Cash Letters of Credit are fundamental financial instruments in Malaysian banking and international trade, providing payment security and facilitating commercial transactions. This document type is particularly useful when parties seek a secure payment method with bank-backed guarantees. The Cash Letter of Credit, governed by Malaysian law including the Financial Services Act 2013 and relevant international banking practices, contains specific terms regarding payment conditions, document requirements, and validity periods. It's commonly used in import/export transactions, large commercial purchases, and can be structured to comply with both conventional and Islamic banking principles under Malaysia's dual banking system. The document typically includes details of all involved parties, credit amount, validity period, payment terms, and document requirements, serving as a cornerstone of secure international trade finance.
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1. Parties: Details of the issuing bank, beneficiary, and applicant
2. Letter of Credit Number: Unique identification number assigned by the issuing bank
3. Date of Issue: The date when the Letter of Credit is issued
4. Credit Amount: The specific amount and currency of the Letter of Credit
5. Type and Form: Specification that this is a Cash Letter of Credit and whether it's revocable or irrevocable
6. Expiry Date: The date until which the Letter of Credit is valid
7. Place of Expiry: Location where the Letter of Credit expires
8. Payment Terms: Conditions and timing of payment, including whether it's at sight or with a specific usance period
9. Required Documents: List of documents that must be presented for payment
10. Shipment Terms: If applicable, details about shipment including latest shipment date and partial shipments
11. Presentation Period: Time period within which documents must be presented after shipment
1. Transfer Conditions: Include when the Letter of Credit is transferable, specifying the terms and conditions of transfer
2. Back-to-Back Provisions: Include when the Letter of Credit can be used as collateral for another Letter of Credit
3. Islamic Banking Compliance: Include when the Letter of Credit needs to comply with Shariah principles
4. Special Instructions: Include when there are specific requirements or conditions not covered in standard sections
5. Confirmation Instructions: Include when confirmation by another bank is required or prohibited
1. Schedule A - Document Requirements: Detailed list of required documents and their specifications
2. Schedule B - Payment Schedule: If payments are to be made in installments or have specific conditions
3. Schedule C - Special Conditions: Any additional terms or conditions specific to this Letter of Credit
4. Appendix 1 - Form of Demand: Standard format for making a demand under the Letter of Credit
5. Appendix 2 - Authorized Signatories: List of persons authorized to sign documents related to the Letter of Credit
Relevant legal definitions
Advising Bank
Applicant
Banking Day
Beneficiary
Cash Letter of Credit
Complying Presentation
Confirmation
Credit Amount
Documents
Expiry Date
Issuing Bank
Letter of Credit Number
Negotiating Bank
Payment Terms
Place of Expiry
Presentation
Reimbursing Bank
Required Documents
Sight Payment
UCP
Banking Act
Financial Services Act
Islamic Financial Services Act
Presentation Period
Trade Documents
Transport Documents
Commercial Invoice
Bill of Exchange
Place of Presentation
Governing Law
Malaysian Ringgit
Bank Negara Malaysia
Applicant
Banking Day
Beneficiary
Cash Letter of Credit
Complying Presentation
Confirmation
Credit Amount
Documents
Expiry Date
Issuing Bank
Letter of Credit Number
Negotiating Bank
Payment Terms
Place of Expiry
Presentation
Reimbursing Bank
Required Documents
Sight Payment
UCP
Banking Act
Financial Services Act
Islamic Financial Services Act
Presentation Period
Trade Documents
Transport Documents
Commercial Invoice
Bill of Exchange
Place of Presentation
Governing Law
Malaysian Ringgit
Bank Negara Malaysia
Clauses
Issuance
Credit Amount
Currency
Availability
Expiry
Document Presentation
Payment Terms
Document Requirements
Bank Obligations
Applicant Obligations
Beneficiary Rights
Transfer Rights
Force Majeure
Compliance
Governing Law
Jurisdiction
Banking Regulations
Islamic Banking Compliance
Amendment
Cancellation
Notices
Fees and Charges
Documentation
Representations
Disclaimers
Indemnification
Assignment
Severability
Entire Agreement
Credit Amount
Currency
Availability
Expiry
Document Presentation
Payment Terms
Document Requirements
Bank Obligations
Applicant Obligations
Beneficiary Rights
Transfer Rights
Force Majeure
Compliance
Governing Law
Jurisdiction
Banking Regulations
Islamic Banking Compliance
Amendment
Cancellation
Notices
Fees and Charges
Documentation
Representations
Disclaimers
Indemnification
Assignment
Severability
Entire Agreement
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Commodity Trading
Retail
Wholesale
Logistics
Maritime
Agriculture
Islamic Banking
Relevant Teams
Trade Finance
International Banking
Credit Operations
Treasury
Legal
Compliance
Risk Management
Islamic Banking
Documentary Credits
Corporate Banking
Relevant Roles
Trade Finance Manager
Letter of Credit Officer
International Banking Officer
Credit Manager
Treasury Manager
Finance Director
Import/Export Manager
Trade Operations Manager
Compliance Officer
Banking Relationship Manager
Chief Financial Officer
Islamic Banking Officer
Documentary Credits Specialist
Trade Finance Analyst
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