Letters of Credit for Importers and Exporters

Letters of Credit for Importers and Exporters
Product Code: : CRAQ-9275
Speaker : Douglas Cohen
Date : 14th June 2019
Time : 02:00 PM PST | 05:00 PM EST
Duration : 60Min

Topic Background:

An export letter of credit (LC) is one of the payment methods in international trade. LCs are often useful when open terms are not granted and to reduce the risk of nonpayment. An LC is a payment method where an irrevocable legal document (the LC) is issued between the buyer (issuer) and the seller (beneficiary) describing the shipping, payment terms, other terms and documents required to be presented at the shipping dock (or other endpoint).

In some countries, LCs may be used to guarantee accounts receivable carried by the local location. When the balance becomes due and the customer has not paid, you can present the specified documents to the customer's bank and get paid by the bank.

Overview:

This web session is designed to provide attendees with an end-to-end understanding of the L/C (letter of credit) process. From the beginning of a contractual agreement, through the letter of credit application process and actual negotiation of the L/C, this information-rich webinar will provide techniques that are indispensable to both importers and exporters and trade finance personnel.

Letters of Credit are the primary instruments for assuring payment of goods sold internationally. Letters of Credit are issued under the International Chamber of Commerce's Uniform Customs and Practice standards and can be negotiated by over 30,000 banks worldwide.

Why Should You Attend:

If your organization imports or exports, or is involved with trade financing, you must understand letters of credit.

Even in today's free trade-oriented business environment, companies must exercise particular caution when agreeing on payment terms. With financing choices that include cash in advance, open terms, letters of credit (L/C), both importers and exporters need to understand the true implications of their credit policies and practices.

In recognition of the challenges associated with the execution of international payment terms, this webinar will provide both importers and exporters with the insight necessary to make well-informed credit decisions. Using a combination of easy-to-understand explanations and real-life scenarios, this program is ideal for credit managers, international salespeople, logisticians and order management personnel.

This webinar is a must-attend event for importer or exporter and those who need to understand the details of how to negotiate, prepare and execute error-free letters of credit.

Objectives of the Presentation:

  • Gain a comprehensive understanding of the letter of credit process
  • Learn how to negotiate the terms of both import and export L/Cs
  • Be 100% aware of the letter of credit documentation requirements
  • Be aware of all expenses associated with using letters of credit
  • Learn how to avoid amendments and discrepancies
  • Understand the role of banks and freight forwarders in the L/C process

Areas Covered in the Session:

  • Documentary credits defined
  • Letters of credit for exporters
  • Documentation requirements
  • Letters of credit for importers
  • The letter of credit process
  • Amendments and discrepancies
  • Tips for negotiating L/C terms

Who will Benefit:

  • Exporters
  • Logistics and trade professionals
  • International sales executives
  • Customs brokers
  • Freight forwarders
  • Airlines
  • Steamship lines
  • International banking personnel
  • Professors and students of global trade

Speaker Profile:

For more than 20 years, Douglas Cohen has been at the forefront of international trade and transactions. With positions in private law practice, the US Department of Commerce, the European Union, IATA, and American Airlines, Mr. Cohen has developed significant expertise in import-export compliance, international negotiations, intellectual property, and Internet laws. At present, he is Senior Manager for Global Trade & Contracts at Worldwide Trade & Legal Associates, where he provides legal and strategic advice to organizations seeking to enter or expand foreign markets.

Mr. Cohen has been asked to teach university courses and corporate seminars on international business and law in the US, Europe, Asia, and the Middle East. He is the author of numerous publications on Internet law, international contract negotiations, intellectual property protection, and import-export operations and compliance. 


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