Making the Case for Simplified LCs

Speaking at the March 2021 meeting of the BAFT West Coast LC Committee, guest speaker Buddy Baker renewed his advocacy for bankers to consider the merits of using a simplified letter of credit format. In prior discussion forums and writing (“The Problem is Not with the UCP, It’s with the LCs” by Buddy Baker, Sept 2019 DCW, p. 22), Baker shared his thoughts why the commercial LC process has gotten overly complex and what can be done about it.