Letter of Credit Masterclass

A Letter of Credit (LC) gives a much higher certainty of payment to the seller (exporter) of goods, provided certain stipulated criteria are met.

~60% of LC are rejected when they are first submitted for payment. It then takes a while for the necessary corrections to be made, and meanwhile the payment is not released to the seller. This course helps business structure their internal process to circumvent issues and control the process from the outset.

For whom is the knowledge relevant?

Exporters and importers in many countries around the world. LCs are used:

• When the buyer and seller do not know each other or 
• When they know each other but the seller wants an additional guarantee of payment. 

What will you learn?

The course consists of 3 modules:

• Overview: definitions, introduction to UCP rules, understanding the parties involved, types of LC, critical dates.
• Process: uniform customs and practice for documentary credits, e UCP 600, the L/C process, beneficiary control of L/C process, drafts.
• Non-compliance: introduction to Incoterms, how Incoterms impact workability of L/C's, checklist for received L/C, how to prepare documentation for presentation, non-complying presentations.

Are there any other benefits?

• Take the quiz and receive a certificate of completion! 
• Enjoy reading articles on the platform - you will get access.

How much time should I plan for learning?

Please plan 2 hours for learning. 

Who shares the knowledge?

Vera Murphy, Managing Director of Bevan Murphy Customs Ltd, Ireland. Vera has decades of deep functional expertise in Global Forwarding and International Trade having held senior positions in two of the top ten global forwarders in the world.

Various problems can arise when using LCs, such as no payment for the supplied goods if a critical date is missed.

Vera Murphy

 

About

🔗 Bevan Murphy Customs Ltd. We are an International Trade training and consultancy company providing support to Global Forwarders, Customs Brokers, Industry and Government Agencies.

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