TELESEMINAR: Practical UCC: Understanding and Drafting Letters of Credit in Business Transactions – A National Perspective
November 30, 2012
12:00 – 1:00 p.m.
1.00 MCLE hours
Letters of credit are extensively used to secure payment and ensure performance in commercial, business and real estate transactions. They are often essential to the completion of a deal and involve a complicated mix of parties –applicants, issuers, beneficiaries and sometimes assignees. The challenge in using these instruments is ensuring their compliance with UCC Article 5, the shortest and most obscure portion of the code. Imperfectly drafted letters can easily lead to a failed transaction. This program will provide you with a real-world to guide to how letters of credit are used in transactions, drafting the most essential components of a letter, understanding the roles and rights of each of the parties to a letter, and common traps in complying with UCC Article 5.
- Practical uses of letters of credit in transactional deals
- Understanding and drafting essential components of a letter of credit
- Roles and rights of applicants, issuers, beneficiaries, and assignees
- Common traps in letters of credit practice
- How letters of credit differ from other credit enhancements or guarantees of performance
- Role attorneys advising a clients on letters of credit
Carter H. Klein, Jenner & Block, Chicago
John Murdock, Bradley Arant Boult Cummings, LLP, Nashville