Seminar on revised rules on LC transactions

Manila, Philippines -  The Center for Global Best Practices (www.cgbp.org) in collaboration with the International Chamber of Commerce will hold a pioneering seminar titled “Revised Rules on Letters of Credit Transactions: UCP 600 & ISBP” on Aug. 9-10, from 9 a.m. to 5 p.m. at the EDSA Shangri-La Hotel, Mandaluyong City.

The program aims to update bankers, exporters, importers, transporters, carriers, insurers and lawyers in the practice of commercial law and dispute resolution on the major changes in LC rules that took effect globally on July 1, 2007

Unfortunately, many still commit costly errors in LC documentation because of being unaware of these rules. These changes, which govern LC transactions in all countries around the world, are contained in UCP 600 (Uniform Customs and Practices for Documentary Credits) and ISBP 2007 (International Standard Banking Practices for Examining L/C Documents).

Companies in other countries that are already updated on these changes are able to apply these advantages for their businesses and are enjoying the benefits of a simplified set of rules, clearer definitions of terms and are effectively able to prepare the proper documentation under the new mandatory set of rules of the International Chamber of Commerce (ICC).

As there is so much money at stake in trading, there is a need to eliminate the risks and defects in LC preparation and documentation. In some cases, unscrupulous trading partners from overseas use their knowledge advantage on these new LC rules to renegotiate an increase or decrease in the prices of traded goods for their benefits when there are errors in documentation from the other party.

In this comprehensive seminar, a lot of visuals and illustrations will be presented for participants to read less and learn more with an article-by-article analysis in the interpretation of the revisions in LC rules.

This one-time event — which is normally held in other countries — gives an opportunity to those who wish to attend this seminar program overseas. For details and a complete list of seminars, long on to www.cgbp.org call at (02) 556-8968/69 or Cebu lines at (032) 512-3106 and 07; Baguio (074) 423-5148.

The pogram will feature Singapore-based expert, Victor Tan, an authority in the field of trading and banking, and with 15 years of banking experience covering areas of international trade finance, remittances, guarantees, import and export. He will teach attendees everything there is to know about the new LC rules, its applications through best practices cases, tips on how to avoid pitfalls, remedies and what to do in case of problems arising from improper documentation, and negotiation pointers advantageous to businessmen using LCs.