Now that you have the international sale, how do you get paid? Pre-payment is nice, but it can put you at a competitive disadvantage. Are you aware of all of your options; letters of credit, cash against documents, open account, and prepayment?
Join us Thursday, May 9 for a free webinar on international banking. Upon completion of this program, you will know what a letter of credit is and how it can manage your risk and exposure. You will learn specific strategies and tools to use when beginning a negotiation with an international client, as well as how to integrate incoterms strategically.
- What is a Letter of Credit (L/C): confirmed, irrevocable, stand by, back-to-back
- What are the options: time, sight, drafts
- L/C negotiation: understanding role of issuing, advising, confirming and negotiating banks
- L/C documentation: Who is responsible for creation and accuracy of proforma invoices, insurance or inspection certificates, choosing terms of sale and what is the bank’s role with these documents
Common L/C discrepancies: expiry dates/import licenses/certificates of origin/payable at sight of US bank
- Definitions of all terms and parties, such as applicant, beneficiary, T/T, documentary collection
- Specific strategies and templates to use when negotiating a L/C