International Trade: Letters of Credit/Methods of Payment
Date and Time
Tuesday Sep 29, 2020 Wednesday Sep 30, 2020
Part 1 - 29th September 9.15am – 12:30pm
Part 2 - 30th September 9.15am – 12:30pm
Location
Webinar via Zoom - Login details will be provided on booking.
Fees/Admission
£180 + VAT - Bronze and Ready members, & Non-members
£162 + VAT - Silver members
£144 + VAT - Gold members
Contact Information
Lynda Monaghan
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Description
A necessary part of trading with some overseas countries, is ensuring payment using a Letter of Credit. This tool whilst useful, is complex and confusing to the uninitiated. Learning how to deal with a Letter of Credit will vastly increase your chances of being paid on first presentation of documents to the bank, reducing the period of outstanding debt substantially.
This two day course will impart sufficient knowledge on how a Letter of Credit works to enable the delegate to confidently negotiate with all third parties involved and to present compliant documents to the bank for payment.
Course Content
- Explanation of irrevocable and confirmed Letters of Credit
- Overview of the parties involved and their roles, including the customer, beneficiary, issuing, advising, paying and confirming banks
- An overview of UCP 600 – the rules that govern the operation of Letters of Credit
- Explanation of some common terminology
- Advice on how to have control over the Letter of Credit from the outset, including an instruction template for completion and issue to your customer
- What to do on receipt of the Letter of Credit - procedures to follow to check that you will be able to comply with the Letter of Credit.
- Advice on dealing with third parties involved in the Letter of Credit
- Amendments
- Procedures to manage timelines involved in the Letter of Credit
- Getting the documents ready for presentation to the bank
- What to do in the event of discrepancies in the documents presented
Delegates will understand how to prevent mistakes occurring when producing letters of credit. Also, the delegate will lean the roles and responsibilities.
Delivery method
This course will be split over two days and delivered as a webinar via Zoom. Delegates will be provided with copies of guidance notes electronically. Webinar login details will be provided on booking.
Who Should Attend?
An essential course for the staff member responsible for managing the Letter of Credit and presenting documents to the bank for payment. This varies from company to company but the role is best suited to a member of the shipping department.