Payments for Exports - Including Letters of Credit

This course is tailored to meet the needs of those working in export administration who need to understand the importance of payment methods and letters of credit in order to ensure that payments are received for goods exported world-wide. On completion, delegates will understand and appreciate the many pitfalls that can prevent payment or lead to delays when selling goods under Letters of Credit.

Key Objectives

After attending this course delegates will understand:

• Avoiding pitfalls which can prevent payments
• The procedures, documentaion and terminology associated with Letters of Credit
• Benefiting from hints, tips and procedures to ensure you get it right
• Gaining knowledge of alternative payment methods available when trading internationally
• Minimising errors and process delays

Course Outline

• Pertinent questions relating to dealing with Letter of Credit – What are they? Do we need to use Letters of Credit ? What are the benefits and disadvantages of using them? What is the best type to use? How much do they cost and who pays the costs?
• Letters of Credit procedures and administration systems
• Letters of Credit documentation
• Letters of Credit terminology
• A review of UCP 500
• Common pitfalls and their prevention
• Practical exercises using real Letters of Credits to verify understanding
• Minimising errors and employing corrective action
• Other payment methods

Key Benefits

• Ensuring payments are secured in a timely, efficient manner
• Defining personal responsibility and accountability by staff
• Competent staff, knowledgeable in information requirements and administrative processes
• Minimised errors and process delays