Letter of Credit Documentation

Error Free Filing 

To Avoid Discrepancy

Introduction

This program will exclusively address the operational issues in letters of credi t transactions with detailed discussions on UCP 600 articles relating to each filed in the standardised SWIFT LC format. This will enable the participants to interpret the implications of the terms and conditions in a letter of credi t. Live case studies will be circulated to the participants for effective understanding.

Detailed discussions on each document (Bill of Exchange, commercial invoice, bill of lading, airway bill, insuranc e, certificate of origin, packing list and weight certificate) with commonly observed discrepancies will be taken up with practical exercise. Interpretation of some of the provisions in ISBP 745 will be explained with the practical exercise.

Course Content

Understanding the process flow of documentary credit

Structuring of an LC vis-a-vis the terms and conditions in the underlying documents

Understanding the numerous features of the LC application vis-a-vis the SWIFT format.

Step by Step guide to filing Letter of Credit Application form

• Applicant and Beneficiary Details
• Goods details
• Despatch details
• Advising Bank
• Currency and Amount
• Allowance of quantity
• Trade terms
• Shipment details
• Period of presentation
• Post details
• Additional Conditions

Documents required under LC & built in the LC application

• Shipping Bill of Lading
• Airway Bill
• Commercial Invoice
• Insurance Certificate
• Certificate of Origin
• Packing List
• Certificate of Inspection

Mistakes to avoid while filing LC

What precautions to take in absence of documents

Queries raised by the Banks while scrutinizing the LC application submitted by the Customer.