The present lecture aims to shed light on the general principles of a letter of credit and to identify parties involved, types of banks and types of payment under an LC. The lecture will also focus on the rights and obligations of the parties with respect to the delivery terms (INCOTERMS 2010). Last segment of the lecture will be focusing on How to use INCOTERMS in commercial contracts and letters of credit (LCs) in order to avoid any practical or legal risks resulting therefrom, and how the parties can recognize the size of their responsibilities under these international rules.

All audience working in international trade and letters of credit in the banks and the commercial companies to introduce them closely to the Incoterms and the letters of credit.