Job Description

GENERAL RESPONSIBILITIES: Letter of Credit Specialist To provide operational support to the organization in terms of Treasury and Trade Finance Activities - LCs, Guarantees, Bank Account Management, Cash Management, Loan Management, Reporting etc. Import LC Management: Managing the complete lifecycle of Import Letter of Credits - Preparation of LC Applications as per PI and PO, following up with Banks for its processing, checking the transmitted copy, managing discrepancies, Retirement of documents, Checking the documents on arrival for its compliance, settlement value, charges and accounting Export LC Management: Managing the complete lifecycle of Export Letter of Credit - Checking the incoming LC for its workability, seeking amendments, preparation of documents in compliance with terms and conditions of LC and applicable Rules, Negotiation, Discrepancy management, follow-up with Banks at various stages till final settlement and accounting. Guarantees: Managing the complete lifecycle of Bank Guarantees - Checking the request for Guarantees from Business units, preparation of Application and formats for various types of Guarantees (Tender, Advance Payment, Performance, Retention, Financial etc.), attending to queries and resolving all issues for approval and issuance. Retrieval of old guarantees on expiry or completion of purpose and maintain records etc. Risk avoidance and mitigation in guarantees is a primary task. Reporting: Preparation of various reports relating to Cash Position, Cash flow forecast, LCs, Guarantees, Bank borrowings etc. Preparing schedules for Interim and Final Audit and attending to queries raised by external auditors and resolving them to their satisfaction. Pre-Shipment. 1. Scrutiny of Draft LC/Bank contract and confirm to issue in original or suggest any amendment if required for LC shipments. 2. Liaising with bank for RMA, Limits and swift arrangement for CAD (Avalized Draft) or USANCE LC in order to discount the Bill post shipment. 3. Liaising with Citibank to add confirmation under LC for USANCE high value shipments. 4. After receiving the Org LC in our bank sharing LC copy with logistics team in order to load the cargo. 5. Liaising with customer to arrange amendment under LC, if LC expired. Post-Shipment. 1. Reviewing draft BL as per LC term received from logistics team and confirming to proceed with original or amend if required. 2. Preparing shipping documents as per LC terms and submit to bank for processing. 3. Arrange discounting of bill under LC & CAD-USANCE documents. 4. After scrutiny of all shipping documents arranged by logistics team as per PI, job order & customer instruction-submit to bank for sending original documents to importer bank for CAD shipments. 5. Regular follow-up with our bank to get the transaction on time to avoid delay receiving payment at our end and documents to customer end. 6. Preparing track report for documents sent to bank. 7. Following up with the customer for payments for CAD shipments. 8. Sharing with customer full set signed & stamped copy documents as per contract in order to arrange payment. 9. Sending full set physical documents to customer as per agreed payment term (CAD, OPEN ACCOUNT, LC AND ADVANCE PAYMENT). 10. Authorizing/requesting shipping team to arrange telex release for documents sent through BBOL (In house BL)-post receipt of payment or acceptance. Job Types: Full-time, Permanent Salary: AED6,000.00 - AED8,000.00 per month