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The Bank Guarantee For Lost Bill Of Lading is a critical document in Nigerian maritime trade operations, utilized when an original bill of lading cannot be presented for cargo release. This situation commonly arises in international trade when the original document is lost, delayed, or misplaced during transit. The guarantee, governed by Nigerian law including the Bills of Lading Act 1990 and maritime regulations, provides protection to shipping companies by ensuring they have recourse against potential claims from third parties holding the original bill of lading. The document must comply with Central Bank of Nigeria regulations and typically includes detailed information about the shipment, parties involved, and specific indemnity provisions. It's particularly important in Nigeria's busy ports where efficient cargo release processes are essential for trade flow.

1. Parties: Details of the Bank (Guarantor), the Applicant (Customer who lost the Bill of Lading), and the Beneficiary (Shipping Company/Carrier)

2. Background: Circumstances of the lost Bill of Lading, details of the shipment, and reason for issuing the guarantee

3. Definitions: Key terms used in the guarantee including 'Original Bill of Lading', 'Vessel', 'Goods', 'Shipping Company', etc.

4. Guarantee: Core guarantee provisions, including the bank's commitment to indemnify the shipping company

5. Amount of Guarantee: Specific amount or limit of the bank's liability under the guarantee

6. Duration and Validity: Period of effectiveness of the guarantee and conditions for expiry

7. Indemnity Provisions: Customer's obligation to indemnify the bank against any claims or losses

8. Claims Procedure: Process for making claims under the guarantee, including notice requirements and documentation

9. Bank's Rights and Protections: Specific provisions protecting the bank's interests and limiting liability

10. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes

11. Notices: Communication procedures and contact details for all parties

12. Execution: Signature blocks and execution requirements for all parties