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Description of Letters of Credit |
This revised edition of Michael Rowe's best-selling Letters of Credit, devotes greater attention to developing techniques such as the uses of standby letters of credit and includes more case studies, such as how major banks organise their documentary credits business. The book explains, in 6 chapters, the relevance to credit practice of the ICC's latest Uniform Customs and Practice and the recent innovative rules for interbank reimbursements. Essential for all banks involved in international operations, specialist insurers and all those involved in international trade and payments issues.
Extract from Chapter 2
'Letters of credit are used as payment and guarantee instruments in a wide range of international transactions. This opening chapter summarises some of their main uses and how they operate. It also looks briefly at the global context in which l/cs function and examines some current trends. Typical fee structures are analysed and some basic terms defined.
Documentary credits and standby letters of credit
A recently established European manufacturer is selling to a new customer in Africa. He has little information on the buyer's creditworthiness, and no experience of his business habits. The buyer's government has a reputation for erratic and unpredictable regulations of imports. The seller is able to insist on payment by documentary credit, confirmed by a bank in his own country. This gives him a guarantee against default of the buyer and some protection against political risk.
The importer know that his money will not be paid away unless the seller produces documents describing the goods and indicating that they have been shipped. This does not amount to a guarantee of quality, however, nor does the system provide significant protection in case of outright fraud. The banks are required to ensure that the documents tally with the credit terms before paying, but not to delve into the underlying contract.'
Prices for orders being shipped outside GB
USA - US$215
HK - HK$1600
Canada - US$215
Europe - US$215
ROW - US$215
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Contents of Letters of Credit |
Preface
Acknowledgements
Some useful addresses
Part I: Introductory sections
1. Introduction
2. Letters of credit: overview
3. Payment and financing techniques- an overview
4. The contract of sale
5. Case study: NatWest, UK
Part II: Operation of letters of credit
6. Legal characteristics of letters of credit
7. The role of the ICC
8. Issuing the credit
9. Case study: First National Bank, South Africa
10. Accomplishment of the credit
11. Strict conformity of documents
12. Case study: letters of credit in Russia
13. Carriage
14. The transport document and the letter of credit
15. Case study: Banco Bilbao Viscaya
16. Negotiable instruments
17. Insurance documents, commercial invoices and miscellaneous documents
18. Transfer, assignment and related issues
19. Bank-to-bank reimbursements
20. Case study: Crédit Lyonnais
Part III: Standby letters of credit and guarantees
21. Standby letters of credit: operation and uses
22. Standby letters of credit: legal characteristics
23. Standby letters of credit: bank procedures
24. Guarantees
Part IV: External factors affecting the operation
25. Fighting fraud
26. Stopping payment
27. Government regulations and sovereign immunity
Part V: Some alternative trade payment structures
28. Islamic banking and trade finance: overview
29. Study: Islamic banking and trade finance
30. Documentary collections
31. Electronic trade payments
32. Bolero
33. Case study: BFCE
34. Conclusion
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Customer Reviews of Letters of Credit
- Not good for professionals. This is a general attempt that can be useful only for juniors. Not at all impressive.
- by John Silver Ray on 25/08/2008
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