Learn about changes to ISBP in LC transaction

MANILA, Philippines - While the International Standard Banking Practice 2013 (ISBP 2013) used in trade transactions by bankers, importers, exporters, transporters and insurers took effect on June 1, 2013, many are still unaware and make mistakes on this trade documentation that greatly impacts on how their letters of credit (LCs) are prepared. This has cost them money due to disputes, time and delays in their import/ export transactions. Lawyers must also be aware of this so that their clients would have the advantage in litigation in cases of non-payment under the LC.

To help explain these changes, the Center for Global Best Practices, in collaboration with the International Chamber of Commerce, will hold a pioneering two-day seminar entitled, “Revised ISBP on LC Transactions” to be held on Sept. 24 and 25, at the EDSA Shangri-La Hotel, Mandaluyong City.

This seminar is a comprehensive guide for participants on everything they need to know about ISBP 2013 and the Uniform Customs and Practices for Documentary Credits (UCP 600). The revised ISBP 2013 is the universally used and accepted rules on letters of credits implemented worldwide.  Attendees will learn practical steps in insuring their international trade transactions go smoothly, how to avoid pitfalls, and actions to take in cases of discrepancies.

This pioneering two-day seminar offers early payment discount as well as group discounts for attendees of three or more. For details and a complete list of seminars including other international trade training seminars such as Incoterms 2010 and Mastering Letters of Credit, Uniform Rules on Demand Guarantees for Banks, ICC Model Templates in Sales Contracts, log on to www.cgbp.org or contact program leader Hannah Yambao at 842-7148/ 59 and 556-8968/ 69; Cebu lines: (032) 512-3106 or 07 or Baguio telephone (074) 423-5148 or email at [email protected].

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, Singapore, and Malaysia.

Attend this seminar to master ISBP 2013 and UCP 600 to avoid costly mistakes in your international trade transactions.