Confirming Bank Letter Of Credit Generator for England and Wales

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Key Requirements PROMPT example:

Confirming Bank Letter Of Credit

"Need a Confirming Bank Letter of Credit for our international trade with a Malaysian supplier, where HSBC London will confirm a Letter of Credit issued by Bank Negara Malaysia for USD 2.5 million, to be effective from March 2025."

Document background

A Confirming Bank Letter of Credit is utilized when a beneficiary requires additional security in international trade transactions, typically due to concerns about the issuing bank's country risk or credit standing. Under English and Welsh law, this document creates a separate, independent undertaking by the confirming bank to honor the credit terms, effectively providing a second guarantee of payment. The confirmation is particularly important in cross-border transactions where the beneficiary may be unfamiliar with or uncertain about the issuing bank's reliability.

Suggested Sections

1. Bank Details: Full name and address of the confirming bank

2. Original LC Reference: Reference details of the original Letter of Credit, including issuing bank and LC number

3. Confirmation Statement: Express and unequivocal statement confirming the original LC and undertaking to honor or negotiate

4. Terms and Conditions: Specific conditions under which the confirmation is provided, including compliance with UCP 600

5. Amount: Confirmation of the credit amount, currency, and any tolerance levels

Optional Sections

1. Additional Security Requirements: Used when extra security measures or specific compliance requirements are needed

2. Special Payment Terms: When payment terms differ from standard arrangements or require specific clarification

3. Force Majeure Provisions: When specific force majeure protection is required beyond standard UCP provisions

Suggested Schedules

1. Original LC Copy: Complete copy of the original Letter of Credit being confirmed

2. Required Documents List: Detailed list of all documents required for drawing under the LC

3. Fee Schedule: Schedule detailing confirmation fees, negotiation fees, and other applicable charges

4. Authentication Details: SWIFT or other authentication information and verification procedures

Authors

Alex Denne

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

International Trade
Banking and Finance
Manufacturing
Commodities Trading

Relevant Teams

Trade Finance
International Operations
Treasury
Risk Management
Legal
Compliance

Relevant Roles

Trade Finance Manager
International Business Director
Treasury Manager
Credit Risk Officer
Documentary Credits Specialist
Compliance Officer

Industries

UCP 600: Uniform Customs and Practice for Documentary Credits - The key international framework governing Letters of Credit operations and standards

ISP98: International Standby Practices - Rules governing standby letters of credit and similar instruments

Bills of Exchange Act 1882: Primary UK legislation governing negotiable instruments, including aspects of documentary credits

Sale of Goods Act 1979: Legislation governing the sale of goods in underlying transactions related to Letters of Credit

Financial Services and Markets Act 2000: Primary legislation for regulation of financial services and markets in the UK, including banking activities

Banking Act 2009: Key legislation governing banking operations and regulation in the UK

Financial Services (Banking Reform) Act 2013: Legislation implementing structural reforms to UK banking sector and regulatory framework

ICC Rules: International Chamber of Commerce rules governing international trade and banking practices

ISBP: International Standard Banking Practice - Detailed guidelines for examining documents under UCP 600

UK Money Laundering Regulations 2017: Regulations governing anti-money laundering requirements for financial institutions

Sanctions and Anti-Money Laundering Act 2018: Framework for UK sanctions and anti-money laundering measures post-Brexit

FCA Regulations: Financial Conduct Authority regulations governing conduct of financial institutions

PRA Requirements: Prudential Regulation Authority requirements for bank safety and soundness

Common Law Contract Principles: Established case law and principles governing contract formation and enforcement

Unfair Contract Terms Act 1977: Legislation controlling unfair terms in contracts and limiting exclusion clauses

Consumer Rights Act 2015: Legislation protecting consumer rights in contracts, if applicable to the transaction

EU Retained Law: European Union laws retained in UK law post-Brexit affecting banking and finance

Basel III Requirements: International regulatory framework for bank capital adequacy and stress testing

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Let's create your Confirming Bank Letter Of Credit

Authors

Alex Denne

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