The present lecture aims to shed light on the general principles of a letter of credit and to identify all terms and conditions related to in the LC application form (Parties involved – Types of banks– Documents required – Special conditions). The lecture will also focus on the different types of a letter of credit, the different modes of payment and the standard process and pitfalls under each type of letter of credit. Last segment of the lecture will be focusing on the examination of documents submitted under a documentary credit according to the Uniform Customs and Practice UCP 600 and the International Standard Banking Practice ISBP 745.

Employees working in International Trade and Letters of Credit at banks, commercial companies to introduce them closely to the letters of credit.