Incoterms ® 2010 are rules published by the International Chamber of Commerce (ICC publication 715E) 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 in relation to [...]
A good, productive day in the office can soon be spoiled by one phone call from the bank advising that your latest Letter of Credit presentation contains discrepancies. If you are unable to rectify, your business could be exposed to delays, interest costs, high bank charges and ultimately the risk of non-payment. Here is a [...]
During recent years we have seen a huge increase in demand for training in all areas of export, particularly on hot topics such as basic procedures, customs compliance and Incoterms. From our perspective, we have never been busier as mid-sized and large corporate organisations around the UK and Europe seek specialist training in understanding the [...]
We are looking for UK based associate trainers with strong experience in all aspects of trade finance, particularly Letters of Credit, Bank Guarantees etc., Operational and client facing skills desirable. Excellent skills in training delivery and group leading essential. This opportunity is intended for candidates who are prepared to both receive and offer referrals for [...]
The growth in International Trade over the past decade has led to an increase in both the demand for Trade Finance and in the degree of sophistication with which it is delivered by an increasing array of banks and financiers. There are a wide variety of Trade Finance solutions on offer from banks and financiers [...]
OK, a very strange question. You have received a letter of credit and now have a guarantee that you will be paid if you prepare and present complying documents to the bank, right? Let us paint a brief picture.... An engineering company has received a letter of credit in their favour for a high value piece of machinery. [...]
Recent publicity concerning levies of fines has highlighted ever increasing regulation and monitoring of activities of banks operating in the UK by the Financial Conduct Authority. Whilst most people are familiar with the penalties incurred for mis-selling of regulated products and breaches of US, UN or EU sanctions and embargoes, international traders should also be [...]
Credit Insurance could be considered as an “early warning system” that you can’t buy anywhere else, as it is based on real time, real trading reporting and enables underwriters to react quickly to help you manage potential credit problems. Following the exceptional issues of 2008 where underwriters were criticised mercilessly for pull limits and price [...]
A revised version of ISBP has been approved by the ICC Banking Commission. The ISBP (full title: International Standard Banking Practice for the Examination of Documents under Documentary Credits) is essentially a checklist of items document examiners need to check for in their review of documents presented under letters of credit. First approved in 2002, [...]
Some important changes appear to be taking place regarding banks in the UK adding their confirmation to Letters of Credit issued by overseas correspondent banks. Traditionally, the decision on whether a UK bank would add confirmation to an incoming Letter of Credit has been based on a number of factors including requisite SWIFT key arrangements [...]
