Wednesday, March 19 3:00 - 4:00pm eastern

UCP 600 - The Fundamental Rules for Letters of Credit
Presenter: Madeline Sprague, CTP, CCM

Description:
When using letters of credit to secure your receivables, it's important to remember that an LC is a specialized payment contract, with its own special rules and regulations. So it is critical that you have a fundamental understanding of the underlying regulations, how they work, what they cover, and what they DON’T cover. This session covers the primary regulation: International Chamber of Commerce Uniform Customs and Practices publication 600 (2007 version), nicknamed UCP 600.

Also covered will be the main principles of these rules, how they differ from the previous UCP 500, and their application to commercial and standby letters of credit. The UCP 600 does make LCs more user-friendly and will hopefully increase your comfort level with using LCs.

Bio:
Madeline Y. Sprague, CTP, is Vice President, Global Trade Services for JPMorgan Chase Bank N.A. in Houston, Texas. She works closely with exporters and importers in the structuring and processing of international trade transactions. She has over 28 years of documentary product expertise, and has conducted seminars on letters of credit and other international payment mechanisms for several local and statewide organizations, as well as for bank clients. Prior to joining JPMorgan Chase, she was Vice President and Trade Services Relationship Manager for Wells Fargo HSBC Trade Bank, and before that, she handled international sales for Bank One’s Houston area, and managed international operations for both CoreStates’ and Bankers Trust’s Houston Edge Act branches. Ms. Sprague is a Certified Treasury Professional, and has a Bachelor’s degree in languages and linguistics from the State University of New York at Buffalo.