29mar(mar 29)8:30 am30(mar 30)4:00 pmLegal and Practice Perspectives on Documentary Credits Under UCP 600

Event Details

Legal and Practice Perspectives on Documentary Credits Under UCP 600

 

This note provides an overview of the Uniform Customs and Practice for Documentary Credits (UCP), 2007 Revision, ICC Publication No. 600 (UCP 600. The UCP is a set of contractual rules which are frequently incorporated by express agreement into a documentary credit (also called a letter of credit) transaction.

It is generally accepted that international trade transactions carry inherently more risk than domestic trade transactions, because of differences in culture, business processes, laws and regulations. It is therefore important for traders to ensure that payment is received for goods despatched and that the goods received and paid for comply with the contract of sale.

What is the relationship between law and UCP600? We need to understand it together, therefore in this discussion we will discuss and review UCP600 article by article as well as applications in export/import transactions.

 

What will be discussed?

1. Letter of Credit Under UCP600

 

2. What is a Letter of Credit?

 

3. Why is it used?

 

4. How does a letter of credit operate?

 

5. “SIGHT LC TRANSACTION SCHEME”

 

6. “USANCE LC TRANSACTION SCHEME”

 

7. How the letter of credit operates, the four stages:

• Stage 1 – Sales contract

• Stage 2 – Instruction to the issuing bank

• Stage 3 – Opening of the credit

• Stage 4 – Operation of the credit by the beneficiary

 

8. Banks involved in international trade:

• Correspondent Banking

• Opening/Issuing Bank

• Advising Bank

• Negotiating Bank

• Reimbursing Bank

• Confirming Bank

• Transfering Bank

• Nominated Bank

 

9. Legal and Practice Perspectives on Documentary Credits Under UCP 600:

• Any idea about UCP?

• The UCP and The Law

 

10. UCP 600 – Overview of Article 1 – article 39

 

11. Case study

 

12. Q & A

 

13. Summary: The advantages and risks of the letter of credit.

 

Price :

Rp 3.000.000 (ICC Member)

Rp 3.500.000 (Non Member)

 

For registration and further information drop an email to ICC Indonesia :
Susan : icc@icc.sementara.net
Trisa : trisa@icc.sementara.net
Santi : santi@icc.sementara.net

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Time

29 (Tuesday) 8:30 am – 30 (Wednesday) 4:00 pm