Key Take Away:
You will be able to take an in-depth look at how standby letters of credit work and the reasons they sometimes don’t and learn how to protect yourself against non-payment.
Overview:
Many people think of standby letters of credit as nearly equivalent to cash. What they don’t realize is that many letters of credit don’t get paid when called upon. Most often this is due to misunderstanding how standbys work and then failing to present the documents correctly; indeed, occasionally it is not even possible to present the documents that are called for. Sometimes it is because the bank that issued the standby is ordered not to pay by a court either because the customer has gone bankrupt and payment is deemed a preference (exactly what you thought the standby was protecting you against) or because the customer claims you have no right to the payment and has managed to get an injunction. And sometimes it is because the bank that issued the standby has been declared insolvent and the regulators (e.g., the FDIC insurance limits, the FDIC coverage limits) have repudiated the standby.
Why Should You Attend:
This webinar will take an in-depth look at how standby letters of credit work and the reasons they sometimes don’t.
Areas Covered In This Webinar:
• Mechanics and Principles of Letters of Credit
• Confirmed Letters of Credit
• Understanding Standby Letters of Credit?
• Using Standby Letters of Credit
Learning Objectives:
• Competing Rules Governing Standby L/Cs: Which to Use
• Things That Go Wrong and How to Avoid Them
• Tips for Using Standby L/Cs Better
Who Will Benefit:
• Attorneys
• Credit and Collection Managers
• Presidents
• Vice Presidents
• Business Owners
• Managers
• Insurance Professionals
• Lending Professionals
• Accountants
• Bankers
For more information, please visit : https://www.atozcompliance.com/trainings-webinar/banking-financial-services/banks-and-credit-unions/standby-letters-of-credit-for-credit-managers/walter-baker/300100
Email: support@atozcompliance.com
Toll Free: +1- 844-414-1400
Tel: +1-516-900-5509
Level:
Intermediate
Speakers Profile:
Walter Baker
Walter (Buddy) Baker brings more than 35 years of experience in international trade finance to his current position as Vice President and head of Global Trade Solutions Delivery for Fifth Third Bank. Fifth Third is one of the 20 largest banks in the US and provides a full range of risk mitigation and financing products for exporters and importers. His professional experience includes earlier stints with Atradius Trade Credit Insurance, ABN AMRO Bank, Bank of America, Wachovia Bank, and The First National Bank of Chicago.
Mr. Baker is a recognized expert in trade finance and author of numerous magazine articles and the books Users’ Handbook to Documentary Credits under UCP600, Documentary Payments & Short-Term Trade Finance, and The Regulatory Environment of Letters of Credit and Trade Finance. He owns the consulting firm Global Trade Risk Management Strategies, which specializes in educational training, and makes frequent presentations for national associations of exporters, importers, bankers, and lawyers.
As a member of the National Letter of Credit Committee of the Bankers’ Association for Finance and Trade, the Advisory Council of the Institute for International Banking Law and Practice, and the Council for International Standby Practices, Mr. Baker is actively involved in establishing national and worldwide standard practices for letters of credit.
He participated in the most recent revision of the Uniform Customs and Practice for Documentary Credits (referred to as “UCP600”), contributed to the creation of the official ICC guide for examining letter of credit documents, called the International Standard Banking Practices for the Examination of Documents under Documentary Credits, and served on the drafting committees for the International Standby Practices (“ISP98”) and Article 5 of the Uniform Commercial Code.
He is also on the Board of Directors of the Association of International Credit and Trade Finance Professionals (“ICTF”), a multinational association of export credit managers.
