The Counter Standby Letter of Credit (CSBLC) is a critical financial instrument used in complex international banking transactions, particularly relevant under Nigerian law and banking regulations. It is typically employed when a bank that has issued a primary Standby Letter of Credit requires additional security or guarantee from another bank. The CSBLC creates a contractual obligation where the issuing bank promises to pay the beneficiary bank upon presentation of compliant documents stating that the primary SBLC has been drawn upon. This document includes specific terms regarding the guarantee amount, validity period, drawing conditions, and compliance requirements with both Nigerian banking regulations and international banking standards. It serves as a risk mitigation tool in international trade and financial transactions, providing an additional layer of security for banks involved in large-scale financial commitments.
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1. Letter Reference and Date: Unique identification number of the CSBLC and issuance date
2. Issuing Bank Details: Complete name, address, and SWIFT code of the bank issuing the Counter Standby Letter of Credit
3. Beneficiary Details: Full name and address of the beneficiary bank (issuer of the primary Standby Letter of Credit)
4. Primary Credit Reference: Details of the primary Standby Letter of Credit being counter-guaranteed
5. Amount and Currency: Maximum amount and currency of the Counter Standby Letter of Credit
6. Expiry Details: Expiry date and place of the Counter Standby Letter of Credit
7. Drawing Terms: Conditions and documentation required for drawing under the CSBLC
8. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and relevant jurisdiction
9. Applicable Rules: Reference to applicable international rules (typically ISP98 or UCP 600)
1. Transfer Provisions: Include when the CSBLC needs to be transferable to other beneficiaries
2. Partial Drawings: Include when multiple partial drawings are to be permitted
3. Special Payment Conditions: Include when there are specific payment timing or method requirements
4. Anti-Money Laundering Declarations: Include when required by specific regulatory requirements or bank policies
5. Force Majeure Provisions: Include when specific force majeure conditions need to be addressed
6. Language Preference: Include when the CSBLC might be used in multiple jurisdictions with different languages
1. Schedule A - Drawing Certificate Format: Template of the certificate to be presented when making a drawing under the CSBLC
2. Schedule B - Authorized Signatories: List of authorized signatories from the beneficiary bank with specimen signatures
3. Schedule C - Fee Schedule: Detailed breakdown of all applicable fees and charges
4. Appendix 1 - Primary SBLC Details: Complete copy or key details of the primary Standby Letter of Credit being counter-guaranteed
5. Appendix 2 - Supporting Documents: List and formats of any additional supporting documents required for drawings
6. Appendix 3 - Communication Procedures: Detailed procedures for communications between parties including SWIFT formats and requirements
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