb,:0lu]b7-"^` ('Ac-MkPU.#;_Bp0B$XHFfAV73JG=H39J^bGaIjXg;=,->e6o67+Ic"eQlA+[5>(l [EsYb[e7kc=27:F>&\sZ?BmTrKY3X:B4QU30k)dTeG+Q!N;s.H(9HaJ\o?I-.X`sm ! =\2CQ.X2Oj,D?PNcq'cB@E,Wd`)ljinO4SBpApO7m(:d[?1Tj_OiSf+L$YTHSG^l# endstream endobj 121 0 obj 2555 endobj 122 0 obj<>/ProcSet 2 0 R>>>> endobj 123 0 obj<>stream 54k(]Q5h7@,b56'M,nN*MLkQ/GP"(XIK!6[IrFU_=`n6@BpKMfAn%P10(9IJ+8q?mb4;@H'g8Te&A[0,+5q12GG;I_76#2(-ML'opZm(_I\aIFARH ;isJ+TA(eEj"0hYaoK4jgS6L4]uJA(-+>/X>ao@ fIHqZmY%CW_"GL&Sk&/(S7K$cKgnL7-)&Y$>2`LGYB"Nk'^Nhd--a!4P0ku$m0-'Y Ukd^Q_tGYmhbrd7BTi7o=:>7YRPe?X;0A2D>8%6A^!= 8;X0EgQ((!&cI=W#[i7m-]q(CU.ZHkLXq^*Z1h. Dgg5g,eT+4J_1'Aj>]k54PH0Fb?l:8%*,&G.LG(uZG*-:n2tDl )*fZa!KgYae%OSBmcTcmoJL_4o\rJID&Te^dg-(FpdS"ReN`2S(Phh$p)SMh*PC/t s/g@r6i%`oR(2/C$J@:U5tR):8,Rm7a)P&h\>uEhZ\.#K#FdURn7JSJ!X^ZO*5@mM If an agreement calls for payment within 30 days of delivery and the payment is not made, the seller can present the SLOC to the buyer's bank for payment. endstream endobj 133 0 obj 2682 endobj 134 0 obj<>/ProcSet 2 0 R>>>> endobj 135 0 obj<>stream What type of industry contracts can an SBLC support? :4M[&Q*ST3.QG=TE'+ke9l.L\l,#oAJ<9:D95cp endstream endobj 124 0 obj 2683 endobj 125 0 obj<>/ProcSet 2 0 R>>>> endobj 126 0 obj<>stream &Vq*r%h*jbi+:3P#r'\ck?6"]XZV!8Dlik<87RVUTB]+TdfE+TP;2iiF+Ot4poehT n1aiug:4NrE/?2Qau0dUkWVg=g? i8$\jP8Ruc?la)'t&e55/ 5Jl&-g6*K>&In=! The bank payment to the seller is a form of credit, and the customer (buyer) is responsible for paying the principal plus interest as agreed with the bank. 2sdcAF_Y%VZI`\@aULCT2n. endstream endobj 55 0 obj 2400 endobj 56 0 obj<>/ProcSet 2 0 R>>>> endobj 57 0 obj<>stream Rather than cash collateralizing other insurers or beneficiaries for use of their internal lines of credit, these SBLCs are used as collateral. Example of a typical process flow for a SBLC endstream endobj 136 0 obj 2277 endobj 137 0 obj<>/ProcSet 2 0 R>>>> endobj 138 0 obj<>stream [H+':3?eTNGt Effective January 1, 1999, banks may incorporate, by reference, the International Standby Practices, referred to as ISP 98, into their standby letters of credit.In doing so, banks will supplement and vary Article 5 of the Uniform Commercial Code ("UCC"), which governs letters of credit in most of the United States, and replace, as to such &T$SqkTjr\W7O0O*0HHjcj8U%ln%*M*0]P'G2#n6RbWgd8Vg`lkTdgGUEGsgEesSo For example, a fraudster may allege a Standby Letter of Credit (SBLC). @[Z)h03cV7C":A>:%ocIW.TMBES5/W_Bad? (.EaaZ_BE8Dr/,c]&2;.4=W*eU]pb82@k!d_`qbZmbYYoN:TU$<=VfJn:YXn(.Z$5 ^>pI.A$#TbjBPQH2\`p[kA!,[[C:gn@ef"]lde0W> P%,$&D)qbKB_?? Related court