Letter of Credit
Course Code: CL23
Course Objective
- Apply the technical aspects of shipping infectious substances by air
- Review the current Infectious Substances Shipping Guidelines based on the latest IATA Dangerous Goods Regulations Manual
- Use our step-by step workbook with the current Infectious Substances Shipping Guidelines publication
- Promote safe and efficient handling practices in the workplace
- Facilitate shipments by ensuring compliance
Target Audience
- Shipping personnel, freight forwarder, banker, trader, importer/exporter, businessman, and those keen in upgrading their knowledge in international trade.
Course Outline
Day 1 – Introduction of Letter of Credit
- What is a ‘Letter of Credit’?
- What are some common payment terms used in international trade?
- Why are ‘Letters of Credit’ used?
- How are ‘Letters of Credit’ issued?
- How does a ‘Letter of Credit’ work with commercial transaction relating to Domestic and International trade?
- Who are the different parties to the ‘Letter of Credit’?
Day 2. Incoterms: Its Rules and Applications
- Ncoterms 2000
- Meaning of EXW, FCA, FOB, CFR, and CIF
- How to use the terms to your advantage
- Responsibilities of buyer and seller
- Meaning of title and transfer of risk
- Its customs of trade
Day 3. The Fundamental of International Trade Financing
- Finance for exporter & importer
- Factors for financing
- Types of payments
- Export Credit Insurance
- International Export factoring
- Trust Receipt and Discounting Bill
Day 4. The Elements of Letter of Credit
- Operation of Letter of Credit
- Rules cpncerning the application of L/C
- Methods of overcoming discrepancies
- Effective methods of checking L/C
- Understanding UCP 600
- How to do financing in Back-to-back LC
Day 5. Understanding International Fraud and Prevention
- Understanding of LC fraud
- Characteristics of LC fraud
- Methods of LC fraud
- Malpractices and weakness in shipping practices
- How to prevent fraud
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