About the Webinar
Commercial Letters of Credit (LCs), sometimes referred to as documentary credit, can offer a guarantee to a seller that it will be paid while assuring the customer that no payment will be made until the goods are received. Export letters of credit carry the credit risk of the issuing bank and the political risk of the issuing bank's country and are often used to ensure that payment will be received where the buyer and seller may not know each other and operating in different countries.
Topics covered during this webinar:
- What is a letter of credit?
- Why use a letter of credit?
- When to use a letter of credit
- Types of letters of credit: irrevocable, revocable, unconfirmed, confirmed, transferable, etc.
- Things to consider
- An overview of the rules, known as Uniform Customs and Practice for Documentary Credits (UCP), which govern LCs will also be included.
About the Speaker
Ed Bell, CBA, ICCE is the Senior Manager, Credit Administration for W. W. Grainger Inc., a $10B global industrial supplies distributor. In his career at Grainger, spanning over four decades, Ed has served in many key roles including Branch Manager, Sales Manager, Area Credit Manger, International Credit Manager, Corporate Accounts Credit Manager and National Corporate & Government Credit Manager.
Fred Dons is a Director at Deutsche Bank (DB) Amsterdam, having worked in trade finance for more than 25 years. Fred currently heads the Trade Finance Commodity team at DB Amsterdam. Fred started in trade finance operations in 1989 with AMRO Bank before moving to Deutsche Bank for the first time in 1991. In 1994, Fred and two colleagues started the trade finance sales department at DB Amsterdam where he remained until 2002. In 2003, Fred became Head of Trade Finance Operations for DB Amsterdam and, in 2004, became Head of the European Document Check Team at ABN AMRO before returning to DB Amsterdam in 2006, to serve as the Senior Sales Manager of Trade Finance. In 2010, he became head of trade finance for large cap sales.