LETTERS OF CREDIT How to avoid discrepancies and expedite payment Presented by: Trade Technologies Barbara Trupkin Director Global Sales

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1 LETTERS OF CREDIT How to avoid discrepancies and expedite payment Presented by: Trade Technologies Barbara Trupkin Director Global Sales 1

2 AGENDA International Payment Risk International Payment Mechanisms o Why use LCs? Letter of Credit Structure o Who Does What Establish Protocol o Key LC Terms Solutions o Process o People o Trade Technologies Q&A as we proceed through process - please mute phones during presentation 2

3 WHO IS TRADE TECHNOLOGIES Trade Technologies is world s largest provider of outsourced letter of credit documentation software and services. Trade Technologies provides outsourced international trade payment solutions and software as a service to over 1000 global exporters, international freight forwarders and major international trade banks. Trade Technologies offers a global footprint with 10 operations offices in the US, Asia and Europe. Trade Technologies processes over $9 billion of international transactions each year in virtually every industry for some of the world s largest and most successful companies, including over two dozen Fortune 500 companies. Patented technology and business process for processing international payments. First and only company to present original UCP 600 presentations online to major trade banks winner of President s E Award for our role in increasing US exports. 3

4 INTERNATIONAL PAYMENT RISK Commercial Risk o Buyer history o Credit reporting limited o Financial standards different o Cultural performance and norms vary Political Risk o Government stability and consistency Economic Risk o Currency fluctuations o Foreign Bank solvency o Sovereign risk Legal Risk o Contract enforceability o Goods recoverable o Time, language and distance 4

5 INTERNATIONAL PAYMENT MECHANISMS Cash in Advance Letter of Credit *** Documentary Collections Open Account 5

6 PAYMENT TERMS RISK CHART HIGH LOW OPEN ACCOUNT DOCUMENTARY COLLECTION LETTER OF CREDIT CASH IN ADVANCE LOW HIGH 6

7 LETTERS OF CREDIT LETTERS OF CREDIT ARE STILL THE NO. 1 MEANS OF FINANCING INT L TRANSACTIONS. THEY PROVIDE A FORM OF SECURITY FOR THE PARTIES INVOLVED THEY ENSURE PAYMENT PROVIDED THAT THE TERMS & CONDITIONS OF THE CREDIT HAVE BEEN FULFILLED HOWEVER, PAYMENT IS BASED ON DOCUMENTS ONLY & NOT ON MERCHANDISE OR SERVICES 7

8 LETTERS OF CREDIT Provide an accepted middle ground with significant risk reduction for both sides and also mitigate currency regulations. Governed by internationally agreed upon rules and regulations (UCP 600). Corruption mitigated by banks involvement. Can be complex and not for the unprepared. 8

9 WHY USE LETTERS OF CREDIT Letters of Credit o Letters of Credit assures payment if terms are complied with. o In many cases goods cannot be collected until payment is made. o Credit Risk is Buyer s Bank and payment not contingent on Buyer. o Rules are well defined and predictable. o Transport and other risks are governed by INCO terms. o Works well for higher risk transactions in difficult countries and with unknown or untrusted Buyers. 9

10 EXPORT LETTER OF CREDIT CYCLE Goods Shipped Buyer / Applicant Seller / Beneficiary Goods Freight Forwarder L/C Application Transport Documents Advising Bank Seller s Bank Reimbursing Bank L/C & Documents Issuing Bank Documents Negotiating Bank 10

11 LETTER OF CREDIT ADVANTAGES FOR EXPORTERS Eliminate buyer risk and assure prompt payment in difficult markets. Predictable outcome If drafted properly can be totally under Exporter s control. Confirmations eliminate bank risk. Usance LCs and discounting very cost effective (perhaps profitable) tools to accelerate payment and provide sales advantage through extended terms. 11

12 LETTER OF CREDIT FRICTION Fewer and fewer trade professionals understand letter of credit requirements. Letter of credit process is complex and requirements are rigorous. o Vary by markets and buyers o Time is short and penalties are severe o Results are binary Most ERP and sales order systems do not contemplate letter of credit or other trade document requirements so very little is automated. Heavy reliance on carrier, forwarder and other third party documents and LC compliance 12

