Almost 70% of all manufacturers and traders use Letters of Credit, which they think is a safe method of payment in International Trade. The truth is, Letter of Credit are fraught with risks!! Letters of Credit can mean sales & profit as well as BUSINESS CATASTROPHE!! We have many documented cases of non payment under Letter of Credit which had happened in Malaysia ! Ignorance can be costl
- Overview of Methods of Payment and Trade Facilities in International Trade.
- Trade Documents commonly used in International Trade – Bills of Exchange, Bills of Lading, etc.
- Trade terms commonly used in International Trade
- Step by Step detailed flowcharts and Samples on how various types of Letter of Credit work.
- Secret Cost Saving Areas in LC transactions which your bankers will never tell you.
- Case Studies on non-payment under LC where traders had lost millions of ringgit!
- Why payment are often delayed in LC transactions and how to overcome this.
- Date of Issue, Shipment, Presentation Date and Place of Expiry.
- Role and Liability of Banks and Rights of Recourse
- Practical pointers when applying for a Letter of Credit(Importer).
- How to prepare and check documents to avoid discrepancies.
- Discussion on Discrepancies– Why; How To Resolve
- Practical pointers when presenting documents under a Letter of Credit (Exporter)
- How to avoid Pitfalls and Traps in the use of Letters of Credit.
- Detailed checklists for Exporters and Importers
- Concept of Confirmed LC and “Silent Confirmation LC”
- Application of UCP 600 in Letter of Credit
- Back to Back LC and Transferable LC