Letter of Credit Training
Letters of Credit are increasingly being used by exporters as a method of securing payments against both buyer and country risks. Importers are using Letters of Credit to compel overseas suppliers to fulfil their contractual obligations and supply goods of appropriate quality. In times of economic downturn a bank will often insist on an LC as a condition of lending Our Institute of Export accredited seminars will examine the role and structure of a Documentary Letter of Credit or Bill of Exchange (draft) and the circumstances in which they should be used. The seminar will examine which conditions are appropriate to include in a credit to achieve the level of security required for both exporter and importer. The seminar will advise delegates of the appropriate measures necessary to achieve the required accuracy of documentary submission and to understand the options available for the negotiation of documentary credits and drafts. These options have been modified with the recent introduction of revised rules (UCP600) The seminar will be suitable for personnel from sales, customer service, shipping and despatch, finance and accounts, freight forwarders from both importing and exporting companies. No previous knowledge or experience is necessary. It will be suitable for experienced personnel who require an update on the new rules  Options available for international trade paymentsTerminology, structure, dynamics and content of a letter of creditImportance of the sales/purchasing contract and its role in creating a workable creditThe roles and agendas of each of the parties involved in a documentary creditWhy documents are required to satisfy the conditions of the creditCreation and completion of documentsConfirmation of creditsUCP 600 - The rules for letters of creditElectronic CreditsMethods for the collation and submission of documentsOptions available in the event of rejectionVarious types of credits - transferable, back to back, revolving, red clause, standbyBills of Exchange (Drafts)The roles of drafts in conjunction with documentary creditsThe options for negotiation of a letter of credit