This is an important course for exporter and importer. This is a kind of risk and how to cover it. Exporter and importer need to understand types of risk and types of policies. This course also teaches how to minimize risk and how to claim from an insurance company. Letter of Credit is one of the methods by which settlement of payment for goods takes place in a highly secured manner. It is a conditional assurance issued by a banker on behalf of buyer assuring the seller. payment of his dues upon shipment and satisfactory compliance with the Terms; conditions and stipulations set out in the letter of credit. The International Chamber of Commerce from time to time comes out with the latest version of Uniform Customs and Practices for Documentary Credits. The latest one is
Being UCP-600 w.e.f 1st July 2007.
This video explains very clearly the understanding of the letter of credit and payment settlement thereunder including the specimen of the standard format of the letter plus other options of payment settlement not involving a letter of credit. You will find enough material to have a thorough and clear understanding of a letter of credit and other Methods of payment settlements including operational details under each option of payment method.