All it takes is just one discrepancy in export letters of credit (LCs) and bills of lading (BLs) to result in non-payment. To avoid discrepancies, those handling LCs and BLs must know the UCP 600 and ISBP 2013 thoroughly. While UCP 600 was effective in July 2007, the ICC Banking Commission approved the latest ISBP (International Standard Banking Practices) 2013 to supplement and clarify the UCP 600 further, detailing key principles of document preparation, and rules for the examination of documents. What was previously considered a discrepancy is now no longer valid discrepancies for an issuing bank to reject payment. It's imperative that importers, exporters and bankers alike are updated with the UCP 600 and ISBP 2013.
This 2-day workshop is case-based, interactive and highly practical.
Day 1: ICC Documentation Standards under UCP 600
- Application of UCP, definitions, interpretations
- Credits vs contracts
- Documents vs goods
- Credit availability, by sight payment, by deferred payment, by acceptance, by negotiation
- Issuing bank & confirming bank's undertaking, role
- Advising bank's role & liabilities
- LC amendments
- Standards for examination of documents
- Discrepant documents, waiver & notice of rejection
- What constitutes an original document?
- Invoice - however named? Tax invoice, commercial invoice, final invoice
- Multi-modal bills of lading / combined transport bills of lading / through bills of lading - however named?
- Marine / ocean / liner bills of lading - however named?
- Non-negotiable seaway bills of lading - not good for seller & issuing bank, why?
- Charterparty bills of lading - is always consigned to "order & blanked endorsed", why?
- Clean transport document - must the word "clean" be shown on the bill of lading?
- Insurance document - policy, certificate and cover note
- Tolerances on amount and quantity
- Partial shipment vs instalment shipment
- Disclaimer on effectiveness of documents - forged bills of lading, is a bank liable?
- Documents lost in transit - is issuing bank liable to pay seller?
Day 2: ICC Documentation Standards under ISBP 745
- Abbreviations, certifications & declarations, dates
- Corrections & alterations on documents - must they be authenticated?
- Misspelling & typo errors - is this a discrepancy?
- Date terminologies, from & after
- Inconsistencies in documents - are they discrepancies?
- Issuer of documents
- Drafts (bills of exchange) - words & figures differ, which will be taken as the amount?
- Shipping documents - what do they refer to?
- Title of documents vs data content - which is more important
- Invoices - tax invoice, commercial invoice, final invoice, consular invoice, pro-forma invoice, provisional invoice, etc goods description, Incoterms source
- Ocean / marine / liner bills of lading
- Charterparty bills of lading, tanker bills of lading, congen bills of lading
- Non-negotiable seaway bills
- Multi-modal bills of lading
- Airway bills
- Road, rail or inland waterway transport documents
- Insurance documents
- Certificates of origin
- Packing list, note or slip
- Weight list, note or slip
- Beneficiary's certificate, analysis, inspection, health, phytosanitary, quantity, quality and other certificates
Fri, 15 May 2020
Complete registration form below and submit.
Look out for confirmation email with soft copy invoice.
Remit payment by cheque, bank transfer or cash to TAKX Solutions Pte Ltd.
Look out for reminder email closer to workshop date.