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

Rules and Laws Governing Standby Letters of Credit (for Bankers) – By Compliance Global Inc.
Event on 2015-10-20 13:00:00
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

For more information, please visit https://www.complianceglobal.us/product/700222

About Compliance Global Inc:

Compliance Global Inc; is a training (webinar) organization based in New Hyde Park, New York, providing world-class compliance trainings and online webinars by leveraging a pool of experienced speakers / consultants in the Pharmaceutical, Bio-Technology, Medical Devices, Clinical Compliance, FDA Compliance, Healthcare, BFSI, Life Science & HR streams for improving the knowledge base of the customers. Our trainings are contemporary, simple and cost-effective with easy access and great delivery experience. Compliance Global is a multifaceted entity, an absolute knowledge repository.

Our varied industry expertise ranges across Life Science (Pharmaceutical, Bio-Technology, Medical Devices, Clinical Compliance, FDA Compliance), Healthcare, HR Compliance, BFSI, Food & Dietary Supplements, Insurance, Accounting & Taxation and other Cross Industry streams.

Email: referrals@complianceglobal.us
Toll Free: +1-844-746-4244
Tel: +1-516-900-5515

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