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TRADE FINANCE MASTERCLASS COMING IN OCTOBER!

15/09/2021

The popular annual letter of credit MasterClass is returning in October but with a wider programme. In addition to topics related to documentary credits, there will be sessions relating to bank guarantees, ISDGP, digitalisation and overviews for eUCP and eURC, as well as an overview of the URDTT which come into effect on 1 October.

All this is in addition to the usual subjects such as a review of the Opinions approved by the ICC in October 2020, March 2021 and October 2021.

For those studying for the CDCS examination, there will be sessions covering specific chapters of the CDCS guide book.

All of this will be covered in a number of webinars with all but the CDCS webinars earning CPDs for those seeking examination re-certification.

Watch this space for further information, pricing and the enrolment form. 

For further information please email gary@collyerconsulting.com 


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Latest Question

UCP 600 article 2 states: HONOUR means: a. to pay at sight if the credit is available by sight payment. b. to incur a deferred payment undertaking and pay at maturity if the credit is available by deferred payment. c. to accept a bill of exchange (“draft”) drawn by the beneficiary and pay at maturity if the credit is available by acceptance. As per the above texts, in my opinion, “incur a deferred payment undertaking” or “accept a bill of exchange”, the bank must forward the advice of honour (which is widely referred to the advice of acceptance) to the presenter, except where an accepted bill of exchange has been sent to the presenter. UCP 600 sub-article 7 (a) states: Provided that the stipulated documents are presented to the nominated bank or to the issuing bank and that they constitute a complying presentation, the issuing bank must HONOUR if the credit is available by: i. sight payment, deferred payment or acceptance with the issuing bank; Question: Must the issuing bank forward an advice of honour (the advice of acceptance) to the presenter under a deferred payment credit or acceptance credit? iii. deferred payment with a nominated bank and that nominated bank does not incur its deferred payment undertaking or, having incurred its deferred payment undertaking, does not pay at maturity; Question: Must the issuing bank forward the advice of honour (the advice of acceptance) to the nominated bank under deferred payment credit? iv. acceptance with a nominated bank and that nominated bank does not accept a draft drawn on it or, having accepted a draft drawn on it, does not pay at maturity; Question: Must the issuing bank forward an advice of honour (the advice of acceptance) to the nominated bank under an acceptance credit? v. negotiation with a nominated bank and that nominated bank does not negotiate. Question: Must the issuing bank forward an advice of honour (the advice of acceptance) to the nominated bank under a usance negotiation credit? 7 (c) states: An issuing bank undertakes to REIMBURSE a nominated bank that has honoured or negotiated a complying presentation and forwarded the documents to the issuing bank. Question: Must the issuing bank forward an advice of honour (the advice of acceptance) to the nominated bank under a deferred payment credit or acceptance credit or usance negotiation credit?