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Letters of Credit [Remote Online Training]

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Programme Details

The outbreak of the virus Covid-19 has a great impact on world trade, as its ignificantly slowdown the global economy. The national lock down has caused airspace and borders to be closed and this has resulted in unprecedented disruption to most economies such as production, imports and exports, logistics, transportations and the various supply chain activities.

As for imports and exports, Covid-19 has not only affected the movement of goods worldwide, it has also affected the movement of documents such as Letter of Credit, export documents, and the various relevant documents pertaining to Letter of Credit of which it is governed by UCP 600.

Since Covid-19 is an unexpected and unavoidable event, importers and exporters tend to insert certain sanction clause or force majeure clause in the sales contract/ agreement or even in the Letter of credit, which would excuses the parties from further performance of a contract uponoccurrence of certain force majeure events, and thus leaving the Letter of Credit unpaid.However, with certain measures tobe taken by importers and exporters,the above situation can be curbed to a certain extent.

Course Contents

• Definition of Letter of Credit
• Parties Involved in LC Transaction
• Types of Letter of Credit
• Normal Irrevocable Letter of Credit (LC)
• Confirmed LC
• Unconfirmed LC
• Back-to-Back LC
• Shipping Guarantee (SG)
• Export Documents Pertaining to LC
• Discrepancies
• Decision to Honour or Dishonour Presentation of Documents/Negotiable Credit
• Exporters' Alternatives/Measures to be Taken on Discrepancies
• Effect of Outbreak of Covid-19 on Letter of Credit

Fee Details

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