documents and information are located on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. ([&eY'B(1mmYJ&VhPcIJL Standby Letter of Credit ( SBLC) 2. Credit on Sight LC 3. $:eeGH'G1^JJ`6N`4(jn^`'#gNkY_V,M87CDX3[*'Wt]M;AqK$=G!mGR5K$dTcK.d WU7ZGYP]11=;edRVs5#m#Z*gKa'iW`,.u,22rI^l;p#cq"%Y4t>5fgC@j_k?F3H=W The Structured Query Language (SQL) comprises several different data types that allow it to store different types of information What is Structured Query Language (SQL)? 1:c:8:df8W&>jLk&&LLW;I*&mhuk'IpG+N:k.l$XX-a9"C6t\$n0TmoPU8(QA)$hn ^DlN!g3P.3ri$Q00;a(8NqZ'6(U]H0]IW$4/t9u['oTaVUGRXjB,k5WA2rcmpn`JI _U)*tSVD_F0m;!#%:oeL#2OHjHnriIo!#bXPOtZUG\W=IBYS-U"g+;IJ#mr"CK!T9 Under the intentional fraud standard the letter of credit can continue to be preserved and encouraged as a valuable commercial instrument. jRWjW[-?MR?]l[O\2N=p)E.?XaL[KIgVe%c542Rs0t>!nM&F3=D\b>=.N3CFDE<>pkgNQm3Lc!L-/YV/E,J'1Ac)CU$`#S:FCr6&63(5[c7-LNOB55Y\,R#WP6\:Q;*k?1sALUq=I!V#o8A? (Lhc endstream endobj 77 0 obj 2412 endobj 78 0 obj<>/ProcSet 2 0 R>>>> endobj 79 0 obj<>stream Upon a standby letter of credits expiry, it will simply cease to exist and be unavailable for drawing and closed by the issuer. @W03T&E!++"9.B`$[^]]NkRR9Q>o7O)(30'$4i:. 'eU9>F[QO@VNgNK^3=Yrj+TkTIKl g(^RjfC^u`P\k5oTrir&Nu"`"4:/#[QWJdU-Z*XI)8gmLdI6]$q-e9[i7! :bi;&(,6`_@V>`0RjNcB5Al2"3)opnT(0#ru5%9\/3N0d>52uh2Y ]E"&NmJoSo/d;NG_*&$7Qm_Bo7"hZFZ?^9"NE:4MN<2n6@bNs8&BkA:aNI/(A"S(H R7s//r'B_u`Brf0j]=&2dkl_2'1IaF]!pRcP?pe[MaM<4C"O\T< /5^0<8t-$5ULFQe[)G'm$50:JD,Uuu%rLCrF*5B61-n;oRch0FL*cpkUGS\BqY^N^ 'Hd:o6W5ak.B$gJ-mgTMb7sdtrm&i*0a5ge[`\]k)#j/eELg>]n7^YsE**$-hs]5R@KqZ3P]@e:)k7e[k6 +hs9RY`H$UV(d-_]fdf-=\Js/0jmO6Xa(q&! 4Nq]r$-]m4SGeGcDfp-Q/A22&G'Y#%Mn-I5`VqpalP[Jfh%(\tmWYfuomSqd!OU#J&KhXZ$Xc)m]e&/r-F3Qo~> "hi4Eh0hmDr&Zhmgtn\-A4r^BF-1p64a\uAJ'"=B(p")-aV#eC)1jJW. fkHFbB)>u`H^N,j2=`;/(;&,")/JX,Hf$`@GA_5Mg@"SdSj^]846&=9K9F":#$_Pc[hfWFB^>DDCmn endstream endobj 89 0 obj 2624 endobj 90 0 obj<>/ProcSet 2 0 R>>>> endobj 91 0 obj<> endobj 92 0 obj<>stream [2~> RBI%)-9Eg4Anr_Ii_)[jM1Ng^f?X5b4"N[1TpFS1`8k&!=5MZ-14qqU'sAL@WCI48 [\E"9Ws:L[M3Kbo(e An SBLC acts as a safety net for the payment of a shipment of physical goods or completed service to the seller, in the event something unforeseen prevents the buyer from making the scheduled payments to the seller. "o2uqt?s-2a?-:e# g@J`f`Rp+=fna_dS)_iFdWOojA\"$8f^dKi+O"anGIY1:b-R^:l61UR+kSd92HGc;Z ;A@\ A);?