If you have a small in-house team managing your international trade documentation then you need a Plan B in case of unforeseen issues. If you don’t - there’s every chance your payment will be delayed – and you could experience a long and expensive wait.

 

A Letter of Credit guarantees payment - but only if you get the process right!

Once you have established that a letter of credit is the best form of payment for shipping your goods internationally, you must pay special attention to make sure you are correctly completing the letter of credit AND the entire supporting process. Which is why, if you have a small team - and the person responsible is taken ill - you need to know how you would see the process through.

 

Imagine there was a potential issue and your ‘go-to-person’ wasn’t available

 

This happens more often than you might think. People get ill, have accidents - so short notice or no notice leave is a real possibility. So imagine, if you have a new opportunity or you are sending something to a large overseas client and they need it urgently and your main ‘go-to-person’ isn’t available.

 

What would you do - how would you get what needs to be done, done'

A letter of credit is not flexible in terms of regulations, you need to dot all the I’s and cross all of the T’s - and if something isn’t 100% correct, you need to know what to do to rescue it. In addition to creating payment issues, Letter of Credit mistakes can also cause problems for the importer when clearing customs.

 

Common mistakes which may cause you to lose the sale or not get paid

• Not giving enough attention or consideration to the specified dates; shipment, expiry, documentary dates, days for presentation etc.
• Not checking the L/C routing and availability for the actual shipment; route, carrier, transhipment, partial shipment, certificates, age restrictions, carrier specifications etc.
• Not presenting the correct documents taking into account, title, endorsement, content, signatory, date, consistency, issuing party etc.
• Not understanding the rules of UCP600 governing the issuance, negotiation, presentation, reimbursement and standard for examination.
• Not understanding the delays, risks and issues if the documents are not checked as clean on first presentation

 

How can you eradicate these risks'

Whether you need a fall back Plan B for emergency cover or you are expanding and need ‘overflow support’ to manage capacity at peak periods - Spatial Global have a ZERO COST solution to provide the back-up you need.

 

Do you have a plan B'

If not, Spatial Global offer a fully managed Letter of Credit documentation service taking the hassle and risk out of your export payment documentation. It starts with a FREE Audit. ‘The Global Freight Navigator’ package includes a tailored solution for businesses trading internationally. This includes under Letter of Credit terms of payment. The objective of ‘The Global Freight Navigator’ package is to highlight where you can save time, money and reduce risk on your international trade documentation processes.

 

If a solid Plan B is ZERO COST what have you got to lose'

The first step is to understand what you do, where you operate and identifying where you can make savings and it’s free. Whatever the complexity, and whether you use us for advising and checking or the whole process including preparation and presentation through to final payment – the audit is free.

Once we have this understanding – and you have our details, we become your Plan B.  No cost until we act on your behalf – so no drama if your ‘go-to-person’ isn’t available.

 

Fully managed import and export documentation – tailored to your needs

So whether you’re worried about the duty, potential complexity and costs to ship your goods POST-BREXIT. Or just want to have a ‘Plan B’ in case your ‘go-to-person’ was unexpectedly unavailable. It won’t cost you a penny - just 45 minutes of your time.

Call 01332 289220 or visit www.spatialglobal.com/planB

Our advisers have 'seen it all' when it comes to international trade and are fully equipped to help you with any aspect of your shipments.

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