Course description
Introduction to Letters of Credit is a VIRTUAL classroom course presented by the energy training experts at Mennta Energy Solutions.
This workshop provides an introduction to the use of letters of credit in trading transactions.
Topics explored during the course include the key definitions and terminology for a letter of credit, different types of letter of credit, the roles and responsibilities of the bank, the buyer and the seller, and what can go wrong.
A key element of the course is that you get the chance to put the knowledge learned into practice through a series of educational and enjoyable class exercises. These exercises are designed to reinforce and extend your learning from the class.
This virtual solution is comprised of two live instructor-led sessions hosted on state-of-the-art training software with video, audio, chat, live polls, breakout sessions and much more!
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Content
- Overview of different payment methods, including open account, parent company guarantee, collateral/cash and letter of credit
- What is a letter of credit: introduction, definitions and key terminology
- Different types of letters of credit – e.g. documentary, standby, transferable, revolving, back to back
- Letters of credit: content, procedures and administration
- Roles and responsibilities of the buyer and seller
- Roles and responsibilities of the banks
- Problems - what can go wrong, e.g. documentation requirements, checking L/Cs, identifying and reducing discrepancies and rejections.
- International codes: UCP600, ISP98, ISBP745
- Use of electronic letters of credit