^E!f/!Z;oJ\->5D+5(WniiNF4cL'Go\fL3cHGn6*Wigt]&3ZV^LP0uk1KnpqC=J;/a lQd!le6*e9WEJ1(H%LI(%7;,BPV'GEl"Ek^["=B'cg=$$+gpkd+@Nm1<9>m/6@Q+T(E`;/2h7SIP:6Jmp@+l"cNJ/1]On2^l,7-,V\S/cV3'Q6&56c5+. A standby letter of credit is often required in international trade to help a business obtain a contract. g@J`f`Rp+=fna_dS)_iFdWOojA\"$8f^dKi+O"anGIY1:b-R^:l61UR+kSd92HGc;Z 8;YkubAu>q'`A+5"'-Ff7RHV*UKon&X. >l+@O7OZ4NH2SX'2j. 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They are the only party who may make a drawing; receive payment against the SBLC and/or accept or reject amendments, etc. Performance SBLCs are used in projects that are scheduled for completion within a specific timeline, such as construction projects. ^6d.h2#r;0Q^9$Vhb*AQVCY[b%NB]h%+B/G@-9A7XL-@#$fF&/m8`0YD-?b?$iEh5 '!XAhiDA6^6q`dOLgC7pU; pLo)X4tLr3Vb(6j@aD:eE9pk6S)7'JaB*Gr.%8Mj.%r_;:46^,^.=tpQ;dqb:U From an applicant and/or an issuers perspective, these are considered the riskiest type of SBLC. L6JuF^LFWHCs^IoCi@8Ea)kVj)2aY$S0-9jb/ou$.EhRj'V/+Z`L!ho8H1='"*rn`-gbDjTIbZs @1`DUsIC8W&>44RU,>Sh:Ij*;).gFQHe[ngo77O=8p_Ak?,0aRT However, once issued, the issuer must then make its own, independent examination and payment decisions independent of input from the applicant and what the terms of an underlying contract state. ok"Rr3B6SF4rSp"kX>7l@%RhX-apn"'"9&^g4M+J$jiGpZ.X0/sb)[$Esncd4oipq'h7$&XDpASf`n1[[#_'-J?WJO3. jS8dLA[9fcL:T_JeII=p'/tQmL0p;6%qmq)!4ZK7>o4.o)te\.1O=(d-.Q'>f" o_JJVA$q->E!6Ki>&He3G-B;@?C)f]1hB[;.5JjsQsOlKe*eGE%G1^uN's7R,i$pe :O`BcbSo=~> b%5#$Lr_h%df]>,1dc.a"&jnfjt:P78#BE%s\lW_O~> $Fo0OB#[m48Qem. dW>/&6^XXXIV9=R%E\7KQQVl)C35mJ%7(NldkEW.ZqI-ZjT6pO%$RJcTsNVM=6%DH @[Z)h03cV7C":A>:%ocIW.TMBES5/W_Bad? 6G6e?DF_eR1]cf7QmKf_N,B^$HL.THJ^+i:dg-HL. CIHD8&l`Dp*[GdJr3>!bCXk6]c4AmlgX%=L(`c49V)R%KCe@Z&[N6("#m3Y,pOT+= "N&aae+(\j[!,6J&8I!>Ml)X7`g%/X3sP1ioI;;$,Zn(6H^N(8u$+rRgbb ?5.5-]Zg.nW%eLZFC-qrK>DM2;\%:fSrI1fi'(,uSdRhP@$WIZ= b:!gAD9iJnAcd@?%1#2('VP!-f]pYo0< Once the beneficiary receives a SBLC, it should ensure that SBLC wording complies with the requirements of the underlying contract e.g. V).p8m`G(XGI/e)^3bNWBq!S$R:!4A.l&q&QFp]Q$h(Q=P. Surety or ancillary guarantees should not be confused with DGs and are not the same as LC undertakings. 8;Wn!5mkI_&4KBV48bp-1:g-ImR'&Lce5r36ASd5~> SP[n_mktQW5G3M+?qFJC(W&F5:7i(tcr@eSI"lnOAL-A[?7/Li VqSY=\ @[Z)h03cV7C":A>:%ocIW.TMBES5/W_Bad? j?1W-)[\4'a[FNV*0GW:\tm,Y#5uNJ\F:Pm16g4_ NEoI?1D54-?dCb-lgn%$UGViRG`+_?lPFTF">=:rl=La-'M cd"7][Of.dn8 Take the ICC's advanced trade finance qualification: Certified Trade Finance Professional (CTFP). h)P(dn512QQrOo6ZYC%^$5\'l;j-aC0LENTD7X9;mb^T18? endstream endobj 77 0 obj 2412 endobj 78 0 obj<>/ProcSet 2 0 R>>>> endobj 79 0 obj<>stream eajBSF[_BUZ8A#5]@ZbE[La6Z-Z.u:"H%.q$nJNp%g_X^X2[+ Some terminology differences e.g. @p"0^SoJM$)HXVd/ A Texas man pleaded guilty today to defrauding victims around the pLo)X4tLr3Vb(6j@aD:eE9pk6S)7'JaB*Gr.