| dc.description.abstract | This internship report represents the practical experience gathered in Techvital Systems, particularly in the SCM Commercial Department, regarding LC opening work. The internship opportunity in the BBA program at United International University (UIU) helped me apply theoretical knowledge in real business scenarios and gave hands-on exposure to documentation and processes concerning international trade finance.
The report explains what a Letter of Credit is: a financial document issued by the bank on behalf of an importer, under which it guarantees against non-payment to the exporter, hence securing a transaction in international trade. I was able to establish that the parties involved include the applicant, normally the importer; the beneficiary, the exporter; and the issuing and advising banks. The major tasks I had to undertake included reviewing, preparing with maximum detail, and following up on the documents such as Proforma Invoice, Insurance Cover Note, and several certificates which are required at the LC application stage.
The placement provided an understanding of the complexity in international trade documentation and how the importance of precise documentation ensured there was a "complying presentation" for payment.
The internship helped me strengthen not only my understanding of the LC procedure and paperwork but taught much-needed soft skills: communication, observation, and critical thinking. The experience provided a bridge between classroom learning and actual corporate practices which contributed substantially to my personal and professional development. | en_US |