13 LETTER OF CREDIT FRICTION Up to 80% of presentations are discrepant. LC PRESENTATIONS DISCREPANT CLEAN 13

14 Discrepancies Why they occur and how to avoid them Late Shipment Definition Goods shipped after the latest shipment date Cause Delayed shipment Not enough time to manufacture, package and ship goods Date of the AWB, BL, FCR or other transport document MUST be on or before the latest ship date Solution Develop a standard operating procedure Be mindful of delayed shipments Ensure the LC s latest ship date allows adequate time for manufacturing, packaging and transport to vessel Trade Technologies, Inc. All rights reserved.

15 Discrepancies Why they occur and how to avoid them Late Presentation Definition Documents presented after the period of presentation Cause Delayed shipment Not enough time to manufacture, package and ship goods Waiting on third party documents: BLs, Insurance, Legalization Pitfall in the flow process Solution Develop a standard operating procedure Follow up with third parties to ensure documents have quick turn around Ensure LC period of presentation and other key dates allow adequate time for manufacturing, packaging, shipping and documentation delivery Track latest ship, latest presentation & expiry date Trade Technologies, Inc. All rights reserved.

16 Discrepancies Why they occur and how to avoid them Stale LC / Expired LC Definition Expired LC: the presentation did not arrive at the expiry location by or before the expiry date. Stale LC: the presentation arrived at the expiry location before the expiry date, but after the period of presentation had passed Cause Waiting on third party documents: BLs, Insurance, Legalization Whole process was delayed, late shipment Pitfall in the flow process Solution Develop a standard operating procedure Follow up with third parties to ensure documents have quick turn around Ensure LC period of presentation and other key dates allow adequate time for manufacturing, packaging, shipping and documentation delivery Trade Technologies, Inc. All rights reserved.

17 Discrepancies Why they occur and how to avoid them Inconsistent Data / Incorrect Details Definition per our platform Data shown on one or more documents do not match each other, amount in words and figures differs Goods description not per LC, not issued by beneficiary, beneficiary s name differs from LC, Cargo Insurance amount incorrect, etc Cause Human error, typos Miscommunication, Document template, letterhead, assorted reasons Solution The Letter of credit is the guideline Check the documents against the LC Hire personnel with letter of credit and UCP 600 experience to manage and/or outsource to qualified provider Trade Technologies, Inc. All rights reserved.

18 Solutions -- Process Establish, document and enforce disciplined process from beginning to end. o International credit policies and procedures o LC template and process for approving letters of credit received o Enforce credit requirements and timing requirements across organization Knowledge is Power o Invest in training across organization especially international sales Trade Technologies, Inc. All rights reserved.

19 Solutions -- People Utilize resources with logistics and UCP 600 experience to manage and/or outsource to qualified provider o Specialty providers o Freight forwarders o In-house personnel Trade Technologies, Inc. All rights reserved.

20 Solutions -- Tools/Technology Automate as much of process as possible, including utilizing bank websites and third party software. o Reduces errors, delays and costs o Distributes information across organization o Provides visibility and control o Data for reports provide a source of constant improvement Trade Technologies, Inc. All rights reserved.

21 Establish LC recipient protocol LETTER OF CREDIT DOCUMENT TRADE TECHNOLOGIES DISTRIBUTE LC EXPORTER S DESIGNATED RECIPIENT TRADE TECHNOLOGIES AMEND OR RELEASE LC TREASURY, FINANCE, CREDIT SALES, MARKETING, CUSTOMER SERVICE PLANNING & PRODUCTION PACKING, LOGISTICS 21

22 BENEFITS OF OPTIMIZING PROCESS THROUGH TRADE TECHNOLOGIES. Sell more internationally with less risk; Clean documents banked on time; Accelerated export receivables collection cycle; Significant reductions in labor costs spent on preparing documents and tracking payments; PROFITS RISKS Reduced courier expense due to automated document delivery/presentation and third party data exchange; Reduced discrepancy and other fees; In-depth reporting for all completed transactions; and 24/7, audit-ready all-inclusive document/data storage 22

