1. Contract

• The advising bank authenticates the letter of credit and sends the beneficiary (the seller) the details. The seller examines the details of the letter of credit to make sure that he/she can meet all the conditions.

• The applicant (the buyer) completes the contract with the seller.

• The issuing bank (the buyer’s bank) approves the application and sends the letter of credit details to the seller’s bank.

• The buyer fills in a letter of credit application form and sends it to his or her bank for approval.

• If the documents are in order, the advising bank sends them to the issuing bank for payment or acceptance.

• The advising bank pays the seller and notifies him or her that the payment has been made.

• The issuing bank advises the advising (or confirming) bank that the payment has been made.

• The issuing bank examines the documents from the advising bank. If they are in order, the bank releases the documents to the buyer, pays the money promised or agrees to pay it in the future, and advises the buyer about the payment. The buyer collects the goods.

• The seller presents the documents to his/her bankers. The advising bank examines these documents against the details on the letter of credit.

• When the seller is satisfied with the conditions of the letter of credit, he/she ships the goods.

Step 6 Conferences and presentations

Vocabulary bank

delegate

firm booking

full board

overhead projector (OHP)

panelists

participants

provisionally

self-catering

seminars

session

simultaneous

sole occupancy

speakers

venue

Vocabulary exercise: complete the phrases for the introduction of a presentation using the correct form of the words from the box.

draw feel go have hesitate save see take emphasize

1. If there is anything you don’t understand, please don’t…. to interrupt.

2. I’d like to …. your attention to…

3. I’m … to talk for about 15 minutes.

4. I’d appreciate it if you would… any questions until the end.

5. As you can … from the slide…

6. My presentation will …about 20 minutes.

7. I’d like you to … a look at this…

8. I’ll end by … the main points.

9. Please … free ask questions at any time.

Now put the phrases into the table below. Add more phrases to complete the table.

1. Greet the audience

2. Introduce yourself

3. Give the title or subject of your presentation

4. Tell the audience the length of you presentation

5. Describe the structure of your presentation

6. Refer to visual aids

7. Tell the audience they can interrupt

8. Request that the audience asks questions at the end

9. Draw some conclusions

10. Thank your audience for attention

Extension

You are going to prepare a short presentation (5-7 minutes).

Choose one of the following:

a) You are describing the company you know well to potential job applicants at a university job fair. The presentation should include: a brief history of the company, its current operations, its prospects for the future.

b) You are an executive of a large company reporting to the Board on how you see the future of your sector of industry. The presentation should include: how the sector operates now, what changes you foresee in the future, how you think your company should start preparing for them now.