The Dubai Chamber of Commerce and Industry recently held a seminar dedicated to providing businesses with insight into the laws and practical aspects associated with using documentary letters of credit.
The seminar was geared toward helping export and import businesses operate more smoothly, but attendees also included sales and purchasing managers, international bankers, insurers, custom brokers, attorneys, carriers, forwarders, trade consultants and professionals in credit and compliance. They learned about their duties when managing credit letters and what to do when challenges arise.
The seminar was given by International Commerce Commission (ICC) Market Intelligence Group Chairman Vincent O'Brien.
"The ICC Global Trade Finance Survey 2015 reported an increase in allegations of fraud in respect (to) letter of credit transactions with an increase in court injunctions in many jurisdictions barring payment of letters of credit," O'Brien said. "However, by implementing world-class standards in the management of letter of credit operations and through having a detailed understanding of the applicable rules most of the problems can be avoided. This seminar is case driven and packed with practical guidance with the needs of corporate traders in mind."