国际结算的PPT课件第七章Bank guarantees

Step 2：The guarantor bank issues an L/G. An L/G is a contingent liability of a bank，so before issuing such an instrument，the bank will first examine the collateral or counter guarantee of the applicant，then evaluates the feasibilities of the project，checks the application and the agreement，examines the manner of opening the guarantee and selects the foreign correspondent bank，and finally examines the detailed contents of the guarantee.
Payment gurantee付款保函 Deferred payment gurantee延期付款保函 Compensation gurantee补偿贸易保函 Processing gurantee来料加工保函 Lease gurantee租赁保函 They are about import
The others
Step 5：The guarantor bank claims for reimbursement from the applicant. That the guarantor makes the payment to the beneficiary relies on the undertaking of payment by the applicant. The guarantor may ask the applicant or the counter guarantor to reimburse itself according to the application or the counter guarantee.
The other parties
Confirming party Counter guarantor
contract
Applicant 3 Perform contract
Beneficiary
1 applies for the opening of an L/G
6 claims for reimburs ement
Basic parties to a bank guarantee
Applicant/ principal Applicant/principal is the party that requests a bank to issue a bank guarantee. It is usually the debtor under the underlying contract.
Guarantor The guarantor is the bank that issues a letter of guarantee at the request of its customer. The bank that issues a guarantee is called the issuing bank.
Step 6：The L/G is cancelled after the payment. Usually，an L/G is automatically void on its expiry date，so it can be discharged after maturity. In some countries，however，it will keep its validity for 3 or 5 years or even 60 years. Thus， once having issued an L/G in favor of a party in these countries，the guarantor must try to take back the original L/G after the maturity，protecting against further claims by the beneficiary. With the cancellation of the L/G，the guarantor will be discharged of its liabilities on the L/G，and hence the L/G operation comes to an end.
Standby Letter of Credit、 Bank 、 guarantee and documentary L/C
Beneficiary Beneficiary is the party in whose favor a bank guara right to claim for compensation in accordance with the terms and conditions of the guarantee. It is usually the creditor under the underlying contract
Types of guarantees
Tender gurantee投标保函 Performance gurantee履约保函 Advanced payment gurantee预付款保函 Quality gurantee质量保函 Customs gurantee关税保付保函 Overdraft gurantee帐户透支保函 They are about export
Loan gurantee借款保函 Bail bond保释金保函
Standby Letter of Credit
Unlike a commercial letter of credit, which is basically a payment mechanism, a standby letter of credit is a form of a bank guarantee. It may be used as necessary to cover nonpayment of a financial obligation. A standby letter of credit normally is intended to be drawn on only in the event of nonpayment. The standby letter of credit is issued by the bank and held by the seller, who in turn provides the customer open account terms. If payment is made according to the seller's terms,
Standby Letter of Credit
the letter of credit is never drawn on. However, if the customer is unable to pay, the seller presents a draft, and all other documents as required, to the bank for payment. The standby letter of credit typically expires within 12 months.
The legal attribute of Guarantee Contract
Accessory Guarantee Contract从属性的担保合同 Accessory Uncertain liability of payment Independent Guarantee Contract独立性担保合同 Independent Certain liability of payment Self-sufficient instrument
Chapter 7
Bank guarantees
A letter of guarantee
A letter of guarantee is an irrevocable undertaking by which the issuer holds itself financially liable for the consequences of non-performance of the obligations by a third party towards the beneficiary. It’s a kind of guarantee Types of guarantee
Step 4：The beneficiary claims for payment from the guarantor. Theoretically，only when the beneficiary satisfies the requirements of the L/G can it claim payment from the guarantor.
7 payment Advising L/G
Guarantor 2 Advising L/G
Advising or transmitting bank
three separate contracts involved in a bank guarantee
commercial contract credit agreement guarantee.
Step 3：The issuing bank notifies the L/G or reissue the L/G through its correspondent bank. A bank guarantee may take the form of a direct or an indirect guarantee. In practice，since the guarantor and the beneficiary are located in two different countries，no matter what form a bank guarantee takes，it will need a correspondent bank in the beneficiary’s country to notify or reissue the L/G.