23 TRADE TECHNOLOGIES Services Summary Letter of Credit Advice ISSUED SENT TO BENEFICIARY COPY TO TRADE TECHNOLOGIES Beneficiary COPY Advising Bank TRADE TECHNOLOGIES REVIEWS & INFORMS BENEFICIARY OF INCONSISTENCIES LC Review and Upload AMENDMENTS IF ANY REQUESTED & RECEIVED TRADE TECHNOLGOGIES UPLOADS TO BENEFICIARY S FILES 23

24 SAMPLE OUTSOURCED SERVICES SUMMARY Goods are Shipped Beneficiary Trade Prepares Documents TRADE BANKS DOCUMENTS Negotiating Bank 24

25 DSO Report 25

26 RESULTS Fast Growing Solar Manufacturing Company Fast Growing Start-up Solar Company New to Asia Market Relied on Letters of Credit for Prompt and Certain Payment DSO reduced by over 60% Discrepancies virtually eliminated Asia Customers increased by 10X 26

27 RESULTS Fortune 500 Technology Company. Fortune 500 Technology Company Experienced Exporter Focused on DSO improvement DSO reduced by 65% to 7 days No discrepancies on almost 700 presentations a year 27

28 Questions/ Contact Information Director Global Sales Barbara Trupkin (Mobile) 28

29 LETTER OF CREDIT STRUCTURE KEY TERMS Standard instructions for banks BUYER S BANK Issuing Bank o Buyer Selects based on buyer being credit-worthy Advising Bank o Provide bank company wants to use for advising / exam o If random advising bank used Who holds original LC? GOT CREDIT? Confirming Bank o Role of Confirming Bank o How risk is transferred to confirming bank o Cost of confirmation is it required? Reimbursement Bank o Why is reimbursement bank used o Is reimbursement bank required? 29

30 LETTER OF CREDIT STRUCTURE KEY TERMS Standard requirements of an LC Key LC Parties 51D: APPLICANT BANK : : CANARA BANK : : FOREIGN DEPARTMENT Negotiating Bank : : PLOT NO. 1, SECTOR 34A : : CHANDIGARH INDIA : : :50 : APPLICANT : : PREMIER GOODS AND EQUIPMENT SECTOR 72,CHANDIGARH NARU ,INDIA. :59 : BENEFICIARY : : THE STANDARDS COMPANY 1212 GATEWAY PARKWAY : : HACKENSACK, NJ :41D: AVAILABLE WITH... BY... : : ANY BANK IN USA : : BY NEGOTIATION Opening Bank Applicant / Buyer Beneficiary / Seller :57A: "ADVISE THROUGH" BANK BOFAUS3NXXX Negotiating Bank Confirming and Reimbursement bank may or may not be involved 30

31 LETTER OF CREDIT STRUCTURE KEY TERMS Standard requirements of an LC Key LC Dates START THE CLOCK :31C: DATE OF ISSUE : : :31D: DATE AND PLACE OF EXPIRY : : USA TIMES UP! :44C: LATEST DATE OF SHIPMENT : : :48 : PERIOD FOR PRESENTATION : : DOCUMENTS ARE TO BE PRESENTED : : WITHIN 21 DAYS FROM SHIPMENT DATE. Negotiating Bank How soon is soon enough for LC to be advised? Make sure LC is received BEFORE order is approved Missing latest shipping date causes material discrepancy 31

32 LETTER OF CREDIT STRUCTURE KEY TERMS Standard requirements of an LC Key LC Finance Terms :40E: APPLICABLE RULES : : UCP LATEST VERSION : : :40A: FORM OF DOCUMENTARY CREDIT : : IRREVOCABLE. : : :32B: CURRENCY CODE, AMOUNT : : USD252550,00 : : :41D: AVAILABLE WITH... BY... : : ANY BANK IN USA : : BY NEGOTIATION : : :42C: DRAFTS AT... : : AT SIGHT MARKED WITH OUR LC NUMBER : : AND DATE. : : :49 : CONFIRMATION INSTRUCTIONS : : WITHOUT : : :71B: CHARGES : : COMM/ALL BANK CHARGES OUTSIDE : : INDIA ARE FOR THE BENEFICIARY'S ACCOUNT. OR Time Drafts Financing Options Promise to pay in time 32

