The At Sight LC is a fundamental trade finance instrument used when immediate payment is required upon presentation of compliant documents. This document type is particularly relevant in Malaysian international trade transactions where sellers seek payment security and buyers need to comply with local banking regulations. The LC specifies all required documents, payment terms, and conditions, operating under Malaysian jurisdiction and international banking practices (UCP 600). It's commonly used in situations requiring immediate payment assurance, unlike usance LCs which involve deferred payment. The document includes detailed specifications for document presentation, compliance requirements, and banking procedures, all aligned with Malaysian Financial Services Act 2013 and Central Bank guidelines.
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1. LC Number and Type: Unique identification number of the LC and clear specification that it is an At Sight LC
2. Issuing Bank Details: Complete name and address of the issuing bank
3. Applicant Details: Full name and address of the party requesting the LC (buyer)
4. Beneficiary Details: Full name and address of the party in whose favor the LC is issued (seller)
5. Date of Issue: Date when the LC is issued
6. Date and Place of Expiry: Expiration date and location where documents must be presented
7. Currency and Amount: Currency code and amount of the LC in both figures and words
8. Available With/By: Specification of where and how the LC is available (typically with any bank by sight payment)
9. Documents Required: Detailed list of all required documents for LC payment
10. Goods Description: Brief description of goods/services being traded
11. Shipment Terms: Latest shipment date and any partial/transhipment conditions
12. Presentation Period: Time period within which documents must be presented after shipment
1. Transfer Conditions: Include when the LC needs to be transferable to another beneficiary
2. Special Conditions: Any additional terms or conditions specific to the transaction
3. Bank-to-Bank Instructions: Special instructions between banking parties, included when involving multiple banks
4. Reimbursement Instructions: Include when specific reimbursement arrangements between banks are required
5. Insurance Requirements: Additional insurance requirements beyond standard coverage, if any
6. Pre-Shipment Inspection: Include when inspection before shipment is required
7. Secondary Beneficiary Details: Include in case of transferable LCs with known secondary beneficiaries
1. Document Presentation Checklist: Detailed checklist of required documents and their specifications
2. Commercial Invoice Format: Template or requirements for acceptable commercial invoice format
3. Transport Document Requirements: Specific requirements for bills of lading or other transport documents
4. Bank Contact Details: Complete contact information for all banks involved in the transaction
5. UCP 600 Relevant Articles: Reference copy of pertinent UCP 600 articles applicable to this LC
6. Document Examination Guidelines: Specific guidelines for document examination and compliance
Relevant legal definitions
Advising Bank
Applicant
At Sight
Banking Day
Beneficiary
Bill of Lading
Commercial Invoice
Complying Presentation
Confirmation
Credit
Documents
Expiry Date
Goods
Issuing Bank
Letter of Credit
Negotiation
Nominated Bank
Packing List
Place of Expiry
Presentation
Reimbursing Bank
Shipment
Sight Payment
Transport Document
UCP 600
Applicant
At Sight
Banking Day
Beneficiary
Bill of Lading
Commercial Invoice
Complying Presentation
Confirmation
Credit
Documents
Expiry Date
Goods
Issuing Bank
Letter of Credit
Negotiation
Nominated Bank
Packing List
Place of Expiry
Presentation
Reimbursing Bank
Shipment
Sight Payment
Transport Document
UCP 600
Clauses
Document Requirements
Payment Terms
Expiry and Presentation
Bank Obligations
Compliance Requirements
Shipment Terms
Document Examination
Force Majeure
Bank Disclaimers
Transfer Rights
Governing Law
Banking Charges
Amendment Conditions
Reimbursement
Notice Requirements
Document Discrepancy
Currency Provisions
Bank Communications
Default Provisions
Dispute Resolution
Payment Terms
Expiry and Presentation
Bank Obligations
Compliance Requirements
Shipment Terms
Document Examination
Force Majeure
Bank Disclaimers
Transfer Rights
Governing Law
Banking Charges
Amendment Conditions
Reimbursement
Notice Requirements
Document Discrepancy
Currency Provisions
Bank Communications
Default Provisions
Dispute Resolution
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Logistics and Supply Chain
Retail
Wholesale
Commodities Trading
Agriculture
Mining and Resources
Textiles
Electronics
Automotive
Energy
Chemical Industry
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Treasury
Compliance
Risk Management
Legal
Operations
Foreign Exchange
International Sales
Procurement
Supply Chain
Finance
Credit Administration
Trade Operations
Relevant Roles
Trade Finance Manager
Import/Export Manager
Letter of Credit Specialist
International Trade Operations Manager
Documentary Credits Officer
Trade Finance Operations Officer
Compliance Officer
Treasury Manager
Financial Controller
Banking Relationship Manager
Trade Documentation Specialist
Supply Chain Manager
Chief Financial Officer
International Sales Manager
Procurement Manager
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