Using Documentary Letters of Credit, Drafts and Bills
The use of Letters of Credit has increased significantly by UK exporters and importers because of the global economic situation, political insecurity in some markets and the withdrawal of credit insurance cover.
75% of documentary submissions by exporters are rejected on first presentation because of non compliance with the conditions of the Letter of Credit
These failures can lead to increased costs for all parties, loss of goodwill, delayed payment and possible default.
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.
This course will examine the Letter of Credit process in detail and offer guidance on how to create a workable credit. It will consider the different interests of the exporter, importer and the banks and methods of reducing the risks for all parties.
It will also discuss methods of creating and collating accurate documents, the role of the draft (Bill of Exchange) and consider the options for negotiation of the credit and the current version of the rules that govern letters of credit (UCP600).
International trade is a very complex subject with many different terms, procedures and regulations. Training is essential to successful trading overseas.
Who should attend?
This course is suitable for both importers and exporters.The content will be relevant to field and office based sales staff, purchasing staff, shipping and despatch personnel, accounts and finance staff, customer services, freight forwarders. No previous knowledge or experience is necessary and it will be suitable for experienced personnel who require an update on the latest rules.
How will you benefit?
The trainer will use oral and visual presentations, reference to fictitious and real examples and participatory exercises to illustrate course content. The delegates will receive a copy of the presentation on which notes can be made together with the workbook for future reference.
Continuous Professional Development
This export training course is graded as entry level and would qualify for 10 Continuous Professional Development points. If required, the CPD certificate will be issued by the Institute of Export.