Dubai – MENA Herald: As part of its efforts to apprise local businesses with the importance of understanding the legal and practical aspects of managing documentary letters of credit, the Dubai Chamber of Commerce and Industry hosted a one-day legal seminar at its premises on Thursday.

Entitled Management of Letter of Credit Operations – the Exporters and Importers Perspective, the seminar brought a new dimension to trade finance by providing a comprehensive overview of obligations and challenges faced by the parties using documentary letters of credit.

Conducted by Mr. Vincent O’Brien, a member of the ICC Banking Commission and chairman of the ICC Market Intelligence Group (MIG), the seminar was attended by exporters and importers, sales managers, purchasing managers, forwarders, Custom brokers, carriers, credit professionals, compliance professionals, insurers, trade consultants, international bankers and attorneys.

Jehad Kazim, Director, Legal Services Department, Dubai Chamber, stated that with the substantial expansion of international trade in the GCC region, it is increasingly important for businesses to beware of the legal and practical aspects of managing documentary letters of credit for the smooth functioning of their business, especially for those operating in the import-export sector.

She further stated that these seminars organised by the Chamber are becoming quite popular with businesses wanting to trade in the international markets by better understanding their rights and duties and ways to avoid potential pitfalls.

Added Vincent: “The ICC Global Trade Finance Survey 2015 reported an increase in allegations of fraud in respect of letter of credit transactions with an increase in court injunctions in many jurisdictions barring payment of letters of credit. However, by implementing world-class standards in the management of letter of credit operations and through having a detailed understanding of the applicable rules most of the problems can be avoided. This seminar is case driven and packed with practical guidance with the needs of corporate traders in mind.”

Dubai Chamber regularly organises training seminars and workshops to raise awareness of key business trends and laws governing businesses while stimulating the overall investment environment and supporting the business community to boost their trade and contribute to the economic growth of Dubai.