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The main objective of this Learning Unit is to learn about the managing the various documentary credit options available.Detailed Topic Listing as follows: LU FIT 004 Management of Documentary Credits 1. AVAILABILITY OF LETTER OF CREDIT 1.1 Letter of Credit available by Acceptance 1.2 Letter of Credit available by Negotiation 2. 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 3. CHECKLISTS FOR DOCUMENTS IN AN L/C 4. 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 5. 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 End of Unit
To understand how a documentary credit works and the obligations of the parties involved. Detailed Topic Listing as follows: LU FIT 003 Documentary Credits Fundamentals 1 - THE DOCUMENTARY CREDIT 1.1 Why Letters of Credit are Used 1.2 Guarantees for the Importer and the Exporter 1.3 Documentary Credit Rules 1.4 Example of SWIFT 1.5 The Parties to a Documentary Credit 1.6 Documentary Credit Cycle 1.7 Comment on Documentary Credits 1.8 Graphical Summary 1.9 Documentary Credit and the Importer 1.10 Documentary Credit and the Exporter 1.11 Suggestions for the Exporter 1.12 Opinion 2. OPENING A LETTER OF CREDIT 2.1 Opening a Letter of Credit 2.2 Letter of Credit and Contract of Sale 2.3 Banks and the Goods 2.4 Non-Compliance with the Terms of the Contract 2.5 Bank Charges 3. CONTENTS OF DOCUMENTARY CREDIT 3.1 Unconfirmed Irrevocable Letter of Credit 3.2 Tolerance 3.3 Partial Shipments 3.4 Transhipment 3.5 Type of Letter of Credit 3.6 Form of Advice of a Letter of Credit 3.7 Date and Place of Expiry 3.8 Date of Issue of the Credit 3.9 Description of the Goods 3.10 Advice and Confirmation of the Letter of Credit 3.11 Amendments 3.12 Details on Transport 4. IMPORT LETTERS OF CREDIT 4.1 Items to check with the importer 4.2 Completing Documentary Credit (DC) Application Form 4.3 Internal Records 5. TRANSMISSION OF DOCUMENTARY CREDIT 5.1 Charges for Documentary Credits Further Reading 1 - Sample LC Application form 2 - Dissertation on Using UCP600 3 - Sample SWIFT Template for LC 4 - Summary Guide to the UCP600 Rules 5 - The Power of Argument 6 - The Role of Documentary Credits in the International Sales Contract Forum Assignment End of Unit
Upon completion of this course learners will understand the nature and management of Documentary Collections and have a grasp of the key rules in URC 522 governing Documentary Collections. Detailed Topic Listing as follows: LU FIT 002-documentary-collection 1. INTRODUCTION 1.1 Definition of Collections 1.2 Collections Background 1.3 Collection Instructions 1.4 Collection Instructions 1.5 The Collection Order 2. DOCUMENTARY COLLECTION 2.1 Documentary Collection 2.2 Documentary Collection Cycle 3. CLEAN COLLECTION 3.1 Clean Collection 4. BILL OF EXCHANGE 4.1 Term Bills 4.2 Guaranteed or Avalized Bills of Exchange 5. MANAGING COLLECTIONS 5.1 Documentary Collections - Workflow Summary 5.2 Overview of the Uniform Rules for Collections Further Reading 1 - UN Convention on International Bills of Exchange and Promissory Notes 2 - Explanatory Notes on the UN Convention. 3 - Has the ??öUN Convention on International Bills of Exchange and Promissory Notes' Achieved Its Objective? 4 - Background and Salient Notes on the UN Convention on International Bills of Exchange and Promissory Notes Forum Assignment End of Unit
