Mastering the use of LC

MANILA, Philippines - In international trade transactions such as import and export of goods, the most commonly used instrument of payment is a letter of credit (LC). Unknown to many, there are many pitfalls and traps in the use of various types of letters of credit that can be risky for businesses and can lead to financial losses when done improperly.

To address these issues, the International Chamber of Commerce, in collaboration with the Center for Global Best Practices, will hold a pioneering two-day seminar entitled, “Best Practices In Letters of Credit” to be held on Wednesday and Thursday, Oct. 24 and 25, 2012, at the Edsa Shangri-la Hotel, Mandaluyong City.

The two-day seminar is a comprehensive guide for participants on everything they need to know about LC transactions. Attendees will learn practical steps in issuing proper LCs and how they work, what to do to avoid pitfalls, and actions to take in cases of discrepancies.

The program will also cover new regulations (and the application of UCP 600) involving letters of credit.

This one-time event offers early bird discounts for those who will pay early, and group discounts for attendees of three or more. For details and a complete list of seminars, you may log on to www.cgbp.org or contact program leader Zennie Escudero at 842-7148/ 59 and 556-8968/ 69; Cebu lines (032) 512-3106/ 07) or email at [email protected].