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Dean JS Bisquera BAR Review YouTube Lecture on Letter of Credit, Banking, Mercantile Law. In simple and direct style, Dean Bisquera says an LC is a Bank's Promissory Note that conforms to the ICC's Uniform Customs and Practice on Documentary Credits, provides three (3) Concepts of LC revolving around a Bank's Promise and an Payment Mechanism in International Trade between a Buyer/Importer and a Seller/Exporter. The Roles of an Opening/Issuing Bank in an LC is compared with a Correspondent Bank as an Advising/Notifying Bank, a Confirming Bank or a Negotiating Bank. Irrevocable LC vs Revocable LC vs Confirmed LC are compared and fully explained as to the option of the Issuing Bank to change or cancel said LC. The most complete Process Flow, in Script Form. shows how the transaction flows from the Importer/Exporter completing their intended Sale/Purchase Deal through a confirmed Purchase Order. The details of Opening the LC, to include the Marginal Deposit - financing Options available to set-up the Marginal Deposit, the 1/2 of 1% LC Opening Charges, the loading of the imported material into a Ship or Airline in exchange for a Sea Bill of Lading or an Airway Bill of Lading. The functions of the Bill of Lading. The five(5) categories of LC required documents to include the Demand Draft/Bill of Exchange, the Commercial Invoice/Packing List, the Bill of Lading, the Official Documents to include the Certificate of Origin and the Insurance Documents for the shipped goods. The ultimate gathering of the complete Face Value of the LC and its subsequent remittance to the Foreign Supplier through his Correspondent Bank, The role of the Customs Broker to facilitate the receipt of the Importation Goods at the Point of Destination and ultimate physical delivery to the Importer's Manufacturing Premises, the Basic Principles of INDEPENDENCE, STRICT COMPLIANCE and FRAUD EXCEPTION. The International Chamber of Commerce (ICC) and its Uniform Customs and Practices in Documentary Credit as a consensus by bankers coming from 175 countries worldwide. Dean Bisquera included the bonus of EXPORT Packing Credit Facility as an important financing scheme for Philippine Exporters. Dean JSBisquera wishes to provide BAR Reviewees this comprehensive Sharing of Letters of Credit as an important component in the BAR Exams, also for BAR Reviewers, Law Professors and Law Students, for Professors and Students in the Graduate and collegiate Business Courses and those employees in the Logistics and Procurement Groups in companies involved with the importation and exportation of goods in the international markets, to provide them with the complete picture of their very complicated work. This is Dean JSBisquera's response to electronic Learning arising from the Covid-19 Pandemic. There will YouTubes on the five (5) Major Areas of Mercantile Law, namely Corporation, Banking and Negotiable Instruments, Transportation & Common Carrriers, Insurance and Intellectual Properties. Targeted to come out every week are priority YouTubes for Trust Receipt, Secrecy of Bank Deposits, Uniform Currency Act, Truth in Lending Act, Interest Rates and the Usury Law (Banking), General Principles in Common Carrriers, General Principles on the Elements of insurance, LAND Transportation, Marine Transport and Air Transport (Transportation), Corporation, Anti-Money Laundering Law, Real Estate Mortgage and Chattel Mortgage (Banking), Corporate Rehabilitation and Insolvency (Corporation) and Warehouse Receipts Law (Transportation).