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April 7, 2022
Congratulations, now that you have the international sale, how do you get paid? Pre-payment is nice if you can get it, 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? Why leave all the options up to your customer? When it comes to getting paid do you think they will always have your best interests in mind?
Program overview: This program will enable you to understand when and how to use a Letter of credit to your advantage. Upon completion of this program you will be able to answer what is a letter of credit, and should we be using one to manage our risk and exposure? You will also be able to introduce specific strategies and tools to use when beginning a negotiation with an international client. As well as how to integrate incoterms strategically.
Topics covered:
– What is a letter of credit: Confirmed, irrevocable, stand by, back-to-back.
– L/C Presentation: what are my options? Time, sight, drafts.
– L/C Negotiation – understanding the role of issuing, advising, confirming, and negotiating banks.
– L/C Documentation
– Who is responsible for the creation and accuracy of proforma invoices, insurance or inspection certificates, choosing terms of sale. What is the bank’s role with these documents?
– Common L/C discrepancies-expiry dates/import licenses/certificates of origin/payable at the sight of U.S. bank.
– Definitions of all terms and parties, such as the applicant, beneficiary, T/T, documentary collection.
– Specific strategies and templates to use when negotiating an L/C.