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Normal 0 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 This Institute of Export accredited seminar 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 The seminar will consider several examples and delegates are encouraged to bring their own credits for comment and consideration Seminar Content Options available for international trade payments Terminology, structure, dynamics and content of a letter of credit Importance of the sales/purchasing contract and its role in creating a workable credit The roles and agendas of each of the parties involved in a documentary credit Why documents are required to satisfy the conditions of the credit Creation and completion of documents Confirmation of credits UCP 600 ? The rules for letters of credit Electronic Credits Methods for the collation and submission of documents Options available in the event of rejection Various types of credits ? transferable, back to back, revolving, red clause, standby Bills of Exchange (Drafts) The roles of drafts in conjunction with documentary credits The options for negotiation of a letter of credit

Normal 0 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 This Institute of...

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