Learn the advantages and disadvantages of using a bond versus a letter of credit.
This topic will explore the similarities and differences of letters of credit with surety bonds as a performance assurance or credit enhancement. Each has unique characteristics, wording, pricing, procedures and bodies of law that apply to them. This topic will discuss how each are priced and risk assessed, how they work and are commonly used in practice, what are the advantages and disadvantages of using a bond vs. a letter of credit to assure performance or payment of various types of contracts and obligations, and what are the problems and legal pitfalls each presents.
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Agenda
Core Differences of What Is a Letter of Credit vs. a Bond
Frequent Uses of Bonds and Letters of Credit
- Uses of Letters of Credit
- Uses and Types of Bonds
Who Are the Parties to a Letter of Credit vs. a Bond? The Parties Are to a Certain Extent Parallel
How to Choose Between Bond vs. Letter of Credit
- From the Applicant or Principal's Perspective
- From the Beneficiary's or Obligee's Perspective
Traps for the Unwary in LC and Bond Claim Practice
Legal Regimes That Govern LCs and Bonds
How to Choose a Reliable Issuer of an LC or Bond
Where to Look for Help and Who to Ask for LC and Bond Questions
Reimbursement Issues
Subrogation Issues
Tailoring a Bond or LC
Severally Issued or Syndicated Bonds or LCs
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on September 19, 2016.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Carter H. Klein
Jenner & Block LLP
- Of Counsel at Jenner & Block LLP's Chicago office where he has practiced for 47 years
- Practice concentrates on letters of credit, payments, collateral issues, and sales of assets
- ABA UCC Liaison to the Permanent Editorial Board of the Uniform Commercial Code
- Former Chair of ABA’s Letter of Credit Subcommittee and Payments Subcommittee
- Co-wrote three books on the Uniform Commercial Code for West Publications
- Letter of Credit Attorney of the Year by the Institute of International Banking Law & Practice
- Can be contacted at 312-923-2950 or [email protected]
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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