Letters of Credit Online Webinar

Their Great Utility; How To Draft and Draw on Them; and How To Avoid Common LC Problems, Pitfalls, and Mistakes

Letters of Credit Online Webinar

Pay Upfront US$219
Get Info Pack

What the rules are that govern letters of credit, where to find them, and where and to whom to look to for advice concerning them

Most attorneys and businesses do not regularly use, prepare or review letters of credit and/or think through various issues on how to draft them, what issuer to accept, what regime (ISP or UCP) to govern them or how to properly prepare to draw on them. Many do not even know how to prepare a draft, what the rules are that govern letters of credit, where to find them, and where and to whom to look to for advice concerning them. Letter of credit law and practice is formal, strict and based on practices which differ in significant respects from the common law and contract principles. Yet with their instant liquidity and versatility, letters of credit, if properly drafted and used, are one of the most reliable and liquid payment assurance instruments available in this world of financial uncertainty. This topic will explain these issues so an attorney or business person can spot letter of credit issues, find out where to look for help and receive baseline guidance through the issues and problems commonly encountered in letter of credit practice.

Course Fast Facts:

  1. Learn everything you need to know about Letters of Credit
  2. Comprehensive agenda covering Letters of Credit
  3. Study along with simple instructions & demonstrations
  4. Written and developed by leading Business instructors
  5. Certificate of completion
  6. Available in multiple formats where you can choose the best format for your needs

Available in :

  • Live Webinar : 90 Minute live streaming program
  • OnDemand Webinar : Archived webinar presentation with audio and slideshow including downloadable reference manual. Watch online anytime.
  • Audio & Reference Manual : PDF and MP3 files delivered on a USB flash drive. Listen and read on any compatible device.
  • Online Manual : PDF file delivered by download. Read on any compatible device.
  • MP3 Download : Audio recording of a webinar and reference manual delivered by download. Listen anytime on any compatible device.

Course Delivery

This program is available in several formats. Upon enrolment an automated welcome email will be sent to you (please check your junk email inbox if not received as this is an automated email), in order for you to access your online course

Recognition & Accreditation

All students who complete this course, receive a certificate of completion with a passing score (for the online assessment) and will be issued a certificate via email.

This course is being supplied by Lorman.

LC Foundations, Rules, Features and Facts

  • Letter of Credit Facts - Who Issues Them and How Are They Priced?
  • Keys to LC Success - Their Independence and Documentary Nature
  • Uses of Letters of Credit
  • Types - Commercial, Standby, Direct Pay Standby, Bank Guarantee, ICC/Swift BPO
  • Advantages and Disadvantages of LCs
  • Alternatives: Bank Guarantees, Export Insurance, Bonds, Collateral Arrangements and More
  • Common Problems, Pitfalls and Mistakes in Letter of Credit Practice and How to Avoid Them

Resources - Where to Look

  • Counterintuitive and Sui Generis Nature of LCs
  • Laws and Rules That Govern LCs and LC Practice - The UCP, ISP, UCC, URDG and BPO
  • Where to Find the Rules, Source Materials, LC Forms and LC Consultants
  • ISP Model Forms of Standby Attached and Explained

LC Practice Pointers

  • Choosing a Credit-Worthy Issuer
  • Role of Advice, Confirmation, Negotiation of LCs
  • Issuer Credit Downgrade
  • Negotiating a Letter of Credit Application and Reimbursement Agreement
  • Benefits of Using the ISP vs. the UCP in Standbys
  • Avoiding Bankruptcy Issues
  • Drafting Draw Conditions (Triggers)
  • Avoiding Impossibility, Nondocumentary Conditions, Ambiguities
  • Automatic Extension Clauses
  • Commercial Letters of Credit
  • Drawing on an LC
  • Fax Presentments
  • Extend, Replace or Draw Provision
  • Force Majeure Events
  • Cancelling an LC
  • Transferring a Letter of Credit
  • Assigning Letter of Credit Proceeds
  • Taking Security Interests in LC Proceeds
  • Enjoining Draws on a Letter of Credit
  • Jurisdiction and Venue Issues
  • Attorneys' Fees
  • Supersedeas Letters of Credit
  • Letter of Credit Scams
  • Supersedeas (Appeal Bond) Letters of Credit
  • Fax Presentations

GENERAL REQUIREMENTS:

Entry Requirements
Students must have basic literacy and numeracy skills.

Minimum education
Open entry. Previous schooling and academic achievements are not required for entry into this course.

Computer requirements
Students will need access to a computer and the internet.

