Export Letters Of Credit - Webinar By ComplianceOnline (Banking and Financia)
Venue: Online Event
|Event Date/Time: Aug 23, 2012||End Date/Time: Aug 23, 2012|
Why Should You Attend:
Letters of credit used in export sales (commercial L/Cs) are quite different from those credit managers are accustomed to using in domestic sales (standby L/Cs). The biggest difference is that export L/Cs are intended to be drawn on and thereby serve as the means of payment for goods shipped. The â€œrubâ€ is that they tend to call for more documents, many of which are prepared by third parties. Export L/Cs are designed to serve as a reliable means of credit assurance and also an efficient means of payment. Yet 75% of the time the documents are noncompliant and it can take 3 to 6 weeks to get paid on a â€œsightâ€ L/C.
This session will provide participants with a detailed review of the mechanics of export L/Cs and how they are structured to assure fast payment. The presenter will review and illustrate fundamental principles using real-life examples. The discussion will then focus on the points at which the process tends to break down. Participants will learn how to get paid in one or two days, even when documents are discrepant, how to avoid discrepancies (and non-payment), and how and when to use â€œsilent confirmations.â€