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Course/Product Description

Letters Of Credit: Their Great Utility; How To Draft And Draw On Them; And How To Avoid Common LC Problems, Pitfalls, And Mistakes

Date / Time: Recorded
Format: Webinar

Most attorneys and businesses do not regularly use, prepare or review letters of credit and/or think through various issues on how to draft them, what issuer to accept, what regime (ISP or UCP) to govern them or how to properly prepare to draw on them.

Many do not even know how to prepare a draft, what the rules are that govern letters of credit, where to find them, and where and to whom to look to for advice concerning them.

Letter of credit law and practice is formal, strict and based on practices which differ in significant respects from the common law and contract principles. Yet with their instant liquidity and versatility, letters of credit, if properly drafted and used, are one of the most reliable and liquid payment assurance instruments available in this world of financial uncertainty.

This webinar will explain these issues so an attorney or business person can spot letter of credit issues, find out where to look for help and receive baseline guidance through the issues and problems commonly encountered in letter of credit practice.


LC Foundations, Rules, Features and Facts

  • Letter of Credit Facts, Who Issues Them and How Are They Priced
  • Keys to LC Success – Their Independence and Documentary Nature
  • Uses of Letters of Credit
  • Types - Commercial, Standby, Direct Pay Standby, Bank Guarantee, ICC/Swift BPO
  • Advantages and Disadvantages of LCs
  • Alternatives: Bank Guarantees, Export Insurance, Bonds, Collateral Arrangements and More
  • Common Problems, Pitfalls and Mistakes in Letter of Credit Practice and How to Avoid Them
Resources – Where to Look
  • Counterintuitive and Sui Generis Nature of LCs
  • Laws and Rules That Govern LCs and LC Practice - The UCP, ISP, UCC, URDG and BPO
  • Where to Find the Rules, Source Materials, LC Forms and LC Consultants
  • ISP Model Forms of Standby Attached and Explained
  • LC Practice Pointers
  • Choosing a Credit-Worthy Issuer
  • Role of Advice, Confirmation, Negotiation of LCs
  • Issuer Credit Downgrade
  • Negotiating a Letter of Credit Application and Reimbursement Agreement
  • Benefits of Using the ISP vs. the UCP in Standbys
  • Avoiding Bankruptcy Issues
  • Drafting Draw Conditions (Triggers)
  • Avoiding Impossibility, Nondocumentary Conditions, Ambiguities
  • Automatic Extension Clauses
  • Commercial Letters of Credit
  • Drawing on an LC
  • Extend, Replace or Draw Provision
  • Force Majeure Events
  • Cancelling an LC
  • Transferring a Letter of Credit
  • Assigning Letter of Credit Proceeds
  • Taking Security Interests in LC Proceeds
  • Enjoining Draws on a Letter of Credit
  • Jurisdiction and Venue Issues
  • Attorneys' Fees
  • Letter of Credit Scams
  • Supersedeas (Appeal Bond) Letters of Credit
About The Presenter

Carter H. Klein
  • Partner in Jenner & Block LLPs Chicago office
  • Concentrates his practice on Uniform Commercial Code work, secured and unsecured lending, asset sales and purchases, trade finance, outsourcing, payments, financial services and regulation and credit enhancements and workouts; corporations, businesses, banks and other financial institutions seek his counsel on funds transfers, sales and acquisitions, and financial and international transactions work
  • Extensive experience with Article 5 of the Uniform Commercial Code – Letters of Credit
  • Frequent lecturer on letters of credit
  • J.D. degree, Order of the Coif, First in Class, University of Illinois College of Law; B.A. degree, with the highest distinction, University of Illinois at Urbana-Champagne

Cannot Attend The Live Presentation?

This presentation is also available in a recorded format, in CD version, as shown in the pricing options below.

About Webcasts / Audio Conferences / Podcasts:

Webcasts, audio conferences, and podcasts are presentations that you attend via the Internet, phone, or mobile device at a specified date and time for "live" versions, or at your convenience for "recorded" and "On-Demand" versions.

The live versions are interactive, meaning that participants can ask questions in real time, plus are a very cost-effective form of training because 1) you receive fast, convenient learning without any out-of-office time; 2) you can invite as many colleagues as you'd like to listen in on a single phone line; 3) you incur no travel expenses; and 4) you and your colleagues are back at work immediately after the session ends!

And though with recorded versions you do lose the ability to ask questions, you gain the ability to hear the presentation numerous times and to share it with others in your office.

Handout materials and the phone number for live presentations are made available to you prior to the event via email from the presenter and from the "MyAccount" link on the menu bar. Copies of the presentations are included with recorded versions.

About The Provider: Lorman Education Services has provided educational seminars and online training for professionals since 1987.

Since then, we've kept thousands of professionals in the United States and internationally current on the most pressing topics in a rapidly changing marketplace of ideas. Like you, we understand the need for concise, accurate information.

That understanding underlies each Lorman course, presenting the latest information on the laws and regulations critical to your organization's successful daily operations.

Moreover, each course receives our painstaking attention to be certain both the faculty and participants receive the individual attention necessary to achieve maximum benefit from the materials.
More Info: Contact Us For More Information
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