Understand what a Letter of Credit is and how it can help you to reduce the risk in your international transactions. Learn which types of Letters of Credit are best for your situation and how to avoid the most common documentation discrepancies. Topics covered in this learning module include, Risk Spectrum of Payment Terms, Participants Under a Letter of Credit, Steps in a Letter of Credit Cycle, Types of Letters of Credit (revocable/irrevocable, confirmed/unconfirmed, straight/negotiation), Types of Drafts, Special Letter of Credit Arrangements, Important Points to be Checked by the Beneficiary, Effective Use of Letters of Credit, Commercial Invoices, Common Documentation Discrepancies, Letters of Credit and the Exporter, Letters of Credit and the Importer and UCP 600 (Uniform Customs and Practice for Documentary Credits). After successful completion of this learning module the student will understand how letters of credit can reduce the risk in their international transactions, what role each participant plays in a letter of credit, the process or cycle that occurs when a letter of credit is used, how to determine which type of letter of credit to use and the importance of eliminating documentation discrepancies.
Nancy Watson-Pistole, CCE CICP, is currently Food Industry Analyst for FoodONE, a Division of Seafax, Inc. She has over twenty five years of credit management experience in various industries. She graduated Summa Cum Laude from Park College in 1988 with a Bachelor of Science degree in Business Administration. She completed her certification as a Certified Credit Executive in October 1996 and earned the FCIB Certified International Credit Professional (CICP) certification in 2006.
Nancy has been on the Kansas City Chapter’s Board of Directors of NACM-CFDD® from April 1995 until March 2006 and continues to serve on committees each year. She was the CFDD National Chairman in 2007-2008.
The passion that Nancy has for education and the credit profession is evident through her frequent presentations to credit audiences on various topics.