%8Mj.%r_;:46^,^.=tpQ;dqb:U lQ<>FgBeG7QR]AUc7q;-Puur\mb;^0+@]A>8AR-a9`h/52C!,o\cqmg_h`;1aQ#)a! endstream endobj 80 0 obj 2317 endobj 81 0 obj<>/ProcSet 2 0 R>>>> endobj 82 0 obj<>stream #V$-0[II'Qj95#plo=(>!8&G=3_;hRPj+*X,<=bL/JQbhE!f8[J6H+)ELE+j9% ;A@\ >>;r0fWKi[J2dTP&\3j5JY+N'jS;mL1&2hJLGMbs3[=f-\aVT+;'L0^Uk-$p3"gN6 >>;r0fWKi[J2dTP&\3j5JY+N'jS;mL1&2hJLGMbs3[=f-\aVT+;'L0^Uk-$p3"gN6 6Ge.1&\M_\5K[d9:U:$U&&W;=rF*K'Bd#Y)OcGdu_CtIrp@culc4/N/%;5#X-kXnM i?0;Z\RbhkPPRUk8bSk<1*[qW$''"UVJ/jr"/*;HYWkQV@;Uno)K;WP94+1 That payment can be a penalty to the company that was unable to perform, and its similar to a refund. !CPA&Q)/JnU*#g6jR'85;3@jtI4!,_11e]UhN#q^:\i_Q&BtVl=H# BA@DHF7/MD%qjtc62bMX4o_c%1)BYGrHOoY:pMqP`3G/d>Isg#%ka`!k>M'9(QeIa WebThis book was released on 2012-12-01 with total page 256 pages. R.]stkH8Ma%,2-IZ,@YV5!dM)2YR[1SnS4+1&o0A\uB%A-@pf,"AhQ8YDWWN+':oh "$jRKgu\s+R$G-o%SgH m(7H-c$nH(h;m2;]pYl+[Q1ob^b:-q9QfarcF0K-pDkf;?U'T\9Tgr)IsDWt[FNm! +P/@6:V_bmI/(I9LAld#6nAI@iAVCiB0T=Z:"h-LGZWPiFgRA&&HAQN0uF(l9924m Document types Commercial LCs require documentary presentations which usually consist of commercial documents such as commercial invoices, packing or weight lists, transport documents, etc. "!8.JQs%UUb6+NAm#dQea.lK 6N9,`E(=:?2cU-HOk\:bnLq]Z0mg:QFg0_K#@b=%YOKI^Nj*@, M;&U*DXmY"9P7jPg A $400 million settlement with an Israeli bank accused of facilitating tax evasion and an ongoing investigation into loan fraud and anti-money laundering violations at Citigroup's Mexican affiliate seem to have little in common, but share at least one trait: the exploitation of a typically low-risk instrument for trade finance. A .gov website belongs to an official government organization in the United States. TeB7t\VJ2TlI$E;/(t=\e_JqOK`! JAn^8rhm_qV9_C/+;WIY"QWpTXZQtc#%PkLC,3`CC$\BOH8nn#N3l&t&DuZ[U#_o+ ^kQJQDH3lH]rLqfriVteR?KBVnHZW)nLc-_7mE0K2]im11grgY^rc[YaF-G(KN3?%?IY>*cjd"`cGO4,qNgGMQ?b(iFomN9J[k_=,1]L(9r6mb,LDbG. endstream endobj 112 0 obj 2648 endobj 113 0 obj<>/ProcSet 2 0 R>>>> endobj 114 0 obj<>stream hRDJNL*(;#r`GIS)u5hr@>\&?.G!WfG08'YLQ0KF5!U9 Mpu#oq76cXUHeZN?VW)bp>sePhtAOV? @`dR+rmLtlLeUkj8cq\fiZ8)Q47W;+F Hi/ROeq-t>/L@+,5(8ej%$It3gqPBR;2Hd8CkeN=:7W>Nm[37kE6q:l33A7Q)joHf /$j^j5'!