LC’s 101 | Basic Fundamentals Track

This program will be an excellent source of information for those who are new to LC’s and/or wish to brush up on the fundamentals, or are indirectly involved with LC’s and wish to have a better understanding of this longstanding and venerable trade payments instrument.

AM:  Basic Commercial LC’s in the morning

* Parties in a LC transaction
* Transaction flow
* Common documents
* Advising versus confirming (basics)
* Discrepancies
* Charges & who pays them
* Sight versus Time LC’s
* SWIFT – definition and importance
* Role of the freight forwarder
* Incoterms
* Expiry issues and collections

* Common discrepancies to avoid

PM:  Basic Standby LC’s in the afternoon

* Bid, performance and advance payment

* Financial versus trade related

* Alternative to commercial LC?

* Cancellations/Expiry

* Affects on your company’s credit line

* Standard cost/benchmarking