Introduction
In international trade counter part y risk and country risk cannot be avoided. For more than a century, instruments like letters of credi t and bank guarantees are used by the companies for trade settlements and to mitigate their risks.
A market survey indicates that more than 70% of the documents presented under letter of credi t are rejected at the first presentation.
The survey also pointed out the reason as:
Introduction
This program will exclusively address the operational issues in letters of credi t transactions with detailed discussions on importa nt 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.
In Import transactions, letter of credit is used for availing buyers credit. Issues relating to buyers credit will be discussed.
While finalising the commercial terms in international trade, terms of delivery plays an important role in pricing their product and risk transference. By using appropriate INCOTERMS 2020 both the parties are able to express clearly the responsibilities and obligations of each of them. This INCOTERMS is indicating the required documents for a particular transaction while structuring a letter of credit. Brief discussion on the implication of certain INCOTERMS 2020 will be addressed.
International market has a new product known as Bank Payment Obligation (BPO). ICC Paris has set the rules for this instrument. This instrument will be a mix of Letter of Credi t and Bank guarantees.
By participating in this workshop, participants will be able to enrich, with hands on experience in handling letters of credi t transactions from the initial stages of finalising the terms of delivery and terms of payment in a commercial transaction as well as update themselves with the latest developments which will result in reducing the transaction cost and better usage of these instruments.
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Course Content
Master export-import regulations and optimize trade finance opportunities.
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