Methods of Payment / Documentary Letters of Credit
This seminar combines two British Chambers of Commerce assessment modules into one on-line training seminar. It will consider the advantages and disadvantages of the payment options available to international traders and the documentary requirements associated with each option.
To use Letters of Credit effectively importers and exporters will need to fully understand the dynamics and terminology of a letter of credit, the role of each party, the importance of the shipping documents and the level of security offered.
It will consider the different interests of the exporter, importer and the banks and methods of reducing the risks for all parties This seminar will examine LC process in detail and offer guidance on how to create a workable credit. Personnel from shipping, sales, purchasing and finance will have a role to play in this.
The course should enable delegates to understand Options available for international trade payments Basic currency risks The role of documents in the payments process UCP 600 – The rules for letters of credit The roles and agendas of the parties involved in a documentary credit Types of letters of credit Creation, completion and compliance of documents Confirmation of credits Assignment of funds
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