A guide to letter of credit transactions

MANILA, Philippines - In international trade transactions such as import and export of goods, the most commonly used instrument of payment is a letter of credit (LC). Unknown to many, there are many pitfalls and traps in the use of various types of letters of credit that can be risky for businesses and can lead to financial losses when done improperly.

To address these issues, the International Chamber of Commerce, in collaboration with the Center for Global Best Practices, will hold a pioneering two-day seminar entitled, “Best Practices In Letters of Credit” to be held on Tuesday and Wednesday, Oct.r 21 & 22, 2014, at the EDSA Shangri-la Hotel, Mandaluyong City, Philippines.

The two-day seminar is a comprehensive guide for participants on everything they need to know about LC transactions. Attendees will learn practical steps in issuing proper LCs and how they work, to avoid pitfalls, and actions to take in cases of discrepancies. The program will also cover the revised regulations (and the application of UCP 600) involving letters of credit. This one-time event offers early bird and group discounts.

For details and a complete list of seminars, including other international trade training programs, you may log on to www.cgbp.org or contact program leader Camille Jonas at 842-7148/ 59 and 556-8968/ 69; Cebu lines (032) 512-3106/ 07) or email at [email protected].

This special, one-of-a-kind program will present easy-to-understand case studies and samples to highlight best practices pointers and tips, including topics such as cost saving areas in LC operations that your banker will never tell you, overcoming delays in payment in LC transactions, liabilities of banks, remedies, and many more. The seminar is applicable to manufacturers, importers, exporters, traders, entrepreneurs, bankers, insurers, transporters of goods, CFOs, company treasurers, and those interested in fully understanding how LCs work.

The lecture will feature Singapore-based expert, Victor Tan, an authority in the field of trading and banking, and who has 15 years of banking experience in Europe covering areas of international trade finance, remittances, guarantees, and import and export. He has worked with various international banks such as Standard Chartered Bank, Amsterdam-Rotterdam Bank, Bangkok Bank, Royal Trust Merchant Bank and Barclays Bank, the last of which he served as deputy head of the trade finance department. He conducts highly specialized training programs for clients in Jakarta, Bangkok and Singapore. He will teach attendees all the best practices applications of LCs for one’s advantage. Apart from this, he will also be in Manila on Friday, June 14 to lecture on the topic International Commercial Terms (INCOTERM 2010): Revised Shipping Terms for Air, Land and Sea, ISBP 2013 on LC Transactions, ICC Model International Sales Contracts and more. These seminars are limited-seats-only events and pre-registration is required.