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Advantages Of Letters Of Credit vs. Surety Bonds

Webinar: ID# 1023070
Recorded CD
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About This Course:
This webinar 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 webinar 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.

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
About The Presenter

Carter H. Klein
  • Partner in Jenner & Block LLP's 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
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Advantages Of Letters Of Credit vs. Surety Bonds
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