$145.00

Rules and Laws Governing Standby Letters of Credit (for Bankers) – By Compliance Global Inc.

Compliance Global Inc.

Description

Overview:

This webinar includes a detailed review of the laws and rules governing standby letter of credit, including a comparison of the UCP600 rules and the ISP98 rules.
The target audience is bank staff who actually issue standby letters of credit and other bank employees who work with them and with customers who use letters of credit. Recommended wording will be explored and lessons learned will be reinforced by reviewing actual lawsuits. Participants will learn how to write well-worded letters of credit that protect their banks, and their customers, from disputes and lawsuits.

Why Should You Attend:

Standby letters of credit can and should be considered dangerous territory by banks that issue them without a firm foundation in the laws and rules that govern them. Many banks have been taken to court for refusing to pay letters of credit without proper grounds for such refusal and also for paying letters of credit when they did have proper grounds and failed to exercise them. Sometimes it comes down to failing to refuse quickly enough or otherwise not following the rules for communicating refusal.
This webinar will explore intricacies in the laws and rules that govern standby letters of credit and provide the necessary background for participants to further study them and lawsuits involving them and thereby avoid becoming a party to a lawsuit themselves.

Areas Covered in this Webinar:

What the Uniform Commercial Code is and what it says about letters of credit
What the UCP600, ISP98, and URDG are and how they differ
Legal obligations and rights of banks that issue, advise, confirm, and pay letters of credit
Legal consequences of not understanding the law or the rules
Impact on bank customers of using poor letter of credit wording

Learning Objectives:

Develop an understanding of the law governing letters of credit in the US and how it supplements and reinforces whatever rules might also apply to a standby letter of credit
Learn about what the UCP600, the ISP98, and the URDG are each designed to do and when it is appropriate to which as the governing rules for a standby letter of credit
Explore the consequences of using imprecise wording or including non-documentary conditions in a standby letter of credit
Understand the legal liabilities and rights of banks that issue, advise, confirm, and pay standby letters of credit

Who Will Benefit:

Bank lending officers and Relationship Managers
Bank Operations Managers
Risk Managers and Business Controls Officers
Bank Auditors and Examiners
Bank Product Managers
Attorneys
Accountants

Level:

Beginner

Ad Reference ID: 4155f7fe8acb044

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