The Center for Global Best Practices will be hosting a seminar called “Best Practices in Letters of Credit” on May 5 & 6, 2011 at the New World Hotel. This is to address the various problems and setbacks concerning the use of letters of credit (LC), including business risks that can eventually lead to financial losses when it is done improperly. A letter of credit is a commonly used instrument of payment in international trade transactions such as import and export of goods. Unknown to many, there are many pitfalls and traps involved in its use. One of the dangers of using LCs is that many companies deliberately resort to bad tricks to victimize others.
For more information on this seminar, visit www.cgbp.org or call Zennie Escudero at (02) 556-8968/69 (Manila) or (032) 512-3106/07 for more details. Discounts are available for those who will register and pay early, and those who will register three attendees or more. This is a limited-seats-only event and pre-registration is required.
This two-day seminar will highlight practical steps in issuing proper LCs and how they work, what to do to avoid pitfalls, and actions to take in cases of discrepancies. New regulations (and the application of UCP 600) involving letters of credit will be covered. This program will also present easy-to-understand case studies and samples to highlight best practices pointers and tips, including topics such as cost saving areas in LC operations that your banker will never tell you, overcoming delays in payment in LC transactions, liabilities of banks, remedies, and many more. The seminar is applicable to manufacturers, importers, exporters, traders, entrepreneurs, bankers, insurers, transporters of goods, CFOs, company treasurers, and those interested in fully understanding how LCs work.
The lecture will feature Singapore-based expert, Victor Tan, an authority in the field of trading and banking, and who has 15 years of banking experience in Europe, covering areas of international trade finance, remittances, guarantees, and import and export. He holds a Master of Business Administration degree from University of Strathclyde, UK and is a qualified Life Associate Member of the Chartered Institute of Bankers, London. He has worked with various international banks such as Standard Chartered Bank, Amsterdam-Rotterdam Bank, Bangkok Bank, Royal Trust Merchant Bank and Barclays Bank, the last of which he served as deputy head of the trade finance department. He conducts highly specialized training programs for clients in Jakarta, Bangkok and Singapore. He will teach attendees all the best practices applications of LCs for one’s advantage.