UCP 600 : Uniform rules for Letters of Credit accepted worldwide
First international rules governing commercial letters of credit published by the ICC (International Chamber of Commerce) in 1933. UCP 600 (Uniform Customs and Practice for Documentary Credits) which are the latest and sixth revised version of the rules comes into effect on 01.July.2007. ICC's long-term devotion to create standardized uniform rules for letters of credit has been succeeded. Today vast majority of commercial letters of credit opened all around the world are subject to UCP 600.
CDCS : The CDCS is the international standard for documentary credit specialists
"CDCS is the professional certification that will enable documentary credit practitioners to demonstrate specialist knowledge and application of the skills required for competent practice. The CDCS program has been developed in consultation with industry experts to ensure that the certification reflects best practice. It has been developed in partnership by the ifs School of Finance and the International Financial Services Association (IFSA). It is endorsed by the International Chamber of Commerce." As can be seen from the above quoted paragraph (cdcs.org) CDCS certificate makes it possible for letters of credit specialists to prove their knowledge on this subject in a global scale.
Letters of Credit Structure: All LC transactions are related to the documents only
UCP 600 article 5 says, “Banks deal with documents and not the goods, services or performance to which the documents may relate." Whatever the goods or services is traded between the beneficiary and the applicant, the only thing that banks will take into account and evaluate when deciding a conforming presentation is the documents. Therefore, the working structure of letters of credit is very convenient to long distance consulting services. It is almost the same, consulting an expert at the same office or hundred miles away. Thanks to the Internet, it is very cost competitive conducting the second kind of consulting services with only a considerable fee.
We understand better than anyone else how big source of frustration can LCs be
Ozgur Eker, who is the founder of LC Consultancy Services, has an international trader background both theoretically and practically. He had worked as an export manager several years and has a master degree in Foreign Trade. In addition, he has been awarded with CDCS title. One of the reasons why we enter this business is the absence of reliable letter of credit consultancy. Many companies hesitate to work with letters of credit just because they feel uncomfortable with them and choose much more risky payment methods. We would like to help international trade companies to work with more secure payment methods.
LC Consultancy Services founded by Certified Documentary Credit Specialist (CDCS) Ozgur Eker with the aim of providing reliable Letter of Credit consultancy services to international trade companies. According to our knowledge LC Worldwide is the first international letter of credit consultancy company. You can find below the main points encourage us to set up this business.
What does LC Worldwide offer to it's customers? These are the main points encourage us to set up LC WORLDWIDE. If you do not want to risk your hard-earned money in international trade, please consider choosing letters of credit as a payment method. We will be very glad to help you with all of our knowledge and energy from beginning to end to complete the letter of credit process without any problem.