Target Audience

This course has relevance to all parties involved with letters of credit but is especially aimed at exporters. The course highlights the changes that will have the greatest impact on letter of credit beneficiaries.

Instructional Method
Dynamic, Interactive e-learning

To purchase this course online, visit: Link
http://www.kesdee.com/coursedetails.jsp?productid=109&groupID=8

1. UCP600 An Overview

• List some of the major rules and regulations governing letters of credit
• Explain what the ICC is and the nature of its publications
• Explain what the UCP is
• Discuss the history of the UCP
  
• Know in detail why the UCP500 was revised
  
• Describe the contents of the UCP
  

2. Part 1

• Major changes
• Subtle changes
• Unresolved issues

3. Part 2

• Understand the application of the UCP
• Define the terms used in the UCP600
• Interpret certain ambiguous terms
• Understand the separation between letters of credit and the contracts they arise from
  
• Determine from the text of a letter of credit how and where payment is available
  
• Explain the roles and responsibilities of various banks involved in a letter of credit transaction
  

4. Part 3

• Explain how letters of credit get amended
• Explain how teletransmissions are used to communicate partial and full details of L/Cs
• Explain the roles and responsibilities of the nominated bank
• Visualize the basic mechanics of how reimbursements work
• Explain the general standards governing how documents are checked and what handling is required when discrepancies are found in the documents
• Describe the circumstances in which letters of credit must be honored and those in which they may be honored despite discrepancies in the documents

• Original Documents and Copies
• Commercial Invoice
• Transport document covering at least two different modes of transport
• Bill of Lading
• Non-Negotiable Sea Waybill
• Air Transport Document
• Courier Receipt, Post Receipt or Certificate of Posting
• "On Deck," "Shippers Load and Count," "Said by Shipper to Contain, " and Charges Additional to Freight
• Clean Transport Document
  

6. Part 5

• Marine insurance
• Common letter of credit discrepancies in marine insurance documents
• Steps to avoid discrepancies
• Discrepant Documents, Waiver and Notice

7. Part 6

• Extension of Expiry Date or Last Day for Presentation
• Tolerance in Credit Amount, Quantity and Unit Prices
• Partial drawings or shipments
• Installment Drawings or Shipments
• Hours of Presentation
• Disclaimer on Effectiveness of Documents
• Disclaimer on Transmission and Translation
• Force Majeure
• Disclaimer for Acts of an Instructed Party
• Transferable credits
• Assignment of proceeds