After more than 18 years leading MJ Hayward Associates Ltd, Mark Hayward has now retired from the business. During his time as founder, director and lead trainer, the business established a strong reputaion for delivering practical, high quality training in Letters of Credit and the ICC Incoterms rules, supporting internationally trading organisations across a [...]
Recent restrictions on movement arising from the COVID-19 pandemic resulted in businesses seeking ways to adapt to the changing conditions, significantly changing how they interact both internally and with external suppliers and customers. Virtual meetings via online platforms such as Zoom, Microsoft Teams and Webex have become the "norm" for many global businesses even [...]
The continuing and developing crisis around the spread of coronavirus (COVID-19) is a concern to us all and represents a significant challenge to businesses around the world. At MJ Hayward Associates, we are constantly monitoring and adhering to government advice to ensure that we do what we can protect the health of our clients and [...]
The Incoterms ® rules are published by the International Chamber of Commerce for the interpretation of the most commonly used trade terms in international trade - International Commercial Terms. The main purpose of the Incoterms ® rules is to clearly set out the obligations of the seller and the buyer and the division of costs, [...]
There has been an overwhelmingly positive response to a new session recently introduced into our popular Letters of Credit training programme. When we created our new documents preparation tool, I knew it would be well received due to its simplicity and ease of use. I wasn't prepared for the fact that the 20 minute demonstration [...]
When delivering in-company Letter of Credit training to export managers and finance teams, I consistently receive feedback along the lines of: "Our sales people would really benefit from a guide to requesting letters of credit as we never seem to receive them in an acceptable format or through a preferred bank." We strongly recommend [...]
It's that time when many businesses will be reviewing training requirements and allocating the associated budget for the next financial year. For most companies I talk to, a documentary letter of credit is a "necessary evil", a means of securing payment and / or facilitating trade with buyers in more challenging or developing countries. If [...]
We have produced the following guide for importers required to issue letters of credit for the purchase of goods from overseas suppliers. Please note that whilst all the common terms and documents are listed below, the order in which they appear on application forms or online facilities may vary between banks. For context and [...]
We have just received an interesting call from a frustrated exporting client. The company sells a range of power products to global markets, including the Middle East, Asia and Africa, where letters of credit are often used to secure payment. Letters of credit have for many years been advised to the company through various banks, [...]
As an exporter, how accurate are the letter of credit documents that you present to the bank? We have stated numerous times in our articles and guides that around 70% of documents presented under letters of credit are refused upon first presentation to banks. The International Chamber of Commerce (ICC) Banking Commission has recently [...]