Upon completion of this unit you will have gained a basic and practical understanding of the various payment options available in International Trade. Detailed Topic Listing as follows: LU FIT 001 Methods of Payment 1. INTRODUCTION - - - 1.1 Classification of Methods of Payment - - - 1.2 Criteria for the Choice of a Method of Payment - - - 1.3 Factors Affecting the Importer's and the Exporter's Choice - - - 1.4 Trust and Good Faith - - - 1.5 Bank Services - - - 1.6 Receiving Payment for Bad Debts - Collection Agencies - - - 1.7 Analysis of Methods of Payment - - - 1.8 Other Methods of Payment for Export - - - 1.9 Payback - - - 1.10 Non-Monetary Methods of Payment 2. PAYMENT BY CHEQUE 3. BANK DRAFT 4. BANK TRANSFER - - - 4.1 Documentary Payment Order - - - 4.2 Documentary Payment Order 5. CLEAN COLLECTION 6. DOCUMENTARY COLLECTION 6.1 Documentary Collection 6.2 Documentary Collection 7. COUNTRIES AND PAYMENT TERMS 7.1 Countries and Payment Terms 7.2 Countries and Payment Terms 7.3 Countries and Payment Terms 7.4 Countries and Payment Terms 7.5 Countries and Payment Terms 8. BONUS China Systems BPO demo 8.1 BPO Opening Screen 8.2 BPO Background 8.3 BPO Background 2 8.4 BPO Background 3 8.5 What is BPO 9. BPO Process 9.1 BPO Process 1 9.2 BPO Process 2 9.3 BPO Process 3 9.4 BPO Process 4 9.5 BPO Process 5 9.6 BPO Process 6 9.7 BPO Process 7 9.8 BPO Process schematic 9.9 BPO Final Further Reading 1 - Basic Summary of Methods of Payment 2 - Improving the Availability of Trade Finance during Financial Crises 3 - A Study of International Trade Finance Practices 4 - How Banks Affect Export Patterns 5 - International trade: Cost and efficiency of selected payment instruments 6 - UNCITRAL Model Law on International Credit Transfers 7 - Payment Methods in International Trade Forum Assignment End of Unit
To understand the functioning of the Incoterms†? 2010 rules and how to work with them in international sales. Detailed Topic Listing as follows: LU FIT 010 Incoterms 2010 1. BACKGROUND TO INCOTERMS 1.1 Domestic and International 1.2 Background to Incoterms 1.3 Objectives of Incoterms 1.4 Four Groups of Incoterms 1.5 Incorporating Incoterms 1.6 What do they define? 2. Incoterms 2010 - main changes 2.1 Transport Modes 2.2 Extent of Obligations 2.3 Extent of Obligations - Carriers 2.4 Due Diligence 2.5 Transfer of Risk - F Terms 2.6 A Common Language 3. Incoterms Step-by-step 3.1 EX WORKS (EXW) 3.2 FREE CARRIER (FCA) 3.3 FREE ALONGSIDE SHIP (FAS) 3.4 FREE ON BOARD (FOB) 3.5 COST AND FREIGHT (CFR) 3.6 COST INSURANCE AND FREIGHT (CIF) 3.7 CARRIAGE PAID TO (CPT) 3.8 CARRIAGE AND INSURANCE PAID (CIP) 3.9 DELIVERED AT PLACE (DAP) 3.10 DELIVERED AT TERMINAL (DAT) 3.11 DELIVERED DUTY PAID (DDP) 4. How to use Incoterms 4.1 Market Custom & Practices 4.2 Incoterms†? and Competition 4.3 Export Experience 4.4 Incoterms and Title 4.5 Revenue Recognition 4.6 Common Problems Further Reading 1- Incoterms 2010 Summary Chart 2- Incoterms†? Rules Q&A 3- The INCOTERMS rules and their importance 4- Development of the International Trade in Terms of Incoterms 2010 Rules 5- Incoterms 2010 and the mode of transport: how to choose the right term 6- ICC Rules for Use in Contracts for the Supply of Goods Forum Assignment End of Unit
Learn and gain an understanding of International Contracts and the clauses contained in them. Detailed Topic Listing as follows: LU TCP 009 International Contracts 1. INTRODUCTION 1.1 Legal Advice 1.2 Standard Model 1.3 Title to Goods 1.4 The Vienna Convention 1.4.1 Contract Layout. Acceptance, delivery and inspection 1.4.2 Rights and Obligations of the Importer 1.4.3 Non-Compliance 1.4.4 Force Majeure 1.4.5 Protection of the Goods 1.4.6 Lecture on CISG 2. CLAUSES 2.1 Preamble 2.2 Definitions 2.3 Duties and Obligations 2.4 Communication and Documentation 2.5 Prices 2.6 Terms of Payment 2.7 Penalties 2.8 Force Majeure 2.9 Official Authorisations and Permits 2.10 Dispute Resolution 2.11 Language 2.12 Other Conditions - 3. ARBITRATION 3.1 Functions and Example 3.2 Official Clauses 4. EXAMPLES 4.1 Model Sales Contract (with Explanations) 4.2 UNCITRAL Model Law on Electronic Commerce (PDF) 4.3 International Court of Arbitration (web) 4.4 Distributorship Agreement 4.5 Bill of Sale and Assignment and Assumption Agreement 4.6 Agreement for Mutual Indemnity among Guarantors 4.7 Separation Agreement and General Release 4.8 Memorandum of Royalty Agreement 4.9 Agreement on Transfer of Rights 4.10 Agency Agreement 4.11 Confidentiality Agreement Further Reading 1- Vienna Convention - Contract for the International Sale of Goods (CISG) 2- CISG Case Law 3- INTRACEN Model Contracts 4- INTRACEN Model contract for International Sale of Goods 5- UNCITRAL Arbitration Rules 6- UNCTAD GUIDE TO International Commercial Arbitration Forum Assignment End of Unit
To provide an overview of the implementation of customs procedures using the example of imports into the EU. Detailed Topic Listing as follows: LU TCP 008 Importing into EU 1. IMPORTING INTO THE EU 1.2 Collection of Duties and VAT 1.3 Dispatch for Consumption 1.4 Declaration 1.5 Prior Verification by the Importer 1.6 Import Declaration (SAD) 1.7 Entry in the Accounts 1.8 Release of Goods 1.9 Amendment and Annulment of the SAD 1.10 Examination of the Goods 1.11 Payment of Customs Duties 1.12 Control by the Customs Authorities 1.13 Release of the Goods 1.14 The Importer and the Customs 1.15 Automated Entry Processing (AEP). 1.16 Local Clearance Procedure 1.17 Paperless Declaration 1.18 Rejected Goods 1.19 Electronic Systems 1.20 Simplified Procedures 1.21 Payment of Import Duties 1.22 Repayment of Customs Duty 1.23 Partial Dispatch 1.24 Import Procedures 1.25 Exportation 2. VAT PAYABLE ON IMPORTS 2.1 Suspension of VAT Payment 2.2 VAT-Free Authorization 2.3 Basis for VAT Calculations 2.4 Costs Not Included 2.5 VAT Exempt Costs 2.6 Right to Deduct VAT - General Rule 3. CUSTOMS PROCEDURES 3.1 Processing under Customs Control (PCC) 3.2 Authorization 3.3 Conditions for Applying 3.4 Outward Processing (OP) 3.5 Arrangements Available for Processing of Textiles 3.6 Applications for Authorization 3.7 Inward Processing (IP) 3.8 Temporary Importation 3.8.1 Goods Allowed for Temporary Importation Further Reading 1- EU Guide to Import Procedures 2- General guidance on EU import and transit rules for live animals and animal products from third countries 3- EU Rules of Origin for GSP 4- US Export Control Regulations Explained to the European Exporter: A Handbook Forum Assignment End of Unit
Learn and analyze the various customs procedures used by customs authorities around the world taking the EU system as a case in point. Detailed Topic Listing as follows: LU TCP 007 Customs Procedures 1. INTRODUCTION 1.1 What are the Customs? 1.2 What are the Functions of the Customs? 1.3 Economic Customs Procedures 1.4 Customs Pre-Alert 1.5 Customs Procedure 1.6 Customs Treatment or Use of Goods 1.7 Summary Declaration 1.8 Temporary Storage 1.9 Customs Treatment or Use of Goods 1.10 Customs Procedures 1.11 Customs Unions 1.12 Generalized System of Preferences 1.13 Trade Embargos 2. ORIGIN OF GOODS 2.1 Customs Status of Goods 3. CUSTOMS VALUATION 4. CLASSIFICATION OF GOODS 4.1 Customs Valuation of Imported Goods 4.2 Valuation Methods 4.3 Foreign Currency Exchange 4.4 Technical Barriers 4.5 Harmonized System 4.6 Combined Nomenclature of the EU 4.7 TARIC of the EU 4.8 TARIC 4.9 Binding Tariff Information (BTI) and Rulings (BTR) 4.10 Trade Policy 5. CUSTOMS AGENT 5.1 Customs Agent 5.2 Export Clearance 5.3 Payment of Expenses (Import or Export) 5.4 Other Charges 5.5 Single Administrative Document (SAD) Further Reading 1- EU Community Customs Code 2- WCO-UPU Postal Customs Guide 3- Customs Manual India 4- NAFTA Customs Guide 5- Importing into the USA Forum Assignment End of Unit