ETTERS OF CREDIT

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WHO SHOULD ATTEND?

Purchasing and Sales Personnel engaged in international trade.
Financial Management personnel engaged in international trade.

PARTICIPANTS WILL LEARN

1. The various documents involved in international trade payments.
2. The function of the Letter of Credit and how to manage Letters of Credit.
3. The function of the draft and how to manage drafts.

 

PROGRAM OUTLINE

At the completion of this unit of instruction, students will be able to explain or describe:

1. The several types of documents required in an international trade transaction.
2. The major methods of payment in international contracting.
3. The three major uses of a Letter of Credit.
4. The different types of Letters of Credit
5. The payment process using a Letter of Credit.
6. The different types of drafts.
7. The function of drafts in international transactions.
8. The several different INCOTERMS and when they should be chosen.
9. Rules of Interpretation for Standard Form Letters of Credit
10. Parties to the Standard Form Letter of Credit
11. Collection Information required for the Standard Form Letter of Credit.
12. Conditions of Shipment relating to the Standard Form Letter of Credit.
13. Documents evidencing performance relating to the Standard Form Letter of Credit.
14. Miscellaneous provisions of the Standard Form Letter of Credit.
15. How to manage the non-payment of letters of credit due to discrepancies discovered.