FCIB's Webinar Training Series - Documentary Collections and Letters of Credit

Summary

Webinar at a glance:
With the current economic conditions, more companies are moving away from open account for their international transactions, and back to documentary collection and letter of credit payment terms. Discover how documentary collections (Cash Against Documents, Sight Drafts, Time Drafts) work and why they are an important step in the international payment terms scheme. Also, learn the basics of a Letter of Credit, why they are still an important means of payment in today’s world, and how they are successfully used in international trade.

Topics that will be covered

• Learn the step by step process of Documentary Collections
• Discover what documents control the payment in a Documentary Collection
• Find out when and when not to use Documentary Collections
• Uncover the meaning of “Direct” or “Clean” Collections
• Understand what rules govern Documentary Collections
• Learn the many reasons for Letters of Credit and why they are still used in international trade
• Find out how the Letter of Credit process works
• Discover the security of a payment under a Letter of Credit
• Uncover the different types of Credits (including Standby Credits, Transferable Credits, Revolving Credits, etc.)
• Discern how a Letter of Credit can help mitigate risks within the transaction
• Learn how a “Confirmed” Credit can help secure your payment
• Understand the parties involved in the Letter of Credit transaction
• Discover what issues are most important with a Letter of Credit
• Find out the standard “conditions” of every Letter of Credit
• Determine how and when amendments to the Credit are necessary