Minimum specifications for the computer are:

Windows:
Microsoft Windows XP, or later
Modern and up to date Browser (Internet Explorer 8 or later, Firefox, Chrome, Safari)

MAC/iOS:
OSX/iOS 6 or later
Modern and up to date Browser (Firefox, Chrome, Safari)

All systems
Internet bandwidth of 1Mb or faster
Flash player or a browser with HTML5 video capabilities (Currently Internet Explorer 9, Firefox, Chrome, Safari)


For LIVE WEBINARS:

Q:  What is the webinar viewer?
A:  Not every live webinar will have the webinar viewer. The webinar viewer is an online PowerPoint® presentation that the speaker will manipulate. You can access the webinar viewer through a link provided in your confirmation email.  Again, Internet access is required.

Q:  What is a live webinar?
A:  A live webinar is a live training program in which the audio is streamed over the Internet or accessed over phone lines and the written materials are accessed via the Internet. Audio and video reception capabilities of your computer set-up is required.

Q:  How do I access the live webinar?
A:   Once you have registered for the live webinar, you will receive a confirmation email with a link and an individual PIN to stream the audio over the Internet and access the reference materials.

Q:  How do I access the reference materials?
A:  Your confirmation email includes a link to the reference materials for your live webinar. The reference materials are typically available for download a day or two before the live webinar.

For OnDemand WEBINARS:

Q:  What is an OnDemand webinar?
A:  OnDemand webinars are self-paced online programs that allow you to earn continuing education credit at your convenience. Each program includes a downloadable PDF reference manual. A PDF viewer is required.

Q:  My OnDemand webinar is not functioning properly. What can I do?
A:  Adobe Flash 9+ with Javascript enabled is needed to view the program.

Carter H. Klein

Carter H. Klein

Jenner & Block LLP

  • Partner in Jenner & Block LLP's Chicago office
  • Concentrated his practice on Uniform Commercial Code work, secured and unsecured lending and payments for the past 43 years at Jenner & Block LLP
  • Extensive experience with Article 5 of the Uniform Commercial Code – Letters of Credit
  • ABA UCC Liaison to the Permanent Editorial board of the Uniform Commercial Code
  • Former Chair of both the Letter of Credit Subcommittee and Payments Sub-committee of the ABA
  • Co-wrote three books on the Uniform Commercial Code
  • Honored as Letter of Credit Attorney of the Year in 2018 by the Institute of International Banking Law & Practice
  • J.D. degree, Order of the Coif, First in Class, University of Illinois College of Law; B.A. degree, with the highest distinction, University of Illinois at Urbana-Champagne
About this Course

What the rules are that govern letters of credit, where to find them, and where and to whom to look to for advice concerning them

Most attorneys and businesses do not regularly use, prepare or review letters of credit and/or think through various issues on how to draft them, what issuer to accept, what regime (ISP or UCP) to govern them or how to properly prepare to draw on them. Many do not even know how to prepare a draft, what the rules are that govern letters of credit, where to find them, and where and to whom to look to for advice concerning them. Letter of credit law and practice is formal, strict and based on practices which differ in significant respects from the common law and contract principles. Yet with their instant liquidity and versatility, letters of credit, if properly drafted and used, are one of the most reliable and liquid payment assurance instruments available in this world of financial uncertainty. This topic will explain these issues so an attorney or business person can spot letter of credit issues, find out where to look for help and receive baseline guidance through the issues and problems commonly encountered in letter of credit practice.

Course Fast Facts:

  1. Learn everything you need to know about Letters of Credit
  2. Comprehensive agenda covering Letters of Credit
  3. Study along with simple instructions & demonstrations
  4. Written and developed by leading Business instructors
  5. Certificate of completion
  6. Available in multiple formats where you can choose the best format for your needs

Available in :

  • Live Webinar : 90 Minute live streaming program
  • OnDemand Webinar : Archived webinar presentation with audio and slideshow including downloadable reference manual. Watch online anytime.
  • Audio & Reference Manual : PDF and MP3 files delivered on a USB flash drive. Listen and read on any compatible device.
  • Online Manual : PDF file delivered by download. Read on any compatible device.
  • MP3 Download : Audio recording of a webinar and reference manual delivered by download. Listen anytime on any compatible device.

Course Delivery

This program is available in several formats. Upon enrolment an automated welcome email will be sent to you (please check your junk email inbox if not received as this is an automated email), in order for you to access your online course

Recognition & Accreditation

All students who complete this course, receive a certificate of completion with a passing score (for the online assessment) and will be issued a certificate via email.

This course is being supplied by Lorman.

