SABB Trade Services holds UCP600 briefing seminar

The guest speaker was Mr. Gary Collyer, Chairman of the UCP600 Drafting Committee and the world's leading expert on this topic. Mr Collyer said that it is important for both importers and exporters to understand the full depth of the UCP600 changes and cover themselves against potential disputes with banks and counterparties. "Globally, about 70% of documents presented under LCs are discrepant.

UCP600 is meant to simplify the rules and remove any ambiguities, so that international trade can be facilitated" said Mr. Collyer. Among the major changes are a Definitions article explaining the meaning of commonly used trade terms and a new maximum limit of five working days for banks to check documents under LC.
Responding to questions from the audience, Mr. Collyer emphasized the importance for Saudi companies to check the authenticity of their overseas buyer and seller to avoid fraud.

Internationally reputable inspection companies can be used to check the goods before shipment.
Speaking on the customer seminar in Riyadh , Mr. Ahmed Al Ameer, SABB Area General Manager Central Province, thanked customers for their valuable participation and their continued support to SABB and assured customers of arranging similar events in the future for the benefit of customers and their staff. SABB's officials also mentioned the growing trade between Saudi Arabia's and Asia, particularly China and India, and the long history of HSBC in that region. As part of the HSBC Group, SABB has access to global expertise in Trade and a branch network across 82 countries.

A presentation was also given on the Marine Cargo policies that will soon be offered by SABB Takaful. This will allow customers using Islamic LC's to purchase Takaful cargo policies that are Shariah compliant.