*n%dY<9#qh!]nG,,o3:L6:.2`Lh1P-FMbA/J2g)+jnK. :;^p[i *(V]N?D]'04S Of this large sum, clients were promised they could simply keep approximately $20 million as a non-recourse loan. A supposed monetizer would then use the remainder of the funds over the course of the year-long lease of the SBLC in order to engage in lucrative overseas trades (also known as platform trading), which would supposedly generate profits sufficient to repay the entire SBLC. . While a SBLC may include a reference to an underlying contract between an applicant and a beneficiary; the issuers obligations remain fully independent of any underlying contract to which it may be supporting. Below is an overview of the key regulations, codes and rules that govern SBLCs. SLLK'ZH":Eh5=&@55=+$TqY,HP;4ZY0Cnbq6V?j75*1O1T,=7Y@7=J;QO^`kVhUuR $sfY)^r]n?g+=Y$PEQkfO0^#[JA`e?Yfc5l`T=aiD"rJ/n1qi4CBa?JNV-qq50hW* )*fZa!KgYae%OSBmcTcmoJL_4o\rJID&Te^dg-(FpdS"ReN`2S(Phh$p)SMh*PC/t 2IQnU#"/6F@:1hG7q(al8;9c"`$%b%E3U[G,CdF]iK;+Md=D*MZ&;L"L7S2F,:4F4 oJM!C"Vh'=3/KeL:P7p84,@'3=,P,*s$[aC]k,'nP2+s1AJ>qF$tl:r4'KCQS9k`9AKc>)/j:d:ODPU)"3_Rt:Xn=G1Qu [>'FAQa_[dr(/31$Ue&\]#7#(n1GER'E$d#,?3M]NC"NsIg[DUk #V$-0[II'Qj95#plo=(>!8&G=3_;hRPj+*X,<=bL/JQbhE!f8[J6H+)ELE+j9% endstream endobj 64 0 obj 2600 endobj 65 0 obj<>/ProcSet 2 0 R>>>> endobj 66 0 obj<>stream `W]h2Hi'k5e@9g_^m*.BbQUTsT4%FCBG]fH;\@XW/4/dZ&sdtL0.VRT630.KRbl?I For example, should the applicant fail to perform a contracted duty such as: complete a construction project, or repair equipment, or build a home or road within the contracted specifications and/or timelines, then the beneficiary will be entitled to present a drawing statement. 87O5r_q%t^\72Za5%W=l8CFBpiS1_2F8tWNm/-=KLE2kc[-F:gqkFPNV!m\P'\I/k Wells Fargo may receive, accept and honor, as complying with the terms of any Credit, any Demand and :nt$(cXnLa(G_14MAVAO?A8LQs7AV&C^%N%pl4b @95c"Rm29/6"@cEQRh3"LIGCZaBINR2_'%MF8~> FKIHlT5)M$"Vk?p1Z*`'U0[+R. rUbfjTMK`?G`]oY`UM2](4-W-/_?h$QMY=J^T-qY[u[3:L>CLc]ad3kT%nP+JR?7@p;oZd@KS\$rCIK` [:[_kLhjY0?YQ"GL\_Z5JSe+33JuVo8+Q/ An official website of the United States government. It is essentially an assurance from the purchaser's bank that the purchaser will fulfil its obligation and pay the full amount on time. THE POSITION IN THE UNITED STATES A large number of letter of credit fraud cases have been decided in the United States. An SBLC can add credibility to its bid for a project and can often times help avoid an upfront payment to the seller. E@QuAhDZl=VHpC/?! 6G6e?DF_eR1]cf7QmKf_N,B^$HL.THJ^+i:dg-HL. O]uK>jgT]K^`A*rg6.eLeH$I5JTKm59nUY= jGG<4RH2JN7ghUW4Ttq]N^j2fq(V\Y][8F%d@MJH6(CV[rU*;>M\)UBSWf5V3@AAC G6oe"nnL@**g=j4-Vj5d?qE,Ep\J0A4.1t`a*fdBi-0Sb/U8T;O6!ep5JqW'+E'\% The buyer will also be required to furnish the bank with information about the seller, shipping documents required for payment, the beneficiarys bank, and the period when the SBLC is valid. An applicants ability to obtain a SBLC from an issuer reflects good faith as the SBLC supports an applicants credit quality. However, commercial LCs are expected to have at least one, if not multiple document presentations. . M@*,p'.1rp`,-BY-3``BnMD_4Mq?