The Bank Guarantee For Lost Bill Of Lading addresses a common challenge in international trade where original bills of lading are lost or delayed in transit. Under U.S. maritime law and banking regulations, this guarantee enables the release of cargo without the original document while protecting all parties involved. It typically includes specific details about the shipment, indemnity provisions, and claim procedures. The guarantee is particularly crucial in time-sensitive situations where waiting for replacement documents could result in significant delays and costs.
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1. Parties: Identification of the bank issuing guarantee, the applicant, and the beneficiary
2. Background: Details of the lost bill of lading and circumstances requiring the guarantee
3. Definitions: Key terms used in the guarantee including 'Original Bill of Lading', 'Vessel', 'Cargo'
4. Guarantee Details: Specific terms of the guarantee including amount and validity period
5. Indemnification Clause: Bank's commitment to indemnify against claims arising from lost bill
6. Claim Procedure: Process for making claims under the guarantee
7. Termination: Conditions for guarantee termination and return of original bill if found
1. Counter-Indemnity: Additional provisions for when applicant provides counter-indemnity to bank. Used for high-value transactions or high-risk scenarios
2. Insurance Provisions: Additional insurance requirements for particularly valuable cargo or high-risk routes
3. Multiple Jurisdiction Clause: Governing law provisions for different jurisdictions when multiple countries are involved
1. Schedule 1 - Cargo Details: Detailed description of cargo covered by lost bill of lading
2. Schedule 2 - Vessel Details: Information about the carrying vessel
3. Appendix A - Form of Claim Notice: Standard format for submitting claims under the guarantee
4. Appendix B - Lost Bill Details: Copy of shipping company's confirmation of lost bill
Relevant legal definitions
Clauses
Relevant Industries
International Trade
Banking and Finance
Shipping and Logistics
Commodities Trading
Relevant Teams
Trade Finance
Legal
Operations
Risk Management
Compliance
Relevant Roles
Trade Finance Manager
Shipping Manager
Documentary Credit Specialist
Logistics Coordinator
Trade Operations Officer
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