This premium training course will deliver a comprehensive insight into why, when & how to use Documentary Letters of Credit (L/C).
Getting paid is a vital part of the sales transaction, so join us to explore the options, and reduce the costs involved in receiving payment.
You will receive an in-depth understanding of the intricacies of both Credit and Collection transactions and the complexities of L/C rules & regulations. We will help you to be proactive in instructing your customer to encourage L/C clauses that work for you while also giving you an understanding of how to improve your security of payment and the roles of the banks. Dealing with the banks can be a challenge, let us explain why and offer practical solutions.
Practical tips are offered throughout the session, as well as real-life examples. Attendees are encouraged to bring examples of Letters of Credit to discuss on the day so we can dissect the detail and explain all the clauses. We will take the mystery away, so you can feel confident and in control. Topics include:
- Methods of Payment – what are the advantages and disadvantages and how to choose
- L/C Formats & Types – what is an Irrevocable Confirmed L/C
- Security – how can Incoterms help your security as a seller under an L/C
- Opening & Advising Procedures – what are the time constraints for presenting documents
- Step by step – what are the stages of a complete L/C transaction
- Checking L/C's – when to ask for an amendment
- Right First Time Presentations – how to avoid discrepancies
- Sight Drafts – what does it mean when you are asked for a Term Draft
- Reimbursement – how quickly will you get paid
- Part Shipments – how can you present documents for several shipments
- Stage Payment – how to manage milestone payments
- Service L/C's – getting paid without goods moving across customs borders
- Different L/C types (Back to Back, Transferable, Revolving) – what are these and how do they work
- Assignment of Proceeds – how secure is this arrangement
- Standby L/C's – how this arrangement can help you get paid
- UCP 600 Customs & Practice for Documentary Credits – how to understand the rulebook
- ISBP – how International Standard Banking Practice can help you achieve compliance
- Documentary Collections, Consigning, Protesting – how secure is a Doc Collection
- URC522 Rules for Documentary Collections – how does the rulebook define an Outward Collection
- The role of the banks – how to manage today’s AML restrictions
Date: Tuesday 20th September 2022 9.30am to 4.30pm
Virtual: Essex Chambers of Commerce, 34a Star Lane, Great Wakering, Essex. SS3 0FF
Cost to attend: Members £340.00 + VAT and Non-Members £390.00 + VAT
Attendees are encouraged to bring along examples of paperwork to discuss on the day. Specific questions or issues can also be submitted prior to the course and answers or resolutions will also be discussed.
*All of our physical training courses will be delivered following the Government COVID-19 guidance and will have a maximum of 8 attendees plus trainers in a large, ventilated training room. The safety of our trainers and attendees is of the utmost importance to us and training will be converted online if necessary.