LC UCP 600

Additional information:

• Price: 2500  AED
• Duration: 2-3 Days
• Timings: Flexible

 Course Overview

1. Definition & Types of LCs

• Definition – Issuance – amendment – extension – utilization
• Types & Risks of letter of credit – Irrevocable, Confirmed, Transferable, Revolving, Red Clause, Back to Back
• Contents of LC
• Why UCP is must for LCs
• General provisions of UCP 600

2. Review of terms & conditions

• Terms of LC in light of UCP600 (term vs articles)
• Ambiguous terms definition & interpretations
• Understanding difference between Payment / Negotiation & Accpetance/Defferred Payment
• Partial Shipments
• Minimal requirements for 45A Goods Description

3. Documentary Requirement

• Transport document  – Sea / Air / Road / Rail
  • How to evaluate your transport documents – 11 points theory
  • Who should issue transport document
  • Why confirmation of dispatch is a must
  • SHIPPED ON BOARD vs CLEAN ON BOARD
• Commercial Invoice
• Insurance Documents in light of UCP 600
  • Who can issue insurance
  • In whose name insurance should be issued
  • Date of insurance / cover percentage / risks  etc.
• Other documents as per UCP 600

4. Presentation

• Importance of Period of Presentation  / how to benefit from
• Period Of Presentation Presenter, presentation, original doc/copies /signature
• Time frame for banks & their obligation

5. Discrepancies

• Understanding Discrepancy(ies)
• Inconsistency – Discrepant documents – Waiver – Notice – Acceptance
• Direct & Indirect costs & impact of discrepancy(ies)
• How to deal & control discrepancy(ies)

6. Complying Presentation

• Principles of documentary verification
• Checking documents according to UCP 600 & ISBP
• When banks are precluded from claiming any discrepancy in documents

7. Open debate on problems faced by participants in documentary credits and their solution
8. Answer & question will be throughout the training session