$249
Premier pro price: $224 (save 10%)
This session will take an in-depth look at how standby letters of credit work and the reasons they sometimes don’t. Participants will learn how to protect themselves against non-payment.
Course Objective
Many people think of standby letters of credit as nearly equivalent to cash. What they don’t realize is that many letters of credit don’t get paid when called upon. Most often this is due to misunderstanding how standbys work and then failing to present the documents correctly; indeed, occasionally it is not even possible to present the documents that are called for. Sometimes it is because the bank that issued the standby is ordered not to pay by a court either because the customer has gone bankrupt and payment is deemed a preference (exactly what you thought the standby was protecting you against) or because the customer claims you have no right to the payment and has managed to get an injunction. And sometimes it is because the bank that issued the standby has been declared insolvent and the regulators (e.g., the FDIC) have repudiated the standby.
Course Outline
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Mechanics and Principles of Letters of Credit
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Confirmed Letters of Credit
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What Is a Standby Letter of Credit?
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Uses for Standby L/Cs
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Competing Rules Governing Standby L/Cs: Which to Use
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Things That Go Wrong and How to Avoid Them
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Tips for Using Standby L/Cs Better
Target Audience
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attorneys
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credit and collection managers
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presidents
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vice presidents
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business owners
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managers
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insurance professionals
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lending professionals
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accountants
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bankers
Webinar Events
Attend Live Webinar
Jun 30, 2020 - 01:00 PM EDT
Duration: 90 Minutes
Single Attendee
Premier pro price: $224 (save 10%)
Group of 3 to 5 +1 Thumb Drive or 5 online Recorded version
Premier pro price: $359 (save 10%)
Group of 6 to 10 +1 Thumb Drive or 10 online Recorded version
Premier pro price: $719 (save 10%)
Training CD-DVD
Physical CD-DVD of recorded session will be despatched after 72 hrs on completion of payment
Premier pro price: $539 (save 10%)
Recorded video
Recorded video session
Premier pro price: $314 (save 10%)
Speaker: Buddy Baker,
Walter (Buddy) Baker brings more than 30 years of experience in working with companies to finance and insure their trade receivables to this presentation. His professional experience includes stints with Atradius Trade Credit Insurance, ABN AMRO Bank, Bank of America, Wachovia Bank, and The First National Bank of Chicago. Buddy is a recognized expert in trade finance and makes frequent presentations for national associations of credit managers, exporters, importers, bankers, and lawyers. He owns the consulting firm Global Trade Risk Management Strategies, which specializes in both online and on-site educational training, and designed the online training/certification programs used by the Association of International Credit and Trade Finance Professionals (ICTF) and by the Association of Trade and Forfaiting in the Americas (ATFA) and the trade finance sections of the certification program used by the Finance, Credit and International Business Group (FCIB) of the National Association of Credit Management (NACM). Mr. Baker has authored numerous magazine articles and the books Users’ Handbook to Documentary Credits under UCP600, Documentary Payments & Short-Term Trade Finance, and The Regulatory Environment of Letters of Credit and Trade Finance. As a member of the National Letter of Credit Committee of the Bankers’ Association for Finance and Trade, the Advisory Council of the Institute for International Banking Law and Practice, and the Council for International Standby Practices, Mr. Baker is actively involved in establishing national and worldwide standard practices for LCs. He participated in the most recent revision of the Uniform Customs and Practice for Documentary Credits (referred to as “UCP600”), contributed to the creation of the official ICC guide for examining letter of credit documents, called the International Standard Banking Practices for the Examination of Documents under Documentary Credits, and served on the drafting committees for the International Standby Practices (“ISP98”) and Article 5 of the Uniform Commercial Code. He also serves on the Board of Directors of the Association of International Credit and Trade Finance Professionals, a multinational association of export credit managers.
