UCP600: New Rules for Letters of Credit - Online

This course library discusses major rules and regulations governing letters of credit. This takes through different articles set in UCP 600 with respect to their applicability and functionality in different situations. The course also discusses the rules relating to the documentation process of functioning of letters of credit.

This is an online self study course that can be globally accessed 24/7 from any internet enabled computer. Course access is for 91 days. Certificates with earned credits will be awarded for successful completion.

También, se ofrece este curso en Español. Llamada para más información.

Available TodayOnlineUSD$140
Instructional Method:
Self-Study
Level: Basic

CEU CREDITS
7
This course has relevance to all parties involved with letters of credit but is especially aimed at exporters. The course highlights the changes that will have the greatest impact on letter of credit beneficiaries.
Students will be able to:
  • Understand the changes in UCP
  • Explain the major rules and regulations governing letters of credit
  • Understand the applicability and functionality of article 1 through 9 in different situations
  • Identify the roles and responsibilities of various banks for credit
  • Explain the amendments relating to the letters of credit
UCP600 An Overview
Topics covered include:
  • Why the UCP is being revised
  • Major Changes
  • Subtle Changes
  • Unresolved Issues
Duration: 1 hour

Module 2
On completion of this module, you will be able to:
  • List some of the major rules and regulations governing letters of credit
  • Explain what icc is and the nature of its publications
  • Explain what the UCP is
  • Discuss the history of the UCP
  • Describe why the UCP500 was revised
  • Describe the contents of UCP
Duration: 1 hour

Module 3
On completion of this module, you will be able to:
  • Understand the application of UCP
  • Define the terms used in the UCP600
  • Interpret certain ambiguous terms
  • Understand the separation between letters of credit and the contracts they arise from
  • Determine from the text of a letter of credit how and where payment is available
  • Explain the roles and responsibilities of various banks involved in letter of credit transaction
Duration: 1 hour

Module 4
On completion of this module, you will be able to:
  • Explain how letters of credit get amended
  • Explain how teletransmissions are used to communicate partial and full details of L/Cs
  • Explain the roles and responsibilities of the nominated bank
  • Visualize the basic mechanics of how reimbursements work
  • Explain the general standards governing how documents are checked and what handling is required when discrepancies are found in the documents
  • Describe the circumstances in which letters of credit must be honored and those in which they may be honored despite discrepancies in the documents
Duration: 1 hour

Module 5
This module covers various articles of UCP600. It helps the user understand:
  • Article 17: Original Documents and Copies
  • Article 18: Commercial Invoice
  • Article 19: Transport Document Covering at least Two Different Modes of Transport
  • Article 20: Bill of Lading
  • Article 21: Non-Negotiable Sea Waybill
  • Article 23: Air Transport Document
  • Article 25: Courier Receipt, Post Receipt or Certificate of Posting
  • Article 26: 'On Deck', 'Shippers Load and Count', 'Said by Shipper to Contain', and Charges Additional to Freight
  • Article 27: Clean Transport Document
Duration: 1 hour

Module 6
Upon completing this module, users will better understand:
  • Marine insurance
  • Common discrepancies related to insurance documents
  • Insurance document and coverage
  • The discrepancies of other related documents
  • Steps to avoid discrepancies
  • Article 16: Discrepant Documents, Waiver and Notice
Duration: 1 hour

Module 7
Upon completing this module, users will better understand:
  • Article 29: Extension of Expiry Date or Last Day for Presentation
  • Article 30: Tolerance in Credit Amount, Quantity and Unit Prices
  • Article 31: Partial Drawings or Shipments
  • Article 32: Installment Drawings or Shipments
  • Article 33: Hours of Presentation
  • Article 34: Disclaimer on Effectiveness of Documents
  • Article 35: Disclaimer on Transmission and Translation
  • Article 36: Force Majeure
  • Article 37: Disclaimer for Acts of an Instructed Party
  • Article 38: Transferable Credits
  • Article 39: Assignment of Proceeds
Duration: 1 hour

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