LC Foundations, Rules, Features and Facts

  • Letter of Credit Facts - Who Issues Them and How Are They Priced?
  • Keys to LC Success - Their Independence and Documentary Nature
  • Uses of Letters of Credit
  • Types - Commercial, Standby, Direct Pay Standby, Bank Guarantee, ICC/Swift BPO
  • Advantages and Disadvantages of LCs
  • Alternatives: Bank Guarantees, Export Insurance, Bonds, Collateral Arrangements and More
  • Common Problems, Pitfalls and Mistakes in Letter of Credit Practice and How to Avoid Them

Resources - Where to Look

  • Counterintuitive and Sui Generis Nature of LCs
  • Laws and Rules That Govern LCs and LC Practice - The UCP, ISP, UCC, URDG and BPO
  • Where to Find the Rules, Source Materials, LC Forms and LC Consultants
  • ISP Model Forms of Standby Attached and Explained

LC Practice Pointers

  • Choosing a Credit-Worthy Issuer
  • Role of Advice, Confirmation, Negotiation of LCs
  • Issuer Credit Downgrade
  • Negotiating a Letter of Credit Application and Reimbursement Agreement
  • Benefits of Using the ISP vs. the UCP in Standbys
  • Avoiding Bankruptcy Issues
  • Drafting Draw Conditions (Triggers)
  • Avoiding Impossibility, Nondocumentary Conditions, Ambiguities
  • Automatic Extension Clauses
  • Commercial Letters of Credit
  • Drawing on an LC
  • Fax Presentments
  • Extend, Replace or Draw Provision
  • Force Majeure Events
  • Cancelling an LC
  • Transferring a Letter of Credit
  • Assigning Letter of Credit Proceeds
  • Taking Security Interests in LC Proceeds
  • Enjoining Draws on a Letter of Credit
  • Jurisdiction and Venue Issues
  • Attorneys' Fees
  • Supersedeas Letters of Credit
  • Letter of Credit Scams
  • Supersedeas (Appeal Bond) Letters of Credit
  • Fax Presentations

GENERAL REQUIREMENTS:

Entry Requirements
Students must have basic literacy and numeracy skills.

Minimum education
Open entry. Previous schooling and academic achievements are not required for entry into this course.

Computer requirements
Students will need access to a computer and the internet.

Minimum specifications for the computer are:

Windows:
Microsoft Windows XP, or later
Modern and up to date Browser (Internet Explorer 8 or later, Firefox, Chrome, Safari)

MAC/iOS:
OSX/iOS 6 or later
Modern and up to date Browser (Firefox, Chrome, Safari)

All systems
Internet bandwidth of 1Mb or faster
Flash player or a browser with HTML5 video capabilities (Currently Internet Explorer 9, Firefox, Chrome, Safari)


For LIVE WEBINARS:

Q:  What is the webinar viewer?
A:  Not every live webinar will have the webinar viewer. The webinar viewer is an online PowerPoint® presentation that the speaker will manipulate. You can access the webinar viewer through a link provided in your confirmation email.  Again, Internet access is required.

Q:  What is a live webinar?
A:  A live webinar is a live training program in which the audio is streamed over the Internet or accessed over phone lines and the written materials are accessed via the Internet. Audio and video reception capabilities of your computer set-up is required.

Q:  How do I access the live webinar?
A:   Once you have registered for the live webinar, you will receive a confirmation email with a link and an individual PIN to stream the audio over the Internet and access the reference materials.

Q:  How do I access the reference materials?
A:  Your confirmation email includes a link to the reference materials for your live webinar. The reference materials are typically available for download a day or two before the live webinar.

For OnDemand WEBINARS:

Q:  What is an OnDemand webinar?
A:  OnDemand webinars are self-paced online programs that allow you to earn continuing education credit at your convenience. Each program includes a downloadable PDF reference manual. A PDF viewer is required.

Q:  My OnDemand webinar is not functioning properly. What can I do?
A:  Adobe Flash 9+ with Javascript enabled is needed to view the program.

Carter H. Klein

Carter H. Klein

Jenner & Block LLP

  • Partner in Jenner & Block LLP's Chicago office
  • Concentrated his practice on Uniform Commercial Code work, secured and unsecured lending and payments for the past 43 years at Jenner & Block LLP
  • Extensive experience with Article 5 of the Uniform Commercial Code – Letters of Credit
  • ABA UCC Liaison to the Permanent Editorial board of the Uniform Commercial Code
  • Former Chair of both the Letter of Credit Subcommittee and Payments Sub-committee of the ABA
  • Co-wrote three books on the Uniform Commercial Code
  • Honored as Letter of Credit Attorney of the Year in 2018 by the Institute of International Banking Law & Practice
  • J.D. degree, Order of the Coif, First in Class, University of Illinois College of Law; B.A. degree, with the highest distinction, University of Illinois at Urbana-Champagne

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Pay Upfront US$219
Delivery Method
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Course Summary

Course ID: 101LRLOC
Delivery Mode: Online
Access: 90 days
Tutor Support: Yes
Time: 89 minutes
Qualification: Certificate

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