News

Collyer Consulting 'virtual' Letter of Credit MasterClass 2020

24/07/2020

For many people that are based in the Middle East region, I have been conducting an annual Letter of Credit MasterClass for the last 10 years. Held over 2-days and attended each time by well over 100 people it has become a regular feature of the Dubai trade finance events. 

The sessions have traditionally encompassed a number of aspects of letters of credit handling including case studies and Q&A sessions. At each MasterClass, attendees have also had the opportunity of mixing with their peers from other banks and organisations and many have forged firm friendships through their regular attendance. A number have attended each year the event has been running.

Into 2020, and we have the devastating consequences of the COVID-19 pandemic. The ability to congregate at workshops and seminars, and to fly to destinations of our choice have been seriously impacted and with very good reason. The effects of the global pandemic are truly shocking and one must hope that a vaccine for ALL will be available sooner rather than later.

As face-to-face events are going to be a long way off, and in response to a number of comments made by past attendees of the MasterClass, I am embarking on the development and delivery of a number of on-line webinars that will cover the range of topics normally included within a MasterClass. Delivery on-line opens up the attendance to those that are regulars at my event and those that have not had an opportunity in the past. I expect these webinars to commence from mid to late August onwards.

The webinars will be of one to two hour duration and it is possible that 2 will be held on each of the planned dates (dates and times to be determined based upon interest in a particular webinar and the location(s) of the attendees). To accommodate people in different timezones, it is possible that each webinar will be repeated at least once so that you may not be too inconvenienced by the timing. The webinars will be held via the Microsoft Teams platform.

As each of the webinars will be of one hour duration, I expect LIBF to allocate 1 CPD per webinar hour towards recertification for CDCS, CITF and/or CSDG. CPD’s will only be awarded to those that have been registered for the respective webinar. To avoid the issuance of numerous certificates, and where more than one webinar is attended, the certificate of attendance will be issued after the last webinar has been attended and will indicate the number of CPD’s that will be earned. A copy of the webinar powerpoint presentation will be provided immediately following the event together with any supporting material that was referred to or used in the webinar.

Using the Microsoft Teams platform for conducting the webinars allows for interaction to occur verbally and through the setting of various on-line questions during the sessions.

The enclosed document provides an indication of the webinars that will be available. This is simply a listing of the webinars that will be available and not necessarily an indication of the order in which they will be delivered. There are two categories of webinar: 

Category 1 - items 1-16 which represent the topics that would normally be covered in an annual MasterClass event.

Pricing for these will be very competitive:

(a)        £17.50 per registered person per webinar.

(b)        An order of 8-11 webinars will earn a 10% discount on the total price.

(c)        An order for 12-16 webinars will earn a 15% discount on the total price.

(d)        Banks that wish to register multiple attendees will receive a discount based on the total number of webinars ordered.

Category 2 - items 17-19 are specifically designed for those that may be taking the CDCS examination this October. Each of these webinars will be priced at £17.50 and if all three are ordered, the collective price will be £42.00

For now, if you are interested, I am simply looking for an indication of interest and, where there is interest, the webinar(s) that are of interest. For this purpose, I would ask that the following form be completed and scanned back to me at gary@collyerconsulting.com ideally not later than 30 July so that work can be started and concluded on the webinars that will feature first. Webinar Schedule 2020.pdf 

For multiple registrations, details can be provided on a separate sheet and emailed to me at the above email address simply referring to the number of attendees for a particular webinar number e.g., 10 participants for webinar 1, 8 participants for webinar 6. Complete details of the individuals can be provided at the time of invoicing and payment etc.

There is also an area at the bottom of the form (on page 2) to indicate any other topic(s) that you may wish to be considered for a webinar. If there is sufficient interest in that topic, I can certainly add it to the list of available webinars.

I hope that this will be of interest to you and/or your colleagues and look forward to hearing from you.

In the meantime, please stay safe and take care.

 


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Latest Question

A credit stipulates that invoice, packing list and full set of original bills of lading made out to order and blank endorsed marked freight prepaid and notifying applicant are required to be presented. Upon checking the presented documents, the issuing bank refused them due to the discrepancy: copy instead of full set of original bill of lading presented. The presenting bank then sent the full set of original bills of lading to the issuing bank within the presentation period (the content of the original bill of lading remain unchanged). The issuing bank then refused again due to the following 3 new discrepancies: Late shipment Bill of lading:  showing gross weight differ from packing list not showing carrier’s name The presenting bank argued that the 3 new discrepancies existed in the previous presentation, the issuing bank should have raised them in the first refusal advice. In the FIRST refusal notice, the only discrepancy raised by the issuing bank is that ‘copy’ instead of ‘original ‘bill of lading presented (which means except originality of the bill of lading, all other aspects of the documents are in order) and since the full set of original bills of lading are now presented to the issuing bank in time, the issuing bank cannot refuse the documents due to the discrepancies that already existed in the previous presentation. Question : 1. Must the issuing bank list other discrepancies on the photocopy of the bill of lading (discrepancies such as late shipment, gross weight differ, not showing carrier’s name, which can clearly be identified from the photocopy of the bill of lading), in addition to ‘copy instead of full set of original bill of lading presented‘? in above case, is the second refusal advice valid or not? 2.If in the FIRST refusal advice, the discrepancy is described as ‘full set of original bills of lading not presented‘, then under the above case, can the issuing bank still have the right to refuse for the 3 new discrepancies the second time? That is to say, will the consequence be different if the issuing bank uses ‘copy instead of full set of original bills of lading presented‘ or ‘full set of original bill of lading not presented’ when refusing for the first time? 3. For this case, in order to avoid any dispute, which is the better way for the issuing bank to describe the discrepancies when refusing the FIRST time? Option 1: Copy instead of full set of original bill of lading presented. Option 2 : Late shipment Bill of lading:  copy instead of full set of original bill of lading presented. showing gross weight differ from packing list not showing carrier’s name Option 3 : Full set of original bill of lading not presented Option 4 : Late shipment Bill of lading: full set of original bill of lading not presented showing gross weight differ from packing list not showing carrier’s name