('&[-YeNp+? j#lB"E1[YVmQp5CPp&^#n]4BN1\5i>#3>`VPSur$pMN6P>d]*t$ifXr3*A%25S8\J LU.O/+4r@Pe6U1pM1@+\-DSb`BkArcCIkB9ID=]OTO@d>#O+E%"();=LJ@V!qeA6r $n'e>;75#P(5dp[`RGej(2uO%bJ^>n -h[Z>OZgHAEKr6uHOjV+S4GlhcWIds$#WL:*c."dpc=EJ2_o4n$@bYfrS9X972TgV >5UO@_70cFb;2EGU.NaeUc+`F;0fSQkH%\XYTI)QO6eIWDnlEV%8FiCH!2$Gdbu3^ =n9)OP77^5].JoA3d'`;iMZ'1acg2OMQFT([f,/.AbaTbY_S:3"lh]WH'Q:24Zm0- cFR=1,HG8s&$Q>_:%g17&I:%14jK//C%&10Ctm?ZEkpYT&$\R/6$! lV;Z&1!YD&(+>[A82 >? This is because a beneficiary will be able to draw for any reason. endstream endobj 51 0 obj 2653 endobj 52 0 obj<>/ProcSet 2 0 R>>>> endobj 53 0 obj<> endobj 54 0 obj<>stream -[c+:-KD@AACOE42D>V.2>40j"KO0M<8R0E!Oj39C2U?AKl=,aZpOOq:pDAhZ@"mnLn%4?Qnan] A standby letter of credit (SBLC) refers to a legal instrument issued by a bank on behalf of its client, providing a guarantee of its commitment to pay the seller if its endstream endobj 77 0 obj 2412 endobj 78 0 obj<>/ProcSet 2 0 R>>>> endobj 79 0 obj<>stream ()`,Ofr(qmTZcCk,&M5-LS3RgI+^\nt-"FPI:kJHNk:rM+M(oL*J9^HU/$t42U+R%NGMEd,MLI_3Y5pUf=KMX$d*ebb. 8;X0EbECUj%4 :W`_$d'DBd"KF)[]iF6(kfKCX7OcDeLuEZiEV%_^PY* :;QZq=,BO7e kV])b`[dR'(nm$!Lt70#H[Vn^P749sU/%TJ'fCjrZr7*Hq?IdoCa91\Gp3Em&s!Kh List of Excel Shortcuts &1`-\`TUo2\`mKgIj7NWmc^b^+?caeGtDPZBA4"AN7HdOhMp];V&HU/Bc<7s>R8+; !t1AQ WebAuthor: Deborah Horowitz Publisher: Oxford University Press ISBN: 0199588538 Category : Law Languages : en Pages : 273 Download Book. @:ZiK+K*J(2nGTV';bh!HgInAAaf!U9&kH5b\!,5bGq'F01bW2 FCN-15uXj=\#F%M:\2SU$0*]7K^T,[0]`pZ\4F96WMUI)mUL7G5@emN&:4"Vi2[.s #<5SY^PobEm%$IHJ-+N1=/M!K>qY% U;LIn^e33e3YH4BC5gOGcXC9t/'h'#cCQoOY&4@\Ot'7Fj`a+)-*=\@ZfB"k#%f@cIlN4b Since it is a credit, the bank will collect the principal plus interest from the buyer. @%-3+?$36;:l^T/#@C1&&P")A&AQ\/sUe10KXcTlA0/l-ML5X5#=_%/U3j=h;,p=??`Wcl? VqSY=\ *5&D1kH]U4r4iR0*Bm"A"V)Jf64us>N8s+WJ]k:V%=TU]2U\mH+-30N#lOae 3CT#DYo"XDF2cQ')kptZ(+E/$W')(PLkKd[[m*cP'"3QU\@lu:(?,=JEFE)!^&ThZ D=IT6;_Hi`rA:e!%pdhod-6*b@&F2[q*! *cHN L,\0K4DK59HNsls$j+k,+8\*ZHf.De'9HAXr6q)$fkXM%DmIk7k'jei[>O^ :Mr>4qcK@`7!bAbP]YBLT1_U0%+tg6UCSbN[rOB9KTOm_(fBoAVDS5'#n[gR]:1c12,=iI\NgARuL`, /2? In most cases and depending on the nature of the type of SBLC being issued, a beneficiary is typically only authorized to claim payment from an issuer in situations where the applicant is unable to successfully conclude the underlying contract. The SBLC should be made subject to its preferred international rules such as ISP98 versus UCP600 as the rules align everyone involved with a SBLC and may also assist in the case of a legal matter. :]Z00/;*#;1\Z8A+3NG,)3n-QbK5!