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Contributor Biographies

Buddy Baker

Manager, Fifth Third Bank, USA
Buddy BakerBuddy Baker

Buddy Baker has over 30 years of experience in international trade finance. In May 2009 he joined Fifth Third Bank, where he manages the Trade Services Sales team. Prior to Fifth Third Bank, Buddy worked for Atradius Trade Credit Insurance, ABN AMRO Bank, Bank of America, Wachovia Bank, and The First National Bank of Chicago. Buddy is a recognized expert in trade finance, a longtime member of the National Letter of Credit Committee of the International Financial Services Association, and is actively involved in establishing national and worldwide standard practices for L/Cs. He also serves on the board of directors of the FCIB, a multinational association of export credit managers. Buddy received his undergraduate degree from Yale University and his MBA from Northwestern.


Articles by this Author

  • Exporting Against Letters of Credit
    by Buddy Baker
    Letters of credit (LofCs) are a time-honored means of payment for international shipment of goods. Although the vast majority of letters of credit get paid when drawn upon, it is a mistake to think of them as guarantees. Rather, LofCs have specific rules governing how payment works. If sellers do not comply with these rules, they risk not being paid when shipping goods—which is precisely the risk that letters of credit are supposed to guard...
  • Understanding the UCP600
    by Buddy Baker
    In May 2003, the Banking Commission of the International Chamber of Commerce (ICC) began revising the international rules for letters of credit, known as the Uniform Customs and Practice for Documentary Credits. The process took three and a half years. The ICC published the new rules in their publication number 600, commonly referred to as the “UCP600,” and set the effective date as July 1, 2007. This article describes the UCP rules and their...

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