Last Updated: 2021
Authors: John Novak & Catherine J Petersen
To succeed in today’s global marketplace and be competitive, exporters must offer their customers attractive sales terms supported by the appropriate payment methods, and importers must negotiate for the best terms fo sales from with their suppliers. Getting paid in full and on time is the goal for each export sale; an appropriate payment method must be chosen carefully to minimize the payment risk while accommodating the needs of foreign customers. Letters of Credit in International Trade: A User’s Guide, is a handbook that you’ll want to keep at your fingertips. It is a reference book with explanations, definitions, and the full text of the International Chamber of Commerce’s Uniform Customs and Practice for Documentary Credits, UCP 600. The UCP 600 is a banker’s bible when letter of credit presentations are being evaluated.
- Do’s and Don’ts
- Checklists for sellers/buyers when evaluating letters of credit for amendments or whether to accept the letter of credit.
- Case studies
- UCP 600
- ISP 98