Fife Chamber Event: Making Sure You Get Paid

Date Event: 08/09/2020 Published by: Scottish Chambers Address: https://my.fifechamber.co.uk/eventdetails.aspx?eidQS=798144E1-DC29-4F36-9864-0C976EEF1BB5

Importing and exporting involves risks. Exporters run the risk of buyers failing to pay for goods, while importers may risk paying but never receiving anything. Because of the distances involved, it may be difficult to resolve any disputes.

One way of reducing the risks is to use a letter of credit – sometimes known as “documentary credit.” This can offer a guarantee for the seller that they will be paid, and the buyer can be sure that no payment will be made until they receive the goods.

However, studies show that approximately 70% of the documentation presented to banks for payment against letters of credit is rejected because of discrepancies.

This interactive online workshop, being delivered by Jeff Lockhart of St Andrews Management Centre, combines theory and practice. The session will assist companies to negotiate the most favourable terms of Letters of Credits, as well as helping them to reduce the risks and costs associated with presenting documents to the bank.