Bank Guarantee For Lost Bill Of Lading for United Arab Emirates

Bank Guarantee For Lost Bill Of Lading Template for United Arab Emirates

A Bank Guarantee for Lost Bill of Lading is a formal undertaking issued by a bank in the United Arab Emirates, governed by UAE Federal Laws including the Commercial Code and Maritime Code. This document serves as a financial security instrument where the bank guarantees to indemnify the shipping company against any claims or liabilities that may arise from issuing a duplicate bill of lading when the original has been lost. The guarantee is particularly relevant in the UAE's bustling maritime trade sector, where Dubai and Abu Dhabi serve as major global shipping hubs. It includes specific provisions for claim procedures, validity periods, and indemnity amounts, all structured within the UAE's legal framework.

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What is a Bank Guarantee For Lost Bill Of Lading?

A Bank Guarantee For Lost Bill of Lading is a crucial document in maritime trade scenarios where the original bill of lading has been misplaced, lost, or destroyed. This guarantee, operating under UAE law and commonly used in major UAE ports like Dubai, Abu Dhabi, and Sharjah, provides security to shipping companies who need to issue duplicate bills of lading. The document is essential in maintaining smooth international trade operations while protecting all parties' interests. It contains specific details about the lost document, shipment information, indemnity provisions, and claim procedures. The guarantee amount typically covers potential claims that might arise from the missing original bill of lading, and the validity period usually extends beyond the expected completion of the transaction. Used extensively in the UAE's maritime sector, this document reflects the jurisdiction's sophisticated approach to handling international trade documentation challenges.

What sections should be included in a Bank Guarantee For Lost Bill Of Lading?

1. Bank Details and Reference: Full details of the issuing bank, guarantee reference number, and date

2. Beneficiary Details: Complete details of the shipping company/carrier being indemnified

3. Applicant Details: Details of the party requesting the guarantee (usually the cargo owner/receiver)

4. Lost Bill of Lading Details: Specific information about the lost bill of lading including number, date, vessel name, voyage details

5. Cargo Description: Detailed description of the cargo covered by the lost bill of lading

6. Guarantee Statement: Formal statement of the bank's guarantee and indemnity

7. Guarantee Amount: Specific amount for which the guarantee is issued

8. Validity Period: Duration of the guarantee and any conditions for extension

9. Governing Law and Jurisdiction: Specification of UAE law as governing law and relevant jurisdiction

10. Claim Procedure: Process for making claims under the guarantee

11. Authentication: Bank's authorized signatures and official stamp

What sections are optional to include in a Bank Guarantee For Lost Bill Of Lading?

1. Counter-Indemnity Reference: Reference to counter-indemnity from applicant to bank, used when specifically required by bank policy

2. Multiple Bills Statement: Additional clause when guarantee covers multiple bills of lading

3. Electronic Bill of Lading Clause: Special provisions when original bill was electronic, addressing digital documentation

4. Insurance Coverage: Additional details about insurance when required by specific circumstances

5. Special Instructions: Any special handling or release instructions, included when specific procedures are required

6. Language Declaration: Clause specifying prevailing language when guarantee is bilingual, used in international transactions

What schedules should be included in a Bank Guarantee For Lost Bill Of Lading?

1. Schedule A - Vessel and Voyage Details: Detailed information about the vessel, voyage number, ports of loading and discharge

2. Schedule B - Cargo Particulars: Detailed cargo manifest including weights, measures, and packaging details

3. Schedule C - Copy of Lost Bill of Lading: Copy or draft of the lost bill of lading if available

4. Schedule D - Supporting Documents: Copies of relevant shipping documents, commercial invoice, packing list etc.

5. Appendix 1 - Bank's Standard Terms: Standard terms and conditions for bank guarantees

6. Appendix 2 - Claim Format: Prescribed format for submitting claims under the guarantee

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Publisher

Genie AI

Document Type

Bank Guarantee

Sector

Banking

Cost

Free to use
Relevant Industries

Banking & Financial Services

Maritime & Shipping

International Trade

Logistics & Supply Chain

Insurance

Import/Export

Manufacturing

Commodities Trading

Oil & Gas

Retail

Relevant Teams

Legal

Trade Finance

Risk Management

Treasury

Shipping Operations

Documentation

Compliance

Credit

Maritime Operations

International Banking

Supply Chain Operations

Relevant Roles

Trade Finance Manager

Shipping Manager

Documentation Officer

Legal Counsel

Risk Manager

Treasury Manager

Import/Export Manager

Logistics Coordinator

Trade Operations Officer

Banking Relationship Manager

Maritime Operations Manager

Compliance Officer

Credit Risk Officer

Supply Chain Manager

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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