Audio Conferences

  May 18, 2007 at 02:00PM ET

The first revision in 12 years of the fully revised rules of the Uniform Customs and Practice for Documentary Credits—UCP 600—covering the use of documentary letters of credit is complete and ready for implementation as of July 1, 2007.

Import-export mangers, credit professionals, and all those in your company involved in letter of credit work must become fully familiar with the new rules as soon as possible. International trade depends on it; approximately 14% of world trade in 175 countries was settled using letters of credit—almost $1 trillion dollars—last year.

Remember: Failure to comply with the new UCP 600 rules can put payments in jeopardy. Don’t risk leaving commercial letters of credit outstanding; be sure you understand all the latest changes to the UCP 600 and any potential impact they might have on your business before the July 1 deadline.

Let the U.S. representatives at the International Chamber of Commerce, Donald R. Smith and Frank Reynolds, walk you through some of the critical updates to UCP 600 covering the use of documentary letters of credit including:

• Background on the brand new revisions and their practical day-to-day applications
• New articles that provide greater clarity and precision in the rules
• New provisions that allow for the discounting of deferred payment credits
• Key definitions
• Major changes you’ll need to know going forward
• The standard for examination of documents
• Mythical discrepancies — and how to deal with them

Featured Faculty

Donald R. Smith
Mr. Smith represented the United States at the International Chamber of Commerce (ICC) UCP 600 revision and chairs the Banking Committee of the United States Council for International Business (USCIB). Don represents the United States banking industry to the Commission on Banking Technique & Practice of the ICC, Paris; co-chaired an international task force documenting International Standard Banking Practices, resulting in ICC Publication No. 645; and is a member of Editorial Board and Editorial Advisory Board of Documentary Credit World.Recently retired from Citibank NA as Vice President of Global Trade Finance Product Management, Don is Vice President of Client Services for Norman Technologies, a Charlotte-based technology consulting firm.

Frank Reynolds
Mr. Reynolds represented the U.S. at the ICC Incoterms 2000 revision and serves on the Banking Committee of the USCIB. He holds an E Award for Export Excellence and a customs broker license, writes the Journal of Commerce Export ABCs column, is a frequent contributor to the ICC Documentary Credit Insight newsletter, and is a member of the Editorial Advisory Board of IOMA’s Managing Imports and Exports. Frank is President of International Projects, Inc. (IPI), a 28 year-old export trading company providing trading, instruction, consulting and dispute mediation services on a variety of international trade topics. He has served 9 terms on the U.S. Department of Commerce District Export Council and has over 40 years hands-on letter of credit experience as both applicant and beneficiary.