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Understanding Letters of Credit: Rules, Responsibilities & Liabilities

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Recorded Webinar Includes

  • Recording of the Live Webinar
  • Available 6 business days following Live date
  • Available for 6 months following Live
  • Handout and Take-Away Toolkit
  • Available on Desktop, Mobile & Tablet
  • Free Digital Download, yours to keep
  • Share link with anyone at your credit union
  • Presenter’s contact info for follow-up
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Letters of credit have been around for many years, but they remain a mystery to many financial institutions. Commercial letters of credit are commonly used to facilitate a purchase and sale transaction and generally are intended to be drawn on, while standby letters of credit are commonly used as back-up security that is rarely intended to be drawn on.

More recently, letters of credit are being used as a substitute for surety bonds, workers’ compensation insurance, construction contract bonding, governmental licenses, purchase price holdbacks, and environmental cleanup obligations. There is substantial liability and risk to financial institutions which issue letters of credit. This webinar will address the general rules under UCC Article 5 regarding all letters of credit, the Uniform Customs and Practice for Documentary Credits UCP 600 governing commercial letters of credit, and the International Standby Practices ISP 98 governing standby letters of credit.

Recorded Wednesday, July 27, 2016

Continuing Education: Attendance verification for CE credits upon request

HIGHLIGHTS

  • Overview of the parties involved in a letter-of-credit transaction
  • Responsibilities and liabilities of each entity associated with letters of credit
  • Comparison of commercial letters of credit versus standby letters of credit
  • Comparison of documentary letters of credit versus non-documentary letters of credit
  • Reimbursement agreements as replacements for “dummy” notes
  • Review of the rules under UCP 600, the ISP 98, and UCC Article 5
  • Recommended policies and procedures for issuing and accepting letters of credit

  • TAKE-AWAY TOOLKIT
    • Sample letter-of-credit policy
    • Employee training log
    • Quiz you can administer to measure staff learning and a separate answer key

WHO SHOULD ATTEND?

This informative session is designed to assist in understanding letters of credit and proper handling of letters-of-credit transactions.  It is directed to staff involved in issuing, underwriting, processing, or accepting letters of credit.

PLEASE NOTE:  Webinar content is subject to copyright and intended for your individual financial institution’s use only.

MEET THE PRESENTER

Spencer Fane LLP
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