Bank Guarantee For Lost Bill Of Lading Template for Philippines

The Bank Guarantee For Lost Bill of Lading is a crucial instrument in Philippine maritime trade and banking practice, used when an original bill of lading is lost, destroyed, or misplaced, and the cargo needs to be released. This document becomes necessary because shipping companies are naturally hesitant to issue duplicate bills of lading due to the risk of multiple parties claiming the same cargo. The guarantee, issued in compliance with Philippine banking and maritime regulations, provides protection to the shipping company by ensuring they will be compensated for any losses arising from claims related to the original bill of lading. The document typically includes detailed information about the lost bill, cargo specifications, vessel details, and the scope of the bank's guarantee. It must comply with both the Bangko Sentral ng Pilipinas (BSP) regulations and maritime law requirements, making it a vital tool in resolving cargo release issues in cases of lost documentation.

1. Parties: Identification of the Bank (Guarantor), the Applicant (usually the cargo owner/receiver), and the Beneficiary (usually the shipping line/carrier)

2. Background: Details of the lost bill of lading, including the circumstances of loss, original bill details, and the need for a duplicate

3. Definitions: Key terms used in the guarantee including 'Original Bill of Lading', 'Duplicate Bill of Lading', 'Cargo', 'Vessel', etc.

4. Guarantee and Indemnity: Core section detailing the bank's guarantee to indemnify the beneficiary against claims arising from issuing a duplicate bill of lading

5. Scope of Guarantee: Specific coverage of the guarantee, including monetary limits and types of claims covered

6. Duration: Period of validity of the guarantee, including start date and expiry conditions

7. Bank's Obligations: Detailed description of when and how the bank will honor the guarantee, including payment terms and conditions

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

9. Representations and Warranties: Statements of fact and assurances from the applicant regarding the lost bill and cargo details

10. Governing Law and Jurisdiction: Specification of Philippine law as governing law and designation of courts having jurisdiction