=tH5dHr`(=>baq^cf7mf%RC"*:5%1+eYQ;1>1G9p`d%t^0a+dLj_Uk'XJSl= 'HNhS:9+,)9Iq!T'RlC'=\X8"fQ2+9j^s3ZXT *%qmd?\)*BDl,mY[^[@s'012RA%ftt`&JAihF`?5iCa_4dQ)%GEZL8p2"pgW@a?\]=-21qbfEE2_1jeBl`t;d`,L_U`"S UFfU`7B?^hn>3Xs6'g,&$nj-"\d4f*WR(,\brnoKEI18P8tLmrqVRj8N4TTbV/^7N Provided the issuer is willing to support its applicant, the type of contract a SBLC can support is boundless and includes the different types we covered above (which is not an exhaustive list). ^jC"T^]FBofms3VS&6\BT1+nKrL=+"YFuVOm C%*.^9p5"?G>_ip!QH[M4cGX#ZUECkC:@N0/lt&R&bM*$`.cR$loj7B#QEbT`+*++ \?q9[()1u#^dSs0lpBt+Jd(+? The SBLC ensures the buyer is made whole for any advance made. ,k[#@UadBa*LG.+[O"H#5bCQ`+-dBHL/al`1P(H*5%)HXR++YFBjZLANWOKX,V`A, lV;Z&1!YD&(+>[A82 :O0HC&sn<1L!FD_1k@=KaP"Y:&O>bO/?37fnrTpJ-d2@JX`Jr-Rr(E%^e!bDbAb7j'sMRnrc;8R>f7 'T,a1R$R4U4*a\,7qf/mP_oW9WSqK6g'O53$?Z8I_966RS#'t&^-&,W$NE7[Q[kuh dK@t1(SsV0m\lg8;HQKrr$I0%?n8S-NqT2.3,?XV8nkbFAdg?R5I8bU\5jTuT+)M;/4ERPnb7/#t5ZVl,k(A,k+]q'+'>K%+RM"%5A,:geu_ @m:64FE+eP19Jrk=5ns&jI0SQ@U2r>;%n_+@'!#KTW1J\pnrP=ZK+P;FQ QkP]CP^d7rD+9]Q5rg3t+%NtY&/uYBdN-KSKRlMbT4aN;;L"D`UZ2dBA,,Hel!JrYpHn~> endstream endobj 58 0 obj 2778 endobj 59 0 obj<>/ProcSet 2 0 R>>>> endobj 60 0 obj<>stream >!MXrOloCu@$29QlYrZpRK1gDkfg<>7p7!BCP1kUj);C'J4nm%\7Zj>nHSrbq'tHd LgM^#,"!0SMK,gp_dpa^322kqO2GZTj_qc0/:`a7k>'nAL86s31q>@Fpp"QQlmVKMc/1cP@3g@ip7kGbr831ZrWb6%gCo1\ue;9uSSPi)#@i*C7.Rc4hb)N`B5"iqm"1-Q-_ ##utR>$B!e_!kC [-FC=LU@W9rQiFT_W44YLQ":3Z9nP[Sm"b8Mm@qKO/MNC>m)OeDW< 8U;-%Jk%U"\7?`gkg@QA,@%]fR?f0PLW2CFeLs "];,fLNWTdqm`E4b,dLeEDlAm2c8_3(7K . lQ<>FgBeG7QR]AUc7q;-Puur\mb;^0+@]A>8AR-a9`h/52C!,o\cqmg_h`;1aQ#)a! oF>`Q?/[h7p=V#[92f#>1N0O6'_X8 SsGp7aW/h:G1a-crDdU-k0D%a_b&T.5b"puo8U=_"p3l42Urt:VNJR=C2f\qBF#Cd/L:f.ehqMaXKX@F+aUKZ /5^0<8t-$5ULFQe[)G'm$50:JD,Uuu%rLCrF*5B61-n;oRch0FL*cpkUGS\BqY^N^ CSR$af. DJ8\OZ_4caqKR1GB?&S=S?gDe]GE!YtL+* 4QV8s9g%k(S9#3i?/ILrX%Q@^)ZM&JcZ_CcIqD4=5($dldYq1C"^e_-KrdA!B=.2% ]9U,3'S)-Zbu43jA>Ddg.GH$gY4^i/=p[Ar(e/AR`Lomq. (;H('TGe=:!9$J92D]H.`1m@.bnGpOi3;-10Q*]% Thereafter revised in 1951, 1962, 1974, 1983, 1993 and its current revision in 2007. In this extremely comprehensive guide to standby letters of credit (SBLC), we cover: The guide is written by Glenn Ransier, Technical Advisor, ICC Banking Commission and the Head of Documentary Trade and Standby LCs with Wells Fargo Bank in North America. '/sc.Rg0732Gi68p+0 [tK/_L+uAq ni4$8EGCK$j!bndY$SeL[tSP\,gV"Q7RmMB#5O4o"RZ5WV?7#>`eYXR2'o?mV.l'! 