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Management of Documentary Credits
Management of Documentary Credits
Management of Documentary Credits

Management of Documentary Credits

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In this learning unit we will look at key elements of the Documentary Credit process from availability of the LC, documents that can be called for in the LC as well as checklists for ensuring proper presentation of documents according to the terms and conditions of the letter of credit.

We will also examine the various types of Letter of Credit available and their features. 

  1. AVAILABILITY OF LETTER OF CREDIT

1.1 Letter of Credit available by Acceptance

1.2 Letter of Credit available by Negotiation

  1. DOCUMENTS IN A LETTER OF CREDIT

2.1 Documents for Presentation

2.2 Comment on UCP

2.3 Which Documents to Request?

2.4 Copies or Originals?

2.5 Other Documents and their Contents

2.6 Discrepancies

2.7 Action if Documents have Discrepancies

2.7.1 Summary of Action if Documents are Discrepant

2.8 "Clean" Transport Document

2.9 On Board Bill of Lading

2.10 Sea Waybill

2.11 Insurance Documents

2.11.1 Date of Issue of Insurance Documents

2.12 CMR Convention

2.13 Air Waybill

2.14 Example

  1. CHECKLISTS FOR DOCUMENTS IN AN L/C
  2. TYPES OF LETTER OF CREDIT (I)

4.1 Revocable Letter of Credit

4.2 Transferable Letter of Credit

4.3 Back-to-Back Letter of Credit

4.4 Standby Letter of Credit

4.5 Revolving Letter of Credit

4.6 Red and Green Clause Letters of Credit

4.7 Latest Developments in Letters of Credit

  1. TYPES OF LETTER OF CREDIT (II)

5.1 Irrevocable Letter of Credit

5.2 Confirmed Irrevocable Letter of Credit

5.3 Unconfirmed Irrevocable Letter of Credit

5.4 Summary - Types of Documentary Credit

Further Reading

1 – Impact of the Doctrine of Strict Compliance on a Letter of Credit Transaction

2 – A Critical Commentary on the UCP 600 Rules

3 – Standby Letters of Credit and the Independence Principle

4 – Effective Notice of Refusal in Letter of Credit Transactions

5 – Negotiation in LC Practice and Law

6 - Standby Letter of Credit Rules and Practices Misunderstood or Little Understood by Applicants and Beneficiaries

Forum Assignment



Our Trade Finance courses were awarded Best Online Trade Finance Accredited Courses Globally by Capital Finance International Magazine in 2019!  Our trade finance online training offerings are endorsed by the International Finance Corporation for professional development in this area by its issuing and partner banks.  Our online certificate program is a great value for money way to prepare for the exams of the CDCS and CITF exams.  All our courses are also accredited for Continuous Professional Development (CPD) purposes by the CPD Certification Service of the United Kingdom which confirms they meet international CPD standards

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