Seminar to discuss new LC rules

MANILA, Philippines - The Center for Global Best Practices will hold a pioneering seminar entitled “Revised Rules on Letters of Credit Transactions” on Sept. 23-24, 2010, 9 a.m. to 5 p.m. at the Edsa Shangri-La Hotel, Mandaluyong City.

The program aims to update bankers, exporters, importers, transporters, carriers, insurers and lawyers in the practice of commercial law and dispute resolution on the major changes in LC rules that took effect globally on July 1, 2007. 

These changes, which govern LC transactions in all countries around the world, are contained in the new UCP 600 (Uniform Customs and Practices for Documentary Credits) and ISBP 2007 (International Standard Banking Practices for Examining L/C Documents).

Companies in other countries that are already updated on these changes are able to apply these advantages for their businesses and are enjoying the benefits of a simplified set of rules, clearer definitions of terms (e.g. honour, negotiation, original document, etc.), and are effectively able to prepare the proper documentation under the new mandatory set of rules of the International Chamber of Commerce (ICC). 

Unfortunately in the Philippines, many companies, including some banks, are not aware of these changes, which is a concern as it can cause document discrepancies and error that can be very costly to businesses.

The program will feature Singapore-based expert, Victor Tan, an authority in the field of trading and banking, and with 15 years of banking experience covering areas of international trade finance, remittances, guarantees, import and export.

He will teach attendees everything there is to know about the new LC rules, its applications through best practices cases, tips on how to avoid pitfalls, remedies and what to do in case of problems arising from improper documentation, and negotiation pointers advantageous to businessmen using LCs.