1. Letter of Credit
nd Semester

2. Subject : Letter of Credit
Good morning everyone,
Welcome back to the opening class of 2nd semester.
Nice to meet you again.
How was your summer vacation ?
“ Trade Academy attending, stayed at university dormitory and doing an arbeit, TOEIC study so on… “
This summer was very hot summer recording the highest temperature of 36~38 in Ulsan city on August 5 during the daytime, Poong Gi was one of the highest town in temperature record. Some of old generation died because of high temperature, which is heatstroke
Anyhow, we are at the beginning of September and expect the autumn will come soon or later which we call it “ Law of natural “. Hot is summer, cool in Autumn and cold in winter.
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The subject of this class is “Theory of Letter of Credit”. This class will run with 100 % in English, English test and Q & A will also be made in English only. No Korean will be used and not accepted.
This will help us how we speak it in English and will also help us how we listen the trade practices in English.
We have already learned a lot regarding the Korean version of Trade, trade practices and trade English. Remember ? Don’t worry about it too much. I’ll let you know one by one regarding the Letter of Credit on how it will running.
Fortunately enough, we have learned some of precedent classes mentioned above, this is only an English version of trade class.
I’ll tell you on how the class will be running and what you have to do before attending this class.
Following chart will show you the detailed plan on how we study for this subject. Let me show you it one by one.

3. Participants should ;
1. Read the textbook of the weekly schedule before attending the class, (Otherwise, you will not be able to understand effectively what’s going on)
2. Answer on professor’s question in English as this class will be running in a two-way communications rather than professor’s one-way talking.
3. Be always ready to answer on the question as 10% of credit(out of 100%) is expected to be given to those who can successfully meet the requirements.
4. Once again, 100% of English language will be used for this class.

4. At the end of this class (Purpose of this study), participants will ;
Understand an overall concept of the LC (Letter of Credit),
1) Type of LC (Revocable and Irrevocable),
2) Sight LC and Usance credit and
3) Why LC is being used as an international settlement in import/Export transactions
2. Understand an overall procedures and workflow on how the international trading is being made to know who is applicant, beneficiary, issuing bank, negotiating bank, and/or advising bank, and so on.
3. Understand the responsibilities of each party in connection with the international trading.
4. Know what is “INCOTERMS”
5. Understand the general rules of UCP

5. To make it possible, we will have ;
1. One or two times “Presentation session” as an individual or team presentation,-This will be additional credit if the said presentation is regarded as acceptable or above acceptable level. 2. One or two times of “Report preparation”(normally an individual report),-This will be another 10% of credit out of 100%. A test will be done on a surprise basis, but will give you a prior notify, say at least one week before. 3. Quiz on a surprised basis, will be assigned. A Mid-term and end of semester exam. on a paper basis. 4. One or two times of “ Case Study Session” based on the actual transaction of real LCs  Search for the real practices of LC case (Import or Export LC), 5. INCOTERMS-2010 version and UCP-600 version amounting to total 39 articles. It shall be supplementarily used to help the understanding level of case study of each LC, 6. Recommend 100% of attendance to the class of LC.

6. Things to do ;
Class representative is required to arrange “Presentation team members” by the end of September(October 2nd)
Each team will have 4~5 students composed of male & female student evenly including Chinese.
For more detail, please refer to the ‘ Presentation rules ‘ .
Pro-active participation to the team presentation will have an additional credit.
Valuable question will also have an additional credit.(Do not make a question for question only)

7. Team Composition & Rules
* Department representative(과대표) will provide the individual name of each team member to professor, Lee by September 24, 2012.
Team “Spring” : Team leader,_________ __________ ________ _________
Team “Summer” :Team leader,
Team “Autumn” : Team leader,
Team “Winter” : Team leader,

8. Roles & responsibilities of the team members
Team leader :
1. Arrange & coordinate the meeting/discussion weekly or twice a week.
2. Assign the task to each of member.
3. Get involve in searching/investigating the raw data for the assigned task w/members.
Team Member 1 & 2 :1. Responsible for searching the raw data/resources through an internet and other available data base.
Team member 3 ,4 & 5 : Will be responsible for making the presentation draft/output using the ppt. This member might be a presenter who will represent the team he/she participated in.
The 2nd and 3rd presentation will be made in turn within the team members.

9. Principle for the presentation
Time limitation : 20 minute w/ 5~10minute of Q & A session. (If exceeded longer than 10 minutes, deduct 2 points).
Prior notification for the presentation material to the professor through (
Two or three teams will have the team presentation per week.
Professor’s feedback/comment, if any.
5~10 minutes break after the 1st team presentation.-
Continue by the 2nd or 3rd team ~ assigned to the week.
Do not make a question for question only.
Will take a good question and reflect it on the score card.