Intensive Export Finance Seminar Focused on Letters of Credit

Posted by Cody Richard
WTC Intern

 

Our “Secrets of Successful Trade Financing” two day seminar was held on Thursday March 21^st and Friday, March 22nd at the WTC Offices.  Attendees came from as far away as Georgia and represented vastly different industry sectors.

Richard M. “Chip” Thomas lead the discussion on behalf of the American Export Training Institute.  Mr. Thomas spent 22 years in international banking, specializing in international trade and finance, which led to extensive international travel; including a 2 years assignment working and living in Mexico.  During his banking career, Mr. Thomas developed a skill in training, and was responsible for International Product and Service Training for Mellon Bank’s customers and employees.  Chip left the banking industry in 1995 to pursue his interests in training by helping to establish the American Export Training Institute, which provides practical training in export finance to corporations and financial institutions throughout the U.S. and Canada.  Today, Chip travels the country speaking and training individuals on the best practices and procedures of international finance.

The numerous topics discussed included:

-          Foreign Trade Procedures

-          INCOTERMS

-          Letters of Credit

-          Bills of Lading

-          UCP 600

-          International Payment Procedures & Terminology

-          Defining Payment Terms

-          Insurance Basics

-          Role of the Freight Forwarder

-          Dealing with Discrepancies

-          Drafts and Acceptances as Financing Tools

-          Diagrams and Flow Charts

-          International Standard Banking Practice

-          Alternatives to Letters of Credit

…and much more!

Great advice was given by all who attended and there were many stories shared. We all learned something new from our colleagues, whether it was how to handle Letters of Credit or the many details of INCOTERMS options.