Importing and exporting involves risks. Exporters run the risk of buyers failing to pay for goods, while importers may risk paying but never receiving anything. Because of the distances involved, it may be difficult to resolve any disputes.
One way of reducing the risks is to use a letter of credit. This can offer a guarantee to the seller that they will be paid, and the buyer can be sure that no payment will be made until they receive the goods.
There are several different types of letters of credit available to use, depending on the circumstances.
This course will explain the roles of the parties, clarify the procedures and recommend practical ways in which exporters can establish best practice in order to ensure payment every time.
- Payment options in International trade
- The role of Letters of Credit in International Trade
- The benefits of Letters of Credit to buyer and seller
- Roles and responsibilities of buyer and seller in a Letter of Credit
- The role of the Banks
- Making Letters of Credit work for all parties
- Avoiding discrepancies
- Common documentation and common terms
- Strict compliance – the role of UCP 600
- Generating finance and cash flow within a Letter of Credit
- The different types of Credit
Who should attend
This course is most suitable for new exporters of people working in export but never had official training that deal with or get involved with Letters of Credit.
The departments within a business that this course would apply to are:
- Customer Services
- Export Administration
- Accounts and Finance
- Export Sales Administration
- Export Sales Management
- Import Administration
The Office Group, Gridiron Building, Pancras Square, 1 Pancras Road, Kings Cross, London N1C 4AG