The global trading system is undergoing a period of transition. Shifting economic circumstances, major advances in technology and the emergence of new players all underscore that we are on the edge of major change. Persistent imbalances continue to be a cause of concern in some major economies. In such a climate of uncertainty only one thing is certain- that there is a great need to strengthen the global trading system. Based on the authors work and experience as practitioners "Trade Finance" addresses key topics relating to a gamut of international trade; letters of credit mechanism, collections of bills, trade customs and practice, and more. Dealing with complicated implementation issues in a forthright and comprehensive fashion, it will rapidly become an essential tool for navigating solutions to international trade finance, for both beginners as well as industry practitioners.
List of Tables
List of Figures
Glossary
1 International Trade and Inherent Risks 1
2 Services Offered by Commercial Banks 4
3 Methods of Trade 7
4 Foreign Exchange Rates 11
5 Bills of Exchange, Collections, Purchasing and Discounting 20
6 Documentary Letters of Credit 40
7 Letters of Credit - Types 52
8 Methods of Payment Settlement 87
9 Financial Load Variations - Eight Types of Letters of Credit 98
10 Incoterms 109
11 Documents in Foreign Trade - Significance 117
12 Negotiation of Documents 128
13 Factoring and Forfaiting 132
14 Electronic Documents (eUCP) 143
15 Scrutiny of Documents - Procedures 149
16 Common Irregularities in Documents 160
17 Guarantees and International Bonds 164
18 SWIFT and Letters of Credit 192
19 ICC DOCDEX RULES ICC Rules for Documentary Instruments Dispute Resolution Expertise 222
20 Export Risks Insurance and ECGD 233
21 Marine Insurance 248
Annexes 255
Specimen of Application for L/C 255
General Guidance for Completion of L/C Application Form 261
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