Letters of Credit and Bills of Exchange

Letters of Credit and Bills of Exchange

Over half the documents presented for L/C payment to the bank are rejected on first presentation. This 50% rejection factor drains precious money away from net profits and is largely avoidable if L/C business is handled carefully. The course presents a formula for dramatically improving company performance.

Course Content

• Definition of a Letter of Credit.
• Forms of L/C – revocable, irrevocable and confirmed irrevocable.
• Types of L/C – sight, deferred payment, acceptance, stand-by.
• Advantages and Disadvantages of L/Cs .
• Bills of Exchange explained.
• Opening, amending and extending L/Cs and presentation of documents.
• Action if documents do not conform.
• The governing terms – ICC Publication Nº 600.
• Breakdown of costs involved.