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The use of Letter of Credit (L/C) is important in international trades, and having an understanding of the characteristics of L/C is essential to avoid frauds and deception during trading engagements. The new version of the "International Standard Banking Practice" (ISBP) has been published, which specifies the standards of L/C documents including the use of abbreviations and their interpretations, language and mathematical calculations, and details in the bills of lading and transportation documents.

Having years of practical experience in the field of L/C operations, our instructor will explain in detail the compliance of the L/C conditions and other major amendments of the latest ISBP in order to strengthen the protection of L/C and reduce possibilities of discrepancies.

Outline:
Understand the standard banking practices and how to apply L/C, including:
• Language issues
• Typographical errors
• Differentiation on originals and copies of documents
• Document issue date
• Accepted abbreviations
• When a credit uses phrases to signify time on either side of a date or an event, these phrases could affect the time calculation
• Presentation period issues
• How to calculate the maturity date of payment under usance l/c
• Which transport documents are applicable under l/c
• Non-documentary clauses setting and how to comply
• How to interpret the clause "stale documents are acceptable" and the impact on the beneficiary
• Discuss other standard banking practices for l/c transactions:
i. product name issues
ii. impact of different transport documents on beneficiary
iii. endorsement issues on bill of lading
iv. installment shipment issues
v. how to comply with product origin required by L/C and the requirement of the certificate

Speaker(s) Ir. Dr. Irene Poon (DBA, MBus, BBus, CMILT, MHKIE, MIPSHK)
Irene is a logistics professional with over 20 years' experience in shipping and letter of credit operation for multi-national companies. Her clients include P&G, Nestle, Cadbury, Philips, General Electric and McDonald's. Irene is a "Certified Logistician Trainer" and a "Certified Trainer of ITC International Purchasing and Supply Management". She is also a member of the Chartered Institute of Logistics and Transport in Hong Kong ("CMILT") and the Hong Kong Institution of Engineers in Logistics and Transport ("MHKIE").
Language Cantonese
Date and Time 2019/03/19 09:30 to 17:30
Venue Chamber Theatre, 22/F United Centre
Media Closed to media
Enquiries Kelly Leung
Tel: 2823 1239
Email: kelly@chamber.org.hk
Fee Members @ HK$1,800 / Non-Members @ HK$2,300
+$50 for booking offline
Members enjoy 30% discount with BOC HKGCC VISA Card
Notes - Bookings are only confirmed upon receipt of payment, on a first come first served basis.
- Booking transfer is allowed for corporate members with advanced notice, walk-ins are normally not accepted.
- The Chamber reserves the right to decline any booking or cancel the event. In such case, a full refund of the participation fee will be issued.
- No refund will be made for last minute cancellations or no-shows. If the booking is cancelled at least 7 days before the event, and in such cases the refund will be subjected to a 10% administration fee, or HK$100 deduction, whichever is higher.
- Members paying with their BOC HKGCC Visa Card will enjoy a 30% discount on their reservation. The discount is only applicable to the card holder, and does not extend to their guests. The discount cannot be used in conjunction with Chamber Coupons.
- A $50 handling fee per person will be charged for all offline bookings (e.g. fax, e-mail, post) for all Chamber events. Go online today by downloading our app or registering on the HKGCC website to save the environment and money.
- Priority is given to corporate members. The decision to accept or decline any booking shall be at sole discretion of the Chamber.