Letters of Credit

Global Training Center > Letters of Credit

Course Description

International Letters of Credit Course. Imagine not getting paid for your international sale! Unfortunately, it does happen. Learn to fully comply with Letters of Credit requirements to ensure that you receive payment for your shipments. Get involved in the set-up process, learn the basic terminology and significance of various documents, and learn how to prevent and handle discrepancies. Everyone involved in the international sale should learn about the Letters of Credit requirements. This will ensure that you receive payment for your shipments, get paid faster and lower bank fees. See Schedule ->

What you will learn

Understand the Letters of Credit Requirements
How to minimize discrepancies and risks
Different types of Letters of Credit
Consider other payment methods
Select most appropriate method of payment for your company
Compare the costs and risks of various LC options
UCP 600 included in reference book!
ISP 98 included in reference book!

Course Will Benefit

Employees of Exporters, employees of Importers, Purchasing, Sales/Marketing, Logistics, Traffic, Customer Service, Credit Managers, Controllers, Engineering, Legal personnel.

If you are a Customs Broker or Freight Forwarder you will benefit too; you are involved with the responsibility for International Documentation, ensuring shipments are released or loaded according to the deadlines imposed in the letter of credit as well as the regulations.

Class is excellent for beginners and also serves as a refresher for experienced professionals. Instructor will level set the course based on attendees.

Reasons why you should consider the Letters of Credit Class

Reduce your Accounts Receivable
Learn to avoid discrepancies that will delay orders
Learn to insure you receive payment for all shipments
Learn to get paid faster and lower bank fees

*Register at least 1 month in advance for $50 discount

Certificate Issued Upon Completion

Download Agenda

International Letters of Credit Course Agenda

8:30 a.m. to 4 p.m. – Seminar
8:30 a.m. to 4 p.m. (Central Time) – Webinar
Reference book Letters of Credit in International Trade

INTRODUCTION/DECISION CRITERIA
- Decision Making and Payment Methods
- Risk to International Trade Payment
- Traditional Payment Methods
LETTERS OF CREDIT AS METHOD OF PAYMENT
- Parties to the Letter of Credit
- Payments under Letters of Credit
- Costs and Benefits
- Types of Letters of Credit
REVIEW OF L/C PROCEDURE AS EXPORTER AND AS IMPORTER
- Quotation
- Instructions for the Letters of Credit
- Checklist for Letters of Credit
- Document Preparation and Presentation
- Discrepancies
LOOK AT VARIOUS TYPES OF L/C’s
- Revocable or Irrevocable
- Confirmed and Unconfirmed
- Restricted Letter of Credit
SPECIAL TYPES OF LETTERS OF CREDIT
- Variations You Will See
- Revolving – Standby – Transferable
- Red Clause, Green Clause
- Time Drafts and Bankers Acceptances
UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS — RULES OF THE ARTICLES AND NOTE ON EACH ARTICLE
- International Standard Banking Practices (ISBP)
- Commentary on the UCC of the United States NOTE: Discussion on UCP 600
TRANSACTION REVIEW – EXPORT
- Amendment to the Letter of Credit
- Checklists
- Documents Checklist (Commercial Invoice, Bill of Lading, Packing List, Insurance, etc…)
- Letter of Transmittal to Bank
TRANSACTION REVIEW – IMPORT
- Parties Agree to Letter of Credit as Payment Method
- Buyer Applies for Letter of Credit
- Seller Receives and Accepts the Credit
- Nominated Bank Review Documents
- Issuing Bank Exchanges Documents for Payment
- Importer Picks up Goods
CASE STUDY ON AN EXPORT LETTER OF CREDIT
NON-TRADITIONAL PAYMENT METHODS