The Counter Standby Letter of Credit is essential in complex international banking transactions where multiple layers of security are required. This document becomes necessary when a bank issuing a primary Standby Letter of Credit requires additional backing or guarantee from another financial institution. It is particularly relevant in cross-border transactions where the credit standing of the first issuing bank needs to be enhanced or where regulatory requirements necessitate local bank involvement. The Counter Standby Letter of Credit, governed by Canadian law, typically includes detailed provisions for drawing conditions, document presentation requirements, expiry terms, and compliance with both Canadian banking regulations and international banking practices. This instrument is commonly used in project finance, international trade, and large commercial transactions where multiple jurisdictions are involved.
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1. Letter Reference and Date: Unique reference number and date of issuance of the Counter Standby Letter of Credit
2. Parties and Addresses: Full legal names and addresses of all parties involved - the applicant, issuing bank, and beneficiary
3. Reference to Primary Credit: Details of the original Standby Letter of Credit being counter-guaranteed
4. Counter Undertaking Amount: Specific amount of the counter undertaking and currency
5. Terms of Counter Obligation: Specific conditions under which the counter standby letter of credit can be drawn upon
6. Expiry Date and Place: Clear statement of when and where the counter credit expires
7. Drawing Requirements: Specific documents and statements required for drawing under the counter credit
8. Governing Law and Jurisdiction: Statement of applicable law (Canadian) and jurisdiction
9. Form of Demand: Exact format and content requirements for making a demand under the counter credit
1. Transfer Provisions: Include when the counter credit needs to be transferable to other beneficiaries
2. Multiple Drawing Provisions: Include when partial drawings are to be permitted
3. Foreign Currency Provisions: Include when payments may be made in multiple currencies
4. Electronic Presentation: Include when electronic presentation of documents is permitted
5. Force Majeure Clause: Include when specific force majeure provisions are required beyond standard ICC rules
1. Form of Demand Notice: Template for the beneficiary to use when making a demand under the counter credit
2. Required Documents Checklist: Detailed list of all documents required for presentation
3. Primary Letter of Credit: Copy or details of the primary standby letter of credit being counter-guaranteed
4. Fee Schedule: Schedule of all applicable fees, charges, and commission rates
5. Authorized Signatories: List of persons authorized to act on behalf of each party
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Construction and Infrastructure
Energy and Resources
Manufacturing
Shipping and Logistics
Real Estate Development
Mining
Oil and Gas
Telecommunications
Relevant Teams
Legal
Finance
Treasury
International Banking
Trade Finance
Risk Management
Compliance
Corporate Banking
Global Transaction Services
Documentary Credits
Relevant Roles
Trade Finance Manager
International Banking Officer
Credit Risk Officer
Commercial Banking Manager
Treasury Manager
Documentary Credits Specialist
Global Transaction Banking Officer
Chief Financial Officer
Finance Director
Legal Counsel
Compliance Officer
International Trade Specialist
Project Finance Manager
Corporate Banking Relationship Manager
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