International Transactions: Methods of Payment
Information is power. Whether you are an importer or an exporter, payment issues should be important to you. If you’re exporting or importing why not gain the other side’s perspective and learn the way they’re thinking?
When: Wednesday, October 22, 2008 from 8:30 – 11:30 AM
Where: Small Business Development Center Newark
One Innovation Way, Suite 301
Newark, DE
Speaker: Glen Dooley
Director – Northern Markets
Global Trade Services
Wachovia Bank
Topics covered:
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• Select the most appropriate international method of payment.
• Compare costs and risks of methods of payment.
• Limit letter of credit discrepancies and resolve any disputes that may occur.
• Analyze and choose alternative methods of financing international transactions.
Cost:
WTC Members: $ 35.00
Non-Members: $ 45.00
Students: $ 20.00
Register online now!
Letters of credit have been the choice for payment in international transactions in uncertain times. The seller gets the funds when presenting the required documents (typically: commercial invoice, insurance certificate, bill of lading, etc.) and the buyer can ascertain that the goods are of good quality by additionally asking for a test/quality certificate of an independent organization.
Letter of Credit has sample contracts (look under the sample documents link) and sample shipping documents. Furthermore, you will find articles on letters of credit and bank guarantees.
Letters of credit are getting more difficult to negotiate since banks now have a fear that the correspondent bank on the other end of the transaction may not be in business by the time the LoC clears.
THIS is the real danger to the system of international trade that the current financial crises presents.