• Find out why many companies are using Incoterms incorrectly and how to avoid that
• Understand the intricacies of using Export Letters of Credit
• Learn the difference between Incoterms and the United States Commercial Code (UCC)
• Learn about the advantages of a "discounted" Letter of Credit and how to use Letters of Credit as a financing instrument
• Understand how Incoterms impact your transaction, payment terms and available transport documents

"Global Credit Management Excellence, Expert Perspectives and Best Practices" was the theme of this year's symposium. The keynote speaker, Stephen Capon of ACE Global Markets, kicked off the event with an insightful presentation on the state of global markets and post-crisis expectations. Delving into the inflationary issues and the importance of identifying the drivers of events as well as the restraints, Stephen concluded that "until we deal with leverage, the crisis is not going away".  

Trading in the Middle East, one of the symposium highlights, was a session filled with practical tips for the trade creditors, examining the degree of uncertainty when dealing with this region and the limitations on the rights of creditors. As Catherine McDougall, Senior Legal Consultant with DLA Piper Middle East, noted, the ease of perfecting securities varies from country to country and "when looking at security - be careful - what people are saying and what happens in practice". Reviewing the principles of Shari'ah, including the prohibition of riba (usury, interest), gharar or deception and uncertainty in contracts, maisir (gambling or speculation), obligation to pay Zakat, as well as the concept of unjust enrichment and prohibition of financing certain sectors, was not only fascinating but extremely useful, including the clarification as to how these principles apply in the different jurisdictions - Napoleonic, which includes Algeria, Jordan, Lebanon, Morocco, Syria, Tunisia, and Iraq; Roman-Germanic jurisdictions such as Turkey, based on Swiss civil law; and the Islamic jurisdictions.

Following the session on Credit and Collection Software and Expo, which showcased some of the most advanced solutions in credit and collections software, attendees joyfully engaged in the swapping of business cards and best practices during the highly interactive afternoon ICTF Ideas Exchange Forum. 

The second day started off with an uplifting and insightful talk about the behavioral side of things. Successfully selecting, managing and motivating people, or "solving your people puzzle" as Rod Cornwell, International Director with Thomas International put it, is "important. Being aware of people's personal profiles, the D's, the I's, the S's and the C's (Dominance, Influence, Steadiness, Compliance) in the Thomas personal profile analysis (PPA) graph, and having the right people in the right job, with the right attitude", is a proven path to resolving people issues, maximising their performance and helping companies to increase profitability. Building on the psychometrics, the discussion progressed quite naturally to the human factor and communication being the key to effective collections - a well-received workshop, which provided attendees with yet another opportunity to work in smaller groups and engage in meaningful discussion among themselves.

Once again, the ICTF Symposium brought together an impressive group of extremely knowledgeable international credit professionals, creating an extraordinary environment to learn and network. We look forward to welcoming everyone to Dusseldorf, November 23-25 for the next ICTF International Credit Professionals Symposium in Europe. Don't miss this incredible opportunity to join senior executives and business leaders, share knowledge and exchange best international credit and global A/R management practices!