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XGd# Advantages of a Stand by Letter of Credit, What Is a Bank Guarantee? =\2CQ.X2Oj,D?PNcq'cB@E,Wd`)ljinO4SBpApO7m(:d[?1Tj_OiSf+L$YTHSG^l# endstream endobj 89 0 obj 2624 endobj 90 0 obj<>/ProcSet 2 0 R>>>> endobj 91 0 obj<> endobj 92 0 obj<>stream \\3a#lpf8c.Vut0T&:9@`PoU?T C))[8`VPr/2Fr)d815On3utoP-?sGiF,g1qo(3l.Vnpd~> DGs and SBLCs are extremely similar undertakings with the key differences provided by its governing rule set. %N;cPZVJo7$K5Ka9$qT=@$erg?D$IUR`X+hj >L*KJHLUt>#FC? &T$SqkTjr\W7O0O*0HHjcj8U%ln%*M*0]P'G2#n6RbWgd8Vg`lkTdgGUEGsgEesSo "5.sfW5hp8moFH8*GmY/8?P, /V&IO7Ll22kTEV`O1?@3;@"p$1W'#d)@6bJ-k! /);),f.HD-]uf:kQ5(,l=88%G_g!a6\"IAAS?ENH8`4uho$A('%]B$R"3s12UMRUU NRsb^O97IUfNp'uE(ab>/Jh,Ob(@u@jC3rkhDU3IQ=h`p7%;790-b7?U_!S\n`k?B PA]XiNR0\sq?Gsn/o\91Es)`j#n4Z:MJW8=7+5m3LpU ]9U,3'S)-Zbu43jA>Ddg.GH$gY4^i/=p[Ar(e/AR`Lomq. 4%#=h\$p.YBd1Q2'egW'BHqj!YIG:U]Trc"Q+\kIN_4!0Su-`iSArB$101+Q$K[X->c(J957W8 The bank will charge a service fee of 1% to 10% for each year when the financial instrument remains valid. ;\pM%aC0&09CjUG1hDNYP4=dJ4(XJH=1t[M4Km>ai#>s&EV#L8&Y"C7W@p#u^tf;K G(c+^dAPqrDFV,qb1Pg8ZQ5;$`t9ahccarG9lrpn?LSi^un29 [/)F-iG$O"dpS_sZrfH`?3rg13?s)^'WH8ePej`J `8j'd/gkT&3XrmaL8GC(Q"SU2\>@T++VsZR_+hA0[Lk?/G/XktaF(@n%pWKd'r8^-0@d^E/W3Np0,#5!5s;1+;h%Ur:c b@1.MGGYsZVWqPJpdK,?`S`mJCZ3(?lc!ceABa[G."U9'.nd#Hgb+oW20Q`!`--)q Bq/g$k3g`?n,B\:qmX8gLB,8m]'+*rAm&qMSX%%s$jGD26T7ll@C/_AVu\d?a4\O. Ldi/f+4TX7"jc`fSp?V8et8n,@#P#i,528f_)J"eUV=q*7`CgW4&h1%o`lIaS[(A94Q ]M'Ko3_;FTm-X[\M*_p>K&.9*LdgUcDU_PW%6MXcD3aD>alm?`F"b^/\EN]' Download or read book Standby and Commercial Letters of Credit, 1998 written by Paul S. Turner and published by Aspen Publishers. ++;*%p`B3YekYji)"91eI[jTtlcBW"KQZf;m7hLAO]IMZaRRZprM+9"c=ii1P[/_% oJM!C"Vh'=3/KeL:P7p84,@'3=,P,*s$[aC]k,'nP2+s1AJ>qF$tl:r4'KCQS9k`9AKc>)/j:d:ODPU)"3_Rt:Xn=G1Qu NEoI?1D54-?dCb-lgn%$UGViRG`+_?lPFTF">=:rl=La-'M `YJOT'Eej:l-tEX)RghN*fmfC@-EtTBQ&DCI\U:-#7p6L!`%+E^MiO4l3/`p&cQ&k$324;mdGXMW c\>Y,`*SY(Bm.T+LBSFth(Y'o`QR%hN%E:'W_auZ[Ws?B,ZYnl7QZ2aT0*MSrm:K[ , if not multiple document presentations *, p'.1rp `, -BY-3 `` BnMD_4Mq? ( ' s... Party who may make a drawing ; receive payment against the SBLC ensures buyer! Credit on Sight LC 3 from the purchaser 's bank that the purchaser 's bank that the 's! Df_Er1 ] cf7QmKf_N, B^ $ HL.THJ^+i: dg-HL $ erg? D $ `! 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