Exporters, importers invited to course on use of letters of credit

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The International Chamber of Commerce, jointly with the Center for Global Practices, will hold the “Best Practices in Letters of Credit” seminar on May 15 and 16 at the EDSA Shangri-la Hotel, Mandaluyong City.  

The letter of credit is the most commonly used instrument of payment in international trade transactions.  Users of this payment method are, nevertheless, cautioned against pitfalls and traps in using it which can involve risks and can potentially lead to financial losses when done improperly.

The two-day program is a comprehensive guide on everything importing and exporting entrepreneurs need to know about LC transactions. 

The program is designed for manufacturers, importers, exporters, traders, entrepreneurs, bankers, insurers, transporters of goods, CFO companies, company treasurers and others interested to understand how LCs work.

The course design includes practical steps in issuing proper LCs and how they work, what to do to avoid pitfalls, and actions to take in cases of discrepancies. 

The program will also cover the revised regulations – as well as the application of UCP 600 involving letters of credit.

The program will present case studies and examples to highlight best practices, pointers and tips, including cost saving areas in LC operations that bankers may not inform their client-entrepreneurs about, overcoming delays in payment in LC transactions, liabilities of banks, remedies, and many more.

The main resource person is Singapore-based Victor Tan, who has 15 years of experience in Europe covering international trade finance, remittances, guarantees, and import and export.

Those interested are advised to visit www.cgbp.org or contact program leader Camille Jonas at Tel. 842 7148 and 556 8968 to 69.

Photo from:  hwww.internationalbusinesslawadvisor.com

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