Conference on

Letter of Credit& INCOTERMS 2010

& Critical Operational Issues, Discrepancy in Letter of Credit Transactions With Case studies

Conference & Its Objectives

In international trade, transactions there are two major issues may cause concern to both the parties. They are terms of delivery and terms of payment. Terms of delivery can be finalised by the parties based on International Commercial Terms (INCOTERMS). ICC Paris who is author of this material has come out with a revision titled as INCOTERMS 2010, which will be in force from 1st January 2011. Out of the existing 13 terms, 4 terms are dropped and two new terms will be introduced.

• After introducing UCP 600 and ISBP 681 with effect from 1st July 2007, lot of queries, disputes and issues were referred to International Chamber of Commerce, Paris and ICC Paris has published decisions on such disputed issues.

• This workshop will discuss in detail the changes between INCOTERMS 2000 and INCOTERMS 2010. In addition, the decisions published by ICC Paris will be taken up for discussion in the form of case studies.

• Around 20% of the total trade transactions are covered under Letter of Credit and around 70% of the transactions are rejected on first presentation of documents. Survey conducted by ICC came out with the results that rejections are mainly due to accepting documentary credits with risky conditions or documentary credits established by importers not drafted properly. This programme will discuss the basic issues that are to be considered by both the parties in order to get the best effect of the Letter of Credit transactions.

• From our experience, we find that most of the important contents of ICC publications could not reach the users

• Our Faculty of this conference who regularly conducts seminars/workshops/conference found that most of the corporate are not aware about these developments. Hence, this programme has been exclusively designed to address those critical issues which are having practical relevance.

• To update the exporters, importers and the bankers we have specially designed this programme focusing our discussions on the following aspects:

• As an importer how to stipulate the documentary requirements to safe guard the interest and to avoid losses due to presentation of fraudulent documents.
• As an exporter how to present discrepancy free documents and get the payment at the first presentation itself.
• Implication of certain UCP 600 articles and their proper application in structuring the Letter of Credit Transactions.
• Check list for presentation of draft, commercial invoice, transport documents, Insurance and other relevant documents relating to Letter of Credit Transactions.
• Probable discrepancies in the commercial documents presented under Letter of Credit Transactions.

Who will Benefit Most from this conference

• Corporate having international exposure on cross border trade handling Letter of Credit.
• Marketing-in-charges & Finance heads of Export firms who are frequently dealing in Letter of Credit transactions.
• Importers having high value transactions who want to ensure due compliance of the contractual obligations by the overseas sellers through proper documents.
• Bankers who deal in Letter of Credit transactions can update their professional skills to serve their clients more efficiently.

Conference Schedule :

Session 1

• Overview of letter of credit operation – Negotiation of documents under Letter of Credit Transaction
• Detailed discussion on INCOTERMS 2010 Revision.

Session 2

Significance of documents in a Letter of Credit - Relevant UCP articles and ISBP 681 rules relating to bill of exchange (draft) , commercial invoice, transport document, insurance, certificate of origin - problems faced by the importer in not prescribing appropriate documents to safe guard his interest. Discussion on Field No.46 A (Documents) and 47 A (additional conditions).

Session 3

Check list for exporters – at the time of finalizing the commercial contract, at the time of receipt of the letter of credit, presentation of documents without discrepancy; Handling discrepant documents.

Session 4

Discussion on ICC Paris decision on critical operational issues in Letter of Credit Transactions - Case Study.

Question and answer – summing up

Timings

9:30 am - 5:30 pm , Registration begins at 9:00 am

How to Register

• Fees: Rs. 7,500 +10.3 % service tax per person
• Please write to register@princetonacademy.in / Call -022 66976892
• Mention the name of participant, company, contact details .
• Cheque favouring Princeton Academy Mumbai II Pvt. Ltd. payable at Mumbai.
• Fees includes lunch, tea, course material etc.

Register for Seminar

Online Registration form

Contact us

Registered Office Address

Princeton Academy

502 Shalimar Morya Park,Link Road,
Andheri [W], Mumbai - 400053. INDIA
Tel: +91 22 66976892 | Fax: 022 26733060
Email: register@princetonacademy.in

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