33 LETTER OF CREDIT STRUCTURE KEY TERMS Standard requirements of an LC Key LC Shipping Terms :43P: PARTIAL SHIPMENTS : : NOT ALLOWED : : :43T: TRANSHIPMENT : : ALLOWED : : :44E: PORT OF LOADING/AIRPORT OF DEPARTURE : : ANY AIRPORT IN USA : : :44F: PORT OF DISCHARGE/AIRPORT OF DESTINATION : : NEW DELHI AIRPORT, INDIA : : WHICH AIRPORT? :44C: LATEST DATE OF SHIPMENT : :

34 LETTER OF CREDIT STRUCTURE KEY TERMS Standard requirements of an LC Key LC Product Description and INCO Terms :45A: DESCRIPTION OF GOODS AND/OR SERVICES : : SCIENTIFIC EQUIPMENT AND ACCESSORIES : : TERMS: FCA BASIS Key issues with Product Description o No need for line item details o Simple is best INCO Terms o Risk elements o How to decide 34

35 LETTER OF CREDIT STRUCTURE KEY TERMS 46A: DOCUMENTS REQUIRED: 1. Commercial Invoice in duplicate. Incoterms with itemized relative values Currency codes Multiple payments clearly stated 35

36 LETTER OF CREDIT STRUCTURE KEY TERMS 46A: DOCUMENTS REQUIRED: 2. Packing List in duplicate. Packing conditions/containerized? Boxes? Crates? Wood? Marks? Accurate pieces and weights (lbs./kgs) Round up to nearest whole lb. or kg. Partials to reflect exact items shipped 36

37 LETTER OF CREDIT STRUCTURE KEY TERMS 46A: DOCUMENTS REQUIRED: 3. Certificate of Origin in duplicate Match all PL details + origin of goods 37

38 LETTER OF CREDIT STRUCTURE KEY TERMS 46A: DOCUMENTS REQUIRED: 3. Air waybill /Air Consignment Note in duplicate or F C R Forwarders Cargo Receipt or Received for shipment Receipt Title per LC to be used Non-negotiable documents. Consignment based on opening banks instructions their risk. Duplicate? Applicable Incoterms on document and document determined by Incoterm. 38

39 LETTER OF CREDIT STRUCTURE KEY TERMS 46A: DOCUMENTS REQUIRED: or Ocean Bill of Lading Clean Full set to be stated on BL Applicable Incoterms on document and. document determined by incoterm Date on board ( not date of issue) 39

40 LETTER OF CREDIT STRUCTURE KEY TERMS Loading on board UN CLEAN ON BOARD 40

41 LETTER OF CREDIT STRUCTURE KEY TERMS 47A: Additional Conditions: 41

42 LETTER OF CREDIT STRUCTURE KEY TERMS 47A: Additional Conditions: 1. Documents must be signed and dated by issuer PEN AND INK ONLY ALLOWED 2. Invoice to quote Import is Covered under Non-negative list of Import-Export Policy and IE Code no INVOICE DETAIL AFTER THE FACT 3. Beneficiary s Certificate certifying that one set of non- negotiable documents have been sent to the applicant immediately after shipment. ANOTHER DOCUMENT 42

43 LETTER OF CREDIT STRUCTURE KEY TERMS 47A: Additional Conditions: 4. House or Forwarder Air Waybill not acceptable 5. Harmonic code number to be stated on invoice and air waybill. 6. Description on invoice must be in Spanish and English. 7. Documents dated prior to issuance of LC not acceptable. 43

44 LETTER OF CREDIT STRUCTURE KEY TERMS 47A: Additional Conditions: 8. Third Party documents are not acceptable 9. Short form or blank backed transport document is not acceptable. 10. All documents must state our LC no. and date 11. Discrepancy fee of $75.00 will apply to each set of documents presented discrepant and deducted from proceeds. 44

45 LETTER OF CREDIT STRUCTURE KEY TERMS 47A: Additional Conditions: 12. Beneficiary to notify shipment details directly to applicant immediately upon shipment. 13. Air waybill evidencing goods shipped 14. Freight charges must be shown on air waybill 15. Invoice to show air waybill no. 45

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