Documentary credits are seen as a guaranteed way for sellers to obtain the price of the goods within the credit from the banks and not the buyer and ensure the receipt of the value of the goods in exchange for the submission of the documents consistent with its terms when the banks issue obligations to pay if the documents are received within the agreed terms.
Explain what a documentary credit is and its main features
Identify pre-issuance considerations
Understand Letters of credit cycle
Identify roles and responsibilities of the issuing bank, confirming bank, advising bank, and nominated bank
Understand the scope of application of Uniform Customs and Practices (UCP600)
The letter of credit definition and its main features and parties.
The responsibilities and risks of the parties involved.
Different types of approvals needed for LC issuance.
Credit approval.
Compliance approvals.
Financial institutions approvals.
CBE approval.
Letters of Credit’s SWIFT types format and necessary fields.
LC issuance, amendment, advising, confirmation, and settlement.
Presentation and examination of documents.
Different types of approvals needed for LC issuance.
Credit approval.
Compliance approvals.
Financial institutions approvals.
CBE approval.
Letters of Credit’s SWIFT types format and necessary fields.
Roles and responsibilities of the Issuing bank, article 7.
Roles and responsibilities of the Confirming bank, article 8.
Roles and responsibilities of the Advising bank, article 9.
Roles and responsibilities of the Nominated bank, article 12.
Roles and responsibilities of the Reimbursing bank, article 13.
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