Letters of Credit (ON-DEMAND) - LOC
Course Summary
This course provides an introduction to the use of letters of credit in the international energy trading market. You’ll learn about the process of opening a documentary letter of credit, the key terms, and the roles and responsibilities of the banks, the applicant and the beneficiary. We’ll cover how to check and amend a letter of credit, and how to avoid discrepancies in presentations. We’ll review the key principles of UCP and ISBP. We’ll consider other types of letters of credit including standby, revolving and back to back.
Course Content
You will learn to:
Identify what a documentary letter of credit is, the key terms and the roles and responsibilities of the parties to a credit.
Point out how to open a documentary letter of credit, how to check and amend a credit, how to present documents and avoid discrepancies.
Recognize the UCP and ISBP standards for issuing and checking letters of credit.
Distinguish between different types of letters of credit including documentary, standby, revolving and back to back.
Practice exercises and self-assessment quizzes are included to help reinforce key topics introduced throughout the course.
A comprehensive final test will